The report “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″, The nutraceutical products market is projected to reach USD 404.8 billion by 2025 and was estimated at USD 267.4 billion in 2019, recording a CAGR of 7.2% from 2019. Key factors driving the nutraceutical products market include the increasing aging population and the focus on preventive healthcare. In addition, increasing mandates pertaining to food fortification by government organizations is projected to reflect positively on the market growth.
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The food segment is projected to account for the largest market share during the forecast period.
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.Improved quality, texture, nutritive value, and shelf-life of snack products due to the increasing usage of sources such as vitamins, minerals, proteins, dietary fibers, and fatty acids are projected to drive the growth of the snacks segment in the nutraceuticals products market during the forecast period.
By distribution channel, the conventional stores segment is projected to account for the largest market share during the forecast period.
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 in the nutraceutical products market is projected to be the fastest-growing segment during the forecast period.
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. The presence of bakery stores selling nutraceutical products remains high in Europe. These stores sell nutraceutical bakery products such as bread, rolls, buns, cakes, cookies, and biscuits. As bakery products are considered staple food, particularly bread, in Europe, the popularity of nutraceutical products is projected to remain high in the Western regions, such as North America and particularly Europe. These regions account for nearly 70% share in the overall bakery industry. High demand for bakery products has translated to the increasing presence of bakery stores and leading players in these regions. Some of the bakery stores offering gluten-free bakery products include Hummingbird Bakery, Dawn House, and Primrose Bakery in the UK; Dojo Bakery in Australia; and Pristine Organics in the US.
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North America is projected to account for the largest share in the nutraceutical products market during the forecast period.
The North American market accounted for the largest share in 2019; it is majorly driven by the market in the US, which is a major market for nutraceutical products. Consumers in this region are gradually becoming aware of the health benefits of prebiotics, proteins & amino acids, and omega-3 fatty acids, and their significance in weight management. These factors are projected to drive the demand for nutraceutical products further in the region.
Major vendors in the global nutraceutical products market are 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).
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