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 focus on preventive healthcare. In addition, increasing mandates pertaining to food fortification by government organizations is projected to reflect positively on the market growth.
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.
The Asia Pacific market is projected to record the fastest growth in the market. Factors such as busy lifestyles have led to an increase in the consumption of convenience food products.
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.
