The expansion of retail sectors and rapid urbanization across the globe is resulting in the opening of new convenience stores, supermarkets and drug stores. The rise in the retail store count is driving the global nutraceutical product market. Moreover, increasing E-commerce companies and online presence of convenience stores for the convinience of end-users across the globe is driving the nutraceutical product market. Additionally, growing awareness about the benefits of nutrition-rich products coupled with the new products with increased vitamins and minerals is gaining the health-conscious customer’s traction. According to WHO (World Health Organization), around 39% of the adults and 5.6% children (0-5 years) across the globe are overweight or obese. Additionally, as of 2018, 22.2% children (0-5 age group) are stunted children and 7.5% are wasted. These deficiency occurs due to the improper nutrition and minerals. So, the demand for nutraceutical products would increase with the rising awareness about the nutrients in the body across the globe.
According to the MarkNtel Advisors’ research report, “Global Nutraceutical Product Market Analysis, 2020”, the global nutraceutical product market is set to grow at a CAGR of around 7.20% from 2021-25. In 2019, North America grabbed the major market on account of the government’s support and mandates for food and nutrition. Moreover, the growing number of convenience stores “U.S” is contributing to the market as the end-users find the convenience stores easily accessible and economical price. According to the National Association of Convenience store, the U.S had 1,52,794 convenience stores in 2015 and the number increased to 1,54,958 in 2018.
By Type, Food dominate the nutraceutical market on account of new launch product with more nutrients. However, the demand for the beverages such as energy drinks, sports drinks, organic beverages are emerging from the fitness enthusiast and sports enthusiasts.
Product Portfolio Expansion to Make Competition Higher
According to MarkNtel Advisors, the investments in R&D by the companies resulting as the new product launch in the industry make the industry competitive. In 2019, Danone, a food company based in Europe announced that the company has around a dozen products such as bars, ready to drink version of health drink protinex, and low sugar variants in the pipeline to launch Moreover, in 2019, Hindustan Unilever announced its merger with GSK healthcare group to expand product portfolio. Also, Nestle is relaunching its product with the new version “Milo” in the form of an energy drink.
“Global Nutraceutical Product Market Analysis, 2020” provides comprehensive qualitative and quantitative insights on the market potential, regional opportunities, key factors impacting sales and purchase decision, hotspots and opportunities available for nutraceutical product providers across the globe. Moreover, the report also encompasses the key strategic imperatives for success for competitors along with strategic factorial indexing measuring competitor's capabilities on 16 parameters. This will help companies in the competition assessment, formulation of Go to Market Strategies and identifying the blue ocean for their offerings.
1. By Type (Food, Beverages, Dietary Supplements)
2. By Source (Probiotics, Prebiotics, Vitamins, Minerals)
3. By Distribution Channel (Conventional Stores, Specialty Stores, Drug Stores & Pharmacies
4. By Region (North America, South America, Europe, Asia-Pacific, Middle East and Africa)
5. By Competitors (Kraft Heinz Company, The Hain Celestial Group, Conagra, General Mills, Kellogg's, Nestle, etc.)
Key questions answered in the study:
1. What are the current and future trends of the global nutraceutical product market?
2. How the industry has been evolving in terms of end-user demand and application areas?
3. What are the future plans and customer expectations of end-users across the globe?
4. How the competition has been shaping across the countries followed by their comparative factorial indexing?
5. What are the key growth drivers and challenges for the global nutraceutical product industry?
6. What are the customer orientation, purchase behavior, and expectations from the global nutraceutical product customer across various regions?