Global Nutraceutical Product Market: Overview
Nutraceutical product is a fortified food product that helps in providing dietary supplements. The product also helps in preventing or treating diseases and offers several other medical benefits. Nutraceutical product can be considered as a non-specific biological therapeutic that is used to promote well-being and prevention of diseases.
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Global Nutraceutical Product Market: Notable Developments
Some of the key developments in the global nutraceutical product market are listed below:
- In July 2019, General Mills announced that the company is planning to launch a series of new products in the coming fiscal year 2020. LARABAR plant-based protein bars, Natural Valley’s wafer bars, and Rise & Grind morning-inspired bars by EPIC Provision are some of the new products that are in line to hit the market in the next few months. The company is planning to strengthen its current product portfolio in the global nutraceutical product and with this announcement, it has aimed to be a step ahead of its competitors.
- In August 2019, Wheaties – a brand under General Mills – announced the launch of a limited edition box. This box features the four-time world champions US Women’s National Soccer Team (USWNT). The launch of the product was a part of the promotional campaign for the USWNT as they started their victory tour two days later. The price of each box was set at US$23 in honor of the 23 members of the winning team and the money collected will be donated to the organizations working for the development of women’s sports.
- In October 2018, Conagra Brands Inc. and Pinnacle Foods Inc. announced that the shareholders of the latter have approved the takeover from the former. This move is expected to strengthen the position of Conagra Brands in the global nutraceutical product market.
Some of the most prominent competitors operating in the competitive landscape of global nutraceutical product 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)
- Freedom Food Group Limited (Australia)
Global Nutraceutical Product Market: Drivers and Restraints
There is a broad range of factors that are positively influencing the growth of the global nutraceutical product market. One key driving factor is the increasing prevalence of specialty stores. The segment of specialty stores is among the fastest developing segments of the global market. These stores sell nutraceutical product across different sectors such as bakery, confectionery, and gourmet. This has been key spreading the reach of nutraceutical product across the globe and thus drive the growth of the market.
People across the globe are becoming increasingly aware of the ill effects of consuming junk food and having a sedentary lifestyle. Such health consciousness has thus turned the consumers towards buying these nutraceutical products and ultimately help in development of the global market.
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Global Nutraceutical Product Market: Geographical Outlook
The global nutraceutical product market has been divided into five key geographical regions namely Asia Pacific, North America, Europe, Latin America, and the Middle East and Africa. Of these regions, the region of Asia Pacific is expected to witness maximum growth rate over the course of the given forecast period of 2018 to 2028. This rapid growth of the regional market is due to the presence of emerging economies such as India and China with a massive population. There has been a growing awareness among people about the consumption of nutritious food and ill effects of junk food and sedentary lifestyle. This is also expected to help in developing the nutraceutical product in this region. In addition to this, the booming food and beverages sectors in these countries are also responsible for the growth of the nutraceutical product market.