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The nutrition market size is estimated to grow at a CAGR of 4.48% between 2022 and 2027. The nutrition market size is forecast to increase by USD 34.79 billion. The growth of the market depends on several factors, including the growing geriatric population, the increasing number of premature births in developing countries, and the increased number of medical emergencies and hospital admissions.
This market report extensively covers market segmentation by type (vitamins, probiotics, proteins and amino acids, carbohydrates, and others), application (immunity, sports nutrition, weight management, clinical nutrition, and others), and geography (APAC, North America, Europe, South America, and Middle East and Africa). It also includes an in-depth analysis of drivers, trends, and challenges. Furthermore, the report includes historic market data from 2017 to 2021.
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The growing geriatric population is notably driving the market growth, although factors such as product recalls may impede the market growth. Our researchers analyzed the data with 2022 as the base year, along with the key drivers, trends, and challenges. A holistic analysis of drivers will help companies refine their marketing strategies to gain a competitive advantage.
The growing geriatric population is the key factor driving the global nutrition market growth. The world's population is growing rapidly. Between 2010 and 2050, the number of geriatric populations in less developed countries will increase faster than in developed countries. The main reasons for the increase in the elderly population are longevity and declining birth rates. The elderly population is an important part of the population of developed and developing countries, which will drive the growth of the global food market during the forecast period. With the increasing prevalence of several diseases among the geriatric population, the required nutrients cannot be absorbed from the diet.
Hence, the geriatric population requires nutrition. In some conditions, geriatric patients cannot use enteral nutrition. Hence, they are recommended for parenteral nutrition by healthcare professionals. Parenteral nutrition is commonly used by people who are admitted to hospitals and people who use home care. Hence, the growth of the geriatric population will increase the consumption of nutrition, which will drive the growth of the market during the forecast period.
Online retailing is the primary trend in the global nutrition market growth. The increased penetration of the Internet is changing the buying habits of all retail products, including food. In recent years, almost all products have become available online. Dietary supplements or nutritional supplements, such as vitamin tablets, omega-3 capsules, and protein powders, used to be purchased from pharmacies or convenience stores that sell food and nutritional products. However, due to the spread of the internet and online shopping, customers now prefer to buy these products from online stores. Most products that are sold online are for enteral nutrition.
Online stores improve the convenience of customers. Many websites now have live chat options to instantly address queries, which was not available earlier. Vendors are interacting with consumers frequently to improve awareness and encourage them to focus on maintaining their health and wellness. End-users can compare products, prices, vendors, and pack sizes to select the best-suited product. Hence, the advent of online retailing will drive the growth of the market during the forecast period.
Product recalls are a major challenge to the growth of the market. Food manufacturers must ensure the safety and efficacy of their products. This is because several cases of contaminated or substandard food have been reported. Therefore, several products were removed from the market. Product quality can be affected either within the manufacturing process or externally due to poor handling during distribution.
According to the Canadian Food Inspection Agency, the consumption of these products reportedly caused illness. As a result, these products were recalled. To avoid such risks, the US FDA regularly evaluates the safety and effectiveness of products and initiates product recalls if needed. Such product recalls affect the brand of companies. The trust of customers is also affected. Hence, vendors must invest in promotional activities to regain trust. This increases the expenses for vendors. Hence, product recalls are a major challenge for the growth of the market during the forecast period.
The report includes the adoption lifecycle of the market, covering from the innovator’s stage to the laggard’s stage. It focuses on adoption rates in different regions based on penetration. Furthermore, the report also includes key purchase criteria and drivers of price sensitivity to help companies evaluate and develop their growth strategies.
Global Nutrition Market Customer Landscape
Vendors are implementing various strategies, such as strategic alliances, partnerships, mergers and acquisitions, geographical expansion, and product/service launches, to enhance their presence in the market.
Amwayglobal - The company offers nutritional solutions under the brand name Nutralite that include products such as Omega 3 capsules and multivitamins.
The nutrition market report also includes detailed analyses of the competitive landscape of the market and information about 15 market vendors, including:
Qualitative and quantitative analysis of vendors has been conducted to help clients understand the wider business environment as well as the strengths and weaknesses of key market players. Data is qualitatively analyzed to categorize vendors as pure play, category-focused, industry-focused, and diversified; it is quantitatively analyzed to categorize vendors as dominant, leading, strong, tentative, and weak.
