The global nutraceuticals market is showing steady growth, according to a new research report published by a leading market research firm. The report, titled “Global Nutraceuticals Market Size, Share, Trends, Growth, Industry Analysis and Forecast 2021-2026,” provides an in-depth analysis of the market’s current state and future prospects.
According to the report, the global nutraceuticals market was valued at $272.1 billion in 2020 and is projected to reach $404.8 billion by 2026, growing at a CAGR of 6.8% during the forecast period. The increasing awareness of the health benefits of nutraceuticals, rising prevalence of chronic diseases, and growing demand for functional food and dietary supplements are some of the major factors driving the growth of the market.
The report also highlights the various segments of the nutraceuticals market, including functional food, dietary supplements, personal care, and pharmaceuticals. Among these, the dietary supplements segment is expected to hold the largest share of the market during the forecast period, owing to the increasing demand for vitamins, minerals, and herbal supplements to maintain good health.
Geographically, the Asia-Pacific region is expected to witness the fastest growth in the nutraceuticals market during the forecast period, owing to the growing health consciousness among consumers and increasing disposable income in countries such as China and India. North America and Europe are also expected to hold significant shares of the market, owing to the presence of major players in the region and the increasing demand for natural and organic products.
The report profiles some of the key players operating in the global nutraceuticals market, including Amway, Nestle S.A., Danone S.A., Abbott Laboratories, Archer Daniels Midland Company, and Herbalife Nutrition Ltd. These players are adopting various strategies such as mergers and acquisitions, product launches, and partnerships to expand their market share and strengthen their position in the market.
In conclusion, the global nutraceuticals market is expected to witness significant growth during the forecast period, driven by the increasing awareness of the health benefits of nutraceuticals and the growing demand for functional food and dietary supplements. The report provides valuable insights into the market’s current state and future prospects, enabling stakeholders to make informed decisions and stay ahead of the competition.
Disclaimer: The views, suggestions, and opinions expressed here are the sole responsibility of the experts. No Everest Market Insights journalist was involved in the writing and production of this article.