Global Nutraceutical Products Market Analysis 2022
The Global Nutraceutical Products Market is expected to reach $898.19 billion by 2028 growing at a CAGR of 9.5% from 2021 to 2028. Nutraceutical products are the fortified food products that act as supplements in treating and preventing diseases. Moreover they can be defined as a hybrid of nutrition and pharmaceutical. Nutraceutical products cover a range of therapeutic areas such as osteoporosis, cholesterol control, depression, diabetes, cold, cough, digestion, and sleeping disorders. Apart from fulfilling dietary needs, nutraceutical products are also consumed to cure allergies, cancer, Alzheimer's, and eye and cardiovascular diseases. They are also viewed as an organic alternative for various other pharmaceutical products.
Factors such as rising geriatric population, increasing prevalence of chronic diseases, and growing demand for alternate pharmaceutical products are driving the growth of the market. However, lack of product regulations and side effects on the human body are restraining the growth of the market.
Based on type, the food segment is going to have a lucrative growth during the forecast period which can be attributed to the increasing demand for nutritional food products and rising trend of on-the-go snacking. Nutraceutical snacks products mainly include dry nuts, grains, bars, and protein-rich snacks. Other nutraceutical products under the snacks segment include granola bars and other nutritional bars. Moreover, 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 nutraceutical products market.
The key vendors mentioned are Amway, Amyris, Inc, Barilla Group, Conagra, Freedom Food Group Limited, General Mills, Genomatica, Inc., Hero Group, Kellogg's, Kraft Heinz Company, LifeVantage Corporation, Metagenics, Inc, Nature’s Bounty, Nestlé, Pfizer Inc, Raisio Group, and The Hain Celestial Group.
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