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.
The beverages segment is projected to be the fastest-growing segment due to the increasing consumer inclination towards healthy beverages fortified with several organic and nutraceutical ingredients, which is projected to drive the demand for functional beverage products.
In addition, functional beverages serve the purpose of hydration, energy & rejuvenation, health & wellness, and weight management. Due to these factors, manufacturing companies are focusing on introducing new fortified functional beverages.
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.
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.
