According to MarkNtel Advisors, the Global Nutraceutical Products Market is set to record around 7.2% CAGR during 2023-28. It owes to the rising consumer inclination toward functional foods, mainly due to their ever-increased health consciousness, especially after the Covid-19 pandemic. Besides, the growing prevalence of chronic illnesses, alongside the implementation of stringent norms by governments of different countries on food fortification, are other prominent aspects projected to drive the market in the forecast years.
Moreover, the swift inclination toward medical nutrition owing to the growing application of dietary supplements in treating cardiovascular diseases & malnutrition is also boding well for the overall market growth. In addition, the rising geriatric population, increasing healthcare costs, & changing lifestyles, coupled with massive investments by well-established industry players in new product developments, would further stimulate the nutraceutical products market through 2028.
Personalization Trends in Nutraceuticals to Boost the Industry through 2028
Customization in nutraceuticals is gaining immense popularity worldwide as more & more consumers are becoming aware of their availability & incredible health benefits that promote people's overall health & meet their unmet nutritional needs. Several customers are also expressing great interest in tailored supplements, diet plans, & workout regimes. As a result, the growing consumer need for nutritional supplements that are becoming an increasingly important intervention in predictive & proactive health is likely to spur growth in the global nutraceutical products market over the forecast years.
North America to Dominate the Nutraceutical Products Market Globally
The highly health-conscious population of the US, Canada, & Mexico and mounting consumer awareness of the importance & benefits of nutrients in the body are the prime aspects driving the North America Nutraceutical Products Market. Moreover, the increasing availability of nutraceuticals is instigating local manufacturers to expand their production & distribution capacities in order to cater to the ever-growing consumer demands across the region. In addition, the flourishing retail sector in these countries is another notable aspect contributing to the overall growth of the nutraceutical products market across North America.
The key companies in the Global Nutraceutical Products Market include Kraft Heinz Company, The Hain Celestial Group, Conagra, General Mills, Kellogg's, Nestlé, Nature’s Bounty, Amway, Hero Group, and Barilla Group.
Key Questions Answered in the Research Report: