![]() ![]() However, the growing trend of food fortification with nutraceutical products is anticipated to create a significant growth opportunity for this market. Vast product portfolio and government regulations regarding nutraceutical products are a few factors that suppress this market. Additionally, an increase in the aging population, spending patterns on healthcare products, and changing lifestyles have enhanced the growth of the nutraceutical industry in Asia Pacific. ![]() The growing health concerns amongst consumers and increasing awareness regarding nutraceuticals are likely to be the major drivers of the APAC market. Regional InsightsĪsia Pacific accounted for the largest revenue share of over 30.0% in 2021. The prebiotics and probiotics segment is anticipated to grow owing to its promising role in supporting the immune system and acting as major preventive health supplements during the COVID-19 pandemic. This can be attributed to the rising demand for diet food and shifting preference toward weight management solutions. In the functional food segment, the prebiotics and probiotics segment is anticipated to register the highest growth rate of 11.4% from 2021 to 2030. The millennial generation exponentially drives the sports drinks market due to its high buying capacity, willingness to pay for health products, acute interest in sports, and growing inclination toward fitness activities. Sports drinks are gaining popularity among athletes and other individuals involved in energetic physical activities. Technological upgradation, coupled with progression in product development, is projected to drive the dietary supplements industry over the coming years. The functional food segment led the overall market in 2021 with a revenue share of over 40.0%, followed by dietary supplements and functional beverages. Thus, the COVID-19 pandemic across the globe has paved the way for nutraceuticals to build a strong presence in the global market. Moreover, after the COVID-19 pandemic, preventive healthcare measures such as dietary supplements will become a part of people’s everyday lives. Immunity boosting supplements have become mainstream over the past year and this has led to a significant change in buying patterns and consumer behavior. In the wake of the COVID-19 pandemic, the demand for dietary supplements and functional foods has soared. Furthermore, high adoption rates of herbal medicines among individuals across the globe on account of the rising concerns over hazardous effects associated with conventional pharma drugs are expected to expand the market size over the forecast period. Fibers tend to foster easier bowel movements while providing critical cleansing of internal organs, while minerals contribute to higher retention and passage of nutrients into cells and promote blood clotting among other functions. Multivitamins are becoming an integral part of the lifestyle among consumers in the U.S., and this trend has surged during the COVID-19 pandemic in the U.S.ĭietary fibers and minerals are likely to grow owing to the high awareness regarding their benefits in overall health and bodily maintenance. Consumers have been preferring multivitamins that provide the essential nutrients to the human body. has witnessed an increasing demand for dietary supplements over the past few years owing to the growing importance of preventive health care among consumers. The rising geriatric population, increasing healthcare costs, changing lifestyle, food innovation, and expectations regarding the higher prices have aided the overall growth. Consumers’ attitude is observed to be very positive towards functional foods mainly on account of the added health and wellness benefits offered by these products. Rising healthcare costs, coupled with the increasing geriatric population across the world, are anticipated to assist the global functional food industry growth over the forecast period. A favorable outlook towards medical nutrition in light of the increasing application for the treatment of cardiovascular disorder and malnutrition is likely to stimulate the growth of dietary supplements. The growing demand for dietary supplements and functional food is expected to be a key driving factor for the market over the forecast period. The global nutraceuticals market size was valued at USD 454.55 billion in 2021 and is expected to expand at a compound annual growth rate (CAGR) of 9.0% from 2021 to 2030.
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