Nutraceuticals Market Overview
Nutraceuticals are multifunctional in nature as they are used in various industries like personal care, animal feed additives, and pharmaceutical food & beverages. Recent findings and developments of function-specific antioxidants are likely to offer lucrative opportunities in the field. the market for nutraceuticals is anticipated to acquire the market value of USD 407,650.0 Million while thriving at a CAGR of 7.37% by 2025.
The Nutraceuticals Market is projected to experience significant growth throughout the review timeframe attributing to a rise in medical treatment and demand for preventive healthcare. Increasing innovations in this sector, including purple corn and neem extract, are likely to cause an upsurge in the market's growth across the globe. The orientation of emerging economies towards preventive health care is another major propeller for the growth of the nutraceuticals market. However, the growth of the market is likely to be impeded by high investment for R&D.
Segment Analysis
The global market for nutraceuticals is divided into numerous segments by distribution channel, type, form, and source. Based on the source, the market classification is done as microbial, plant, and animal. The plant-based segment is projected to lead the market throughout the projected period owing to an increasing inclination towards veganism. Based on form, the market segmentation is liquid & gummies, powder, capsules, tablets & softgels. The tablets & softgels segment are likely to attain the largest market share throughout the review timeframe. On the basis of type, the market classification is done as proteins & peptides, vitamins & minerals, probiotics, and omega fatty acids.
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The vitamins & minerals segment is anticipated to account for the maximum market share in the coming time. By distribution channel, the market is divided as non-store-based and store-based. The store-based segment is likely to register the largest market share throughout the projected period.
Regional Analysis
On the basis of geography, the Nutraceuticals market is divided into regions like Europe, Asia-Pacific, North America, and other regions. The North American region is anticipated to lead the global market with the largest market share in the forecasted era due to the significant contribution of well-known players in the region.
The Asia Pacific region is projected to register the maximum CAGR in the forecasted period attributing to rising demand for health supplements. The European market is anticipated to display significant market share through the review timeframe attributed to the growing demand for immunity boosters and a substantial contribution from eminent players. The MEA regional market is likely to show steady growth throughout the forecasted period given by the existence of underdeveloped economies in the region.
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Competitive Analysis
The prominent leaders in the Nutraceuticals Market are Perrigo Company plc (Ireland), Bactolac Pharmaceutical Inc (US), Abbott Laboratories (US), Danone SA (US), Daflorn Ltd (Bulgaria), GlaxoSmithKline plc (UK), Glanbia Plc (Ireland) and many others. Vibrant Nutraceuticals, a segment of The GHT Companies' group of brands, has launched Plumisol, the latest product, an all-natural supplement, which may provide antioxidant protection, support liver health, and promote hepatoprotective properties and support metabolic wellness.
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