September 08, 2022 19:00 ET | Source: FACT.MR FACT.MR
South Korea, Seoul, Sept. 09, 2022 (GLOBE NEWSWIRE) -- The global nutraceutical supplements market is projected to grow at a CAGR of nearly 8% till 2031, touching an impressive valuation of US$ 175 Bn, according to Fact.MR’s newly published report. From 2016 to 2020, sales expanded at a CAGR of 6%, closing in at a value exceeding US$ 80 Bn.
According to Fact.MR’s study, demand for prebiotics & probiotics dietary supplements is rising rapidly and projected to register over 10% y-o-y in 2021. Increasing awareness regarding the use of probiotics to maintain good health and to reduce the risk of multiple diseases has led to significant demand for prebiotics and probiotics as dietary supplements.
Factors like the increasing prevalence of chronic diseases, such as diabetes, cholesterol, and obesity the increasing geriatric population, and the growing demand for alternate pharmaceutical products are significantly contributing to the growth of nutraceutical supplements.
Rising consumer awareness on fitness and health is increasing demand for on-the-go nutritional snacks, contributing to enhanced growth.
With its wide range of benefits, nutraceuticals have shown significant demand from patients with medical indications related to oxidative stress including allergy, cardiovascular diseases, eye conditions, Alzheimer's disease, obesity, and Parkinson's disease.
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Key Takeaways from the Market Study
“Heightening personalized nutrition regimes amid growing prevalence of sedentary lives is expected to stimulate demand for nutraceutical supplements, spurring large-scale innovations and new product launches,” remarks the Fact.MR analyst.
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The global nutraceutical supplements market is highly competitive in nature. Amid the growing competition in the nutraceutical supplements market, leading players are focusing on strengthening their market position and gaining traction in the competitive global market.
Some of the major players in the market are Kraft Heinz Company, The Hain Celestial Group, Conagra, General Mills, Kellogg's, Nestlé, Amway, Barilla Group, Pfizer Inc., Freedom Food Group Limited, and others.
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Key Points Covered in Nutraceutical Supplements Industry Survey
Fact.MR, in its new offering, presents an unbiased analysis of the nutraceutical supplements market, presenting historical demand data (2016-2020) and forecast statistics for the period of 2021-2031.
The study divulges compelling insights on the nutraceutical supplements market based on the product type (vitamins & minerals supplements, herbal supplements, protein, and amino acid supplements, and prebiotics & probiotics dietary supplements), consumer orientation (men, kids, women and unisex), form (softgels, capsules, liquids, tablets, and powders and granules), and sales channel (drug stores, health and beauty stores, modern trade channel, direct selling and online retailers), across seven regions (North America, Latin America, Europe, East Asia, South Asia, Oceania and Middle East & Africa).
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