The Global nutrition and supplements market is experiencing significant growth, with increasing demand for natural and organic products, a rise in awareness of the benefits of a healthy diet and lifestyle, and an aging population that seeks to maintain their health and prevent age-related illnesses.
According to a report by Extrapolate Nutrition and Supplements Market size was worth around USD 371 billion in 2022 and is anticipated to grow to around USD 831.13 billion by 2032 at a CAGR of around 8.4% between 2023 and 2032.The market is segmented by product type, including vitamins, minerals, herbal supplements, protein powders, meal replacements, and others.
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Key Players:-
- ABBOTT
- ADM
- AMWAY CORP.
- Arkopharma
- BA SPORTS NUTRITION, LLC.
- Bionova
- CSN
- Glanbia PLC
- GSK PLC
- HERBALIFE INTERNATIONAL OF AMERICA, INC.
Vitamins and minerals are the largest product segment in the nutrition and supplements market, accounting for over 35% of the market share. This is due to their essential role in maintaining overall health, especially for individuals with nutrient deficiencies or specific health conditions. Herbal supplements are also gaining popularity due to their natural and organic ingredients, which appeal to health-conscious consumers.
Protein powders and meal replacements are becoming increasingly popular, particularly among fitness enthusiasts and individuals looking to lose weight. Protein powders provide an easy and convenient way to increase protein intake, while meal replacements offer a quick and easy solution for those on-the-go.
The rise of e-commerce platforms and social media has also had a significant impact on the nutrition and supplements market. Consumers can now easily access a wide variety of products and information, which has led to increased awareness and demand for specific products. Brands are also utilizing social media to promote their products and reach a wider audience.
However, the nutrition and supplements market is not without its challenges. The industry is heavily regulated, and companies must comply with strict regulations and guidelines to ensure the safety and efficacy of their products. Additionally, there are concerns regarding the quality and purity of certain products, particularly those sold online or through unregulated channels.
Despite these challenges, the nutrition and supplements market is expected to continue to grow in the coming years, driven by a growing consumer demand for natural and organic products, an increased awareness of the benefits of a healthy diet and lifestyle, and an aging population that seeks to maintain their health and prevent age-related illnesses.
Nutritional Supplements Market Segmentation Analysis:
By Product
- Sports Nutrition & Supplements
- Proteins
- Vitamins
- Minerals
- Functional Foods
By Distribution Channel
- Online
- Offline
By Type
- Capsule
- Liquid
- Powder
- Softgel
- Tablet
- Others
By Age Group
- Kids
- Adults
- Geriatric
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- What are some of the recent brand building activities of key players undertaken to create customer value in the Nutritional & Supplements market?
- Which companies are expanding litany of products with the aim to diversify product portfolio?
- Which companies have drifted away from their core competencies and how have those impacted the strategic landscape of the Nutritional & Supplements market?
- Which companies have expanded their horizons by engaging in long-term societal considerations?
- Which firms have bucked the pandemic trend and what frameworks they adopted to stay resilient?
Recent Developments
- September 2022: An announcement was made by ADM regarding the opening of an extrusion facility located in Serbia. It was announced within a year after acquiring SojaProtein. The focus of this facility is to widen its footprint in Europe.
- August 2022: A second-strategic-round of investments was announced by Amway with Holzapfel Effective Microbes (HEM), a South-Korea based company. These two parties have already been in a strategic partnership since 2020. The partnership was signed with the aim of developing personalized probiotics.
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