Key industry study finds nutraceutical product market holds global growth potential
A key period of expansion in the nutraceutical product market, including on-the-go snacking and confectionery has been forecast in a new study, valued at $404 billion and compound growth of 7.2%, writes Neill Barston.
The research, from Marketsandmarkets, found that the rise had been driven by consumers placing a greater focus on preventative healthcare, as well as a broader trend for on-the-go product ranges that have been developed as healthier option ranges.
As Confectionery Production has previously reported, there has been a continued upturn in emerging product segments including nutraceutical gummies, as well as a continued pattern of growth within the nutrition snack bar market, that has shown particular growth across Europe, US and in Asian regions.
According to the new study, consumers are increasingly prioritising proactive health measures, driving demand for nutraceutical products that support overall well-being and potentially prevent chronic diseases. Therefore, the research asserted, that an ageing demographic around the world is furtherfuelling the need for nutraceutical solutions.
Furthermore, the report noted that uncreasing mandates for food fortification by government bodies are expected to positively impact the market growth, which has seen the emergence of specialist global trade shows targeting the health and wellbeing market.
As the study noted, the food segment holds the largest market share due to the rising trend of convenient, on-the-go snacking and the growing demand for products packed with essential nutrients.
This includes protein-rich snacks, dry fruits and grains, energy bars, and fortified bakery items. Consumers are increasingly opting for nutraceutical snacks due to their improved texture, shelf-life, and enhanced nutritional value with added vitamins, minerals, proteins, and healthy fats.
In addition, while conventional stores like grocery stores, mass merchandisers, and online retailers currently dominate due to accessibility and affordability, the specialty stores segment is experiencing the fastest growth. Specialty stores like bakeries, confectionery shops, and gourmet stores are catering to consumers with specific dietary needs, offering nutraceutical bakery products, gluten-free options, and other health-focused selections.
Moreover, as the lates study found, the North America market holds the largest market share, primarily driven by the United States. Consumers in this region are increasingly well-informed about the health benefits of ingredients like prebiotics, protein, omega-3 fatty acids, and their role in weight management. This growing awareness is expected to further propel the demand for nutraceutical products in the region.
