LONDON--(BUSINESS WIRE)--According to Technavio Research Report “Nutraceuticals Market by product (functional food, functional beverage, and dietary supplements) and geographical regions (APAC, EMEA, and the Americas) is witnessed to grow USD 149.89 billion, at a CAGR of 8% from 2019 to 2023”.
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Global nutraceuticals market: Industry developments
Improving the distribution networks and ensuring the availability of products among consumers are becoming the primary focus of vendors. As more companies are targeting online platforms to promote their products through visual representations, blogs, videos, and images, there has been an increase in advertising and marketing activities in the nutraceuticals market.
“Various strategies such as press releases, annual reports, and participation in conferences are being adopted by the leading players in the global nutraceuticals market, to gain market share. Product launches, joint ventures, acquisitions, partnerships, expansion projects, collaborations, and investments are some of the key strategies adopted. This is increasing the awareness of nutraceutical products among consumers,” says a senior analyst at Technavio for research on health and wellness.
Few Major Players for the Nutraceuticals Market are:
- Archer Daniels Midland
- General Mills
Global nutraceuticals market: Segmentation analysis
This market research report segments the global nutraceuticals market by product (functional food, functional beverage, and dietary supplements) and geographical regions (APAC, EMEA, and the Americas).
The functional food segment held the largest market share in 2018, accounting for over 36% of the market. This product segment is expected to dominate the global market throughout the forecast period. The Americas led the market in 2018 with a market share of over 39%. This region is expected to dominate the market through 2023, however there will be a decrease in its market share.
Rising demand for nutraceuticals with medical benefits.
Nutraceuticals play a crucial role in modifying and maintaining physiological functions required for the proper functioning of the body. Nutraceuticals that contain antioxidants, probiotics, and polyunsaturated fatty acids help in managing health issues, such as obesity, cardiovascular diseases, cancer, cholesterol, osteoporosis, arthritis. and diabetes. Therefore, there is a rapid increase in demand for nutraceuticals.
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