Nutraceuticals Market to witness revenue growth of USD 223.56 Bn through 2023-2027: Key Drivers and Segmentation
It is predicted that between 2022 and 2027, the nutraceuticals market will expand at a compound annual growth rate of 8.46%. A growth of USD 223.56 billion is anticipated in the nutraceuticals market. Increasing healthcare costs, a growing number of consumers who are concerned about their health, and the growing demand for nutraceuticals with health advantages are some of the reasons that will drive market expansion.
Navigating through the business drivers of the market it has been observed: One of the main reasons propelling the growth of the nutraceuticals market is the rising expense of medical care. The rising number of illnesses has a direct effect on the total cost of healthcare since more people need to spend a lot of money on hospitals, medications, and treatment to get better. Furthermore, patients' pharmaceutical expenses rise due to the high cost of branded medications.
In the US, heart disease claims the lives of around 610,000 individuals annually, according to the CDC. Over one-third of all deaths globally and 17 million deaths annually are attributed to cardiovascular disease (CVD).
Abbott Laboratories, Archer Daniels Midland Co., BASF SE, Cargill Inc., Danone SA, General Mills Inc., Kellogg Co., Nestle SA, PepsiCo Inc., and The Coca-Cola Co. are some of the major market participants when it comes to the Nutraceuticals Market
The market segmentation of the nutraceuticals industry by-product (functional food, functional beverages, and dietary supplements), distribution channel (offline and online), and geography (North America, APAC, Europe, Middle East and Africa, and South America) are covered in details in our report. Find out more about the market dynamics, trends, and factors that are most likely to affect the market under consideration in our report's extensive study.