Demand for Nutraceutical Products is Growing Due to Rising Number of Chronic Diseases

The nutraceutical products market is projected to grow from USD 267.4 billion in 2019 to USD 404.8 billion by 2025, recording a CAGR of 7.2% during the forecast period. This is due to the increasing geriatric population, a rising number of chronic diseases, and growing consumer awareness about nutraceutical products.

“Nutraceutical Products Market by Type (Food, Beverages, Dietary Supplements), Source (Probiotics, Prebiotics, Vitamins, Minerals), Distribution Channel (Conventional Stores, Specialty Stores, Drugstores & Pharmacies), Region – Global Forecast to 2025”

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The food segment dominated the nutraceutical products market in 2019. The increasing trend of on-the-go snacking and the rising demand for nutritional food products are factors projected to drive the demand for snacks products containing functional ingredients. Nutraceutical snacks products mainly include protein-rich snacks, dry nuts, grains, and bars. Other nutraceutical products under the snacks segment include granola bars and other nutritional bars. In addition, the growing trend of opting for protein-rich food products is projected to drive the market growth.

The conventional stores segment is projected to dominate the market as conventional stores include grocery stores, mass merchandisers, warehouse clubs, and online retailers. Conventional stores are easily accessible to consumers and offer products at economical prices. As a result, these stores are becoming a popular choice for consumers that prefer nutraceutical products.

The specialty stores segment is projected to be the fastest-growing segment in the market during the forecast period. Specialty stores that sell nutraceutical products mainly include bakery stores, confectionery stores, and gourmet stores.

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Key vendors in the global market include Kraft Heinz Company (US), The Hain Celestial Group (US), Conagra (US), General Mills (US), Kellogg’s (US), Nestlé (Switzerland), Nature’s Bounty (US), Amway (US), Hero Group (US), Barilla Group (Italy), Raisio Group (Finland), Pfizer Inc.(US), and Freedom Food Group Limited (Australia). These players have broad industry coverage and strong operational and financial strength; they have grown organically and inorganically in the recent past.