The size of the food market will exceed 314.2 billion US dollars by 2030

OTTAWA, February 17, 2021 (GLOBE NEWSWIRE) – Precedence Research is a Canadian company based in Canada on “Food market (By type: Food supplements {Proteins and peptides, vitamins and minerals, plant products and others}, functional beverages {Fruit and vegetable juices and beverages, milk and milk alternative beverages, non-carbonated beverages and other}, functional foods and personal care; By form: capsules, liquids and rubbers, tablets and soft gels, powder and others) – Global analysis of industry, market size, share, growth, trends, regional perspectives and forecasts, 2021 – 2030. ”.

Nutraceuticals refer to specific food products that offer a variety of health benefits, along with the basic nutritional values ​​of food products. Nutraceuticals have become very attractive in recent years because they help prevent a large number of diseases. The growth of awareness among individuals around the world is stimulating the demand for nutraceutical drugs. The main components of nutritional drugs include dietary supplements and functional foods, as well as beverages. Nutraceuticals is an approach to disease prevention. Also, the outbreak of COVID-19 can have a positive impact on demand as well as on the supply of nutraceuticals, as the growing need to boost immunity in young but also older populations creates a huge demand for dietary supplements and various functional foods around the world.

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What are the growth factors nutraceutical market?

The food industry is growing at a significant pace thanks to the growing demand for functional foods or fortified foods among the global population. In addition, government and regulators in the global marketplace are continuously focusing and pushing regulatory mandates to enrich food, which can have a positive impact on the growth of the global food market in the foreseeable future. Further, health awareness among the global population is continuously increasing due to the outbreak of COVID-19 worldwide. Therefore, the global population focuses on increasing immunity by consuming fortified food products which fosters the growth of the target industry. The growth of the prevalence of chronic diseases is one of the important factors that are expected to strengthen the growth of the global market in the projected period 2021-2030.

For example, according to data released by the World Health Organization, the percentage of patients suffering from a chronic condition of high blood pressure increased from 43% in 2006 to 49% in 2016. However, the high costs associated with identifying food are among the main factors expected to limit the industrial growth of the target market. Nevertheless, growing demand and acceptance of pet-fortified foods is an important factor that can create potential opportunities for major companies in the global marketplace. With this new application of nutraceuticals, it will support revenue growth in the target market over the next 10 years. Constant technological, as well as product-based improvisations, create a major role in the development of the global nutraceutical market. Most companies focus on strategic development that encourages the growth of the target market.

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  • Among the nutraceutical type segments, part of the dietary supplements are dominated by the overall market. The growth is attributed to rising health awareness and rising health care spending around the world.
  • It was expected to record the maximum share among the form, tablet and softgel segments during the projected time period 2021-2030, thanks to the growing acceptance of food for tablets and softgels nutraceutics worldwide.
  • Archer Daniels Midland accounted for a significant share of the global nutraceut market.

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Regional analysis:

The research report looks at the industrial prospects of nutritious products around regions including Europe, North America, Latin America, Asia and the Pacific, and the Middle East and Africa. North America will dominate global industry due to growing demand for fortified foods and strict state regulations in the U.S. and Canada of North America. The presence of leading players in the region, along with strategies implemented by major players in North American countries, is expected to witness significant growth in the target industry in the near future. The Asia-Pacific region is likely to cite valuable CAGR, due to growing awareness of the use of nutraceuticals in developing economies. Also, most of the key players operating in the industry are investing heavily to gain a competitive advantage in the Nutrition market in the Asia-Pacific region. Furthermore, due to the spread of coronavirus, the European population aims to boost immunity and demand huge amounts of nutritious products, which creates potential opportunities for the growth of European companies and stimulates the global market.

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Key market players and strategies:

The main companies operating in the world’s nutraceutical products are Archer Daniels Midland Company, General Mills, Inc. EI du Pont de Nemours and Company, Aland (Jiangsu) Nutraceutical Co., Ltd. BASF SE, Cargill, Incorporated, Royal DSM NV Groupe Danone SA Nestle SA and PepsiCo Inc., among others. Huge investments in the study of nutraceuticals followed by strategic cooperation, such as mergers and acquisitions, are business approaches started by major companies in the food products market. For example, in 2019, leading company Amway launched a new Nutrilite product that was DHA delicious. This product supports the diet of omega-3 fatty acids as well as vitamin D. Further, in the same year 2018, the same company launched plant products Nutrilite, including tulsi, vibhitaki, haritaki, Nutriliteamalakai.

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