About this market
Growing preference for personalized nutrition to drive growth in the market. Personalized nutrition is emerging as an important trend that is positively impacting the nutraceuticals market. Several people with medical conditions of the gut are increasingly opting for a personalized nutrition approach as the generic treatment is not effective in solving their medical problems. Many people are making dietary changes to improve their health as well as to lower the risk of conditions such as obesity, type 2 diabetes, and heart diseases. The analysts have predicted that the nutraceuticals market will register a CAGR of close to 8% by 2023.
Market Overview
Rising number of health-conscious consumers
In the recent years, the number of health-conscious consumers has increased. Consumers are gradually shifting from unbalanced diets to the consumption of healthier foods. This is leading to a growing demand for functional foods and functional beverages that provide positive health benefits beyond basic nutrition.
Lack of awareness among aging population
The aging population is growing across the world. The increasing popularity of nutraceutical products among the youth and middle-aged population is one of the major factors driving the market growth. However, the aging population lacks awareness of the health benefits of such products. The lack of awareness among the growing aging population significantly hampers the market growth.
For the detailed list of factors that will drive and challenge the growth of the nutraceuticals market during the 2019-2023, view our report.
Competitive Landscape
The market appears to be fragmented and with the presence of several companies including Techman-Head Group and Brackett Aircraft Company the competitive environment is quite intense. Factors such as the growing preference for personalized nutrition and the rising number of health-conscious consumers, will provide considerable growth opportunities to nutraceuticals manufactures. Archer Daniels Midland, DANONE, General Mills, Nestlé, and PepsiCo are some of the major companies covered in this report.