The market share growth by the vitamin segment will be significant during the forecast period. Vitamins are defined as the substances that a human body needs for growth and normal cell function. There are a total of 13 essential vitamins, which include A, C, D, E, and K, choline, and the B vitamins (vitamin B6, vitamin B12, riboflavin, niacin, thiamin, biotin, pantothenic acid, and folic acid).
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The vitamins segment was valued at USD 43.16 billion in 2017 and continue to grow by 2021. Vitamins are present in minute amounts in natural foodstuffs. Intaking less amount of any particular vitamin may increase the risk of developing certain health issues. Both deficient and excess intake of a vitamin may potentially increase the risk of developing certain health issues. Moreover, Vitamins are either soluble or dissolvable, in fat or water. Fat-soluble vitamins are stored in fatty tissues and the liver and can stay in the body for days and sometimes even for months. Such factors will increase the market growth during the forecast period.
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APAC is estimated to contribute 35% to the growth of the global market during the forecast period. Technavio’s analysts have elaborately explained the regional trends and drivers that shape the market during the forecast period. The growing geriatric population, increasing prevalence of chronic diseases due to malnutrition, and the establishment of healthcare facilities such as hospitals in the region are expected to drive the growth of the market in focus during the forecast period. The growth of the focused market in APAC is also surging due to the growing awareness of nutritional health products among the middle-class population, aided by the increasing penetration of the Internet and the growth of the e-commerce industry. As a result, vendors of the focused market are launching nutrition-rich products in the form of cereals and health drinks in collaboration with biotech companies, over online platforms alongside offline retail facilities. Such product launches are driving the demand for nutritional foods among children, prompting further the growth of the market in focus during the forecast period.
The emergence of COVID-19 in 2020 had a detrimental impact on the expansion of the market in APAC. However, rising demand for nutritional products from hospitals and other healthcare institutions offering inpatient treatments for COVID-19 patients led to an increase in nutritional product usage, encouraging the market to recover significantly in the second half of 2020. Furthermore, due to large-scale vaccination drives, prohibitions in several nations were partly eased in 2021, resulting in the resumption of activity throughout clinics, encouraging individuals to go for health checkups and treatments from nutritionists. As a result, the APAC nutrition market will expand during the forecast period.
The nutrition market report forecasts market growth by revenue at global, regional & country levels and provides an analysis of the latest trends and growth opportunities from 2017 to 2027.
Nutrition Market Scope |
|
Report Coverage |
Details |
Page number |
180 |
Base year |
2022 |
Historic period |
2017-2021 |
Forecast period |
2023-2027 |
Growth momentum & CAGR |
Accelerate at a CAGR of 4.48% |
Market growth 2023-2027 |
USD 34.79 billion |
Market structure |
Fragmented |
YoY growth 2022-2023(%) |
3.56 |
Regional analysis |
APAC, North America, Europe, South America, and Middle East and Africa |
Performing market contribution |
APAC at 35% |
Key countries |
US, Canada, China, India, and Germany |
Competitive landscape |
Leading Vendors, Market Positioning of Vendors, Competitive Strategies, and Industry Risks |
Key companies profiled |
Abbott Laboratories, Amway Corp., Archer Daniels Midland Co., BASF SE, Bayer AG, Chr Hansen Holding AS, Corbion NV, DuPont de Nemours Inc., Glanbia Plc, Herbalife Nutrition Ltd., Johnson and Johnson, Kerry Group Plc, Koninklijke DSM NV, Nestle SA, NOW Health Group Inc., Pharmavite LLC, PMV Nutrient Products Pvt. Ltd., Premier Nutrition Co. LLC, The Bountiful Co., and USANA Health Science Inc. |
Market dynamics |
Parent market analysis, Market growth inducers and obstacles, Fast-growing and slow-growing segment analysis, COVID-19 impact and recovery analysis and future consumer dynamics, Market condition analysis for forecast period. |
Customization purview |
If our report has not included the data that you are looking for, you can reach out to our analysts and get segments customized. |
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1 Executive Summary
2 Market Landscape
3 Market Sizing
4 Historic Market Size
5 Five Forces Analysis
6 Market Segmentation by Type
7 Market Segmentation by Application
8 Customer Landscape
9 Geographic Landscape
10 Drivers, Challenges, and Trends
11 Vendor Landscape
12 Vendor Analysis
13 Appendix
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