PUBLISHER: Allied Market Research | PRODUCT CODE: 1414921
PUBLISHER: Allied Market Research | PRODUCT CODE: 1414921
According to a new report published by Allied Market Research, titled, "Nutritional Food and Drink Market," The nutritional food and drink market was valued at $105.30 billion in 2022, and is estimated to reach $320.7 billion by 2032, growing at a CAGR of 12.1% from 2023 to 2032.
Nutritional foods and beverages provide the body with the nutrients, vitamins, minerals, and energy needed for optimal performance and wellness. These products have been specifically selected and designed to provide a complete and balanced diet. Nutritional meals and drinks are intended to support the body's growth, maintenance, and recovery processes and are often classified into groups based on their nutritional content such as macronutrients, micronutrients, fiber, and antioxidants.
Consumers have greater disposable income as the global middle class expands and salaries rises. Therefore, spending on health & wellness products, such as nutritional foods & beverages, has increased. Higher-income individuals frequently emphasize their health and are ready to invest on products that promote a healthy lifestyle. As modern lifestyles get busier and faster, there is a greater desire for convenient and healthful food & beverage options. Many people in today's fast-paced culture may struggle to maintain a balanced diet due to time constraints and reliance on processed and unhealthy foods. Nutritional foods and beverages provide the solution by providing a convenient way to obtain essential nutrients. They can fill in the gaps in people's diets, ensuring they get the vitamins, minerals, and macronutrients they need. All these factors are anticipated to drive the nutrition food & drink market growth during the forecast period.
The market growth is limited by the requirement for regulatory approval. All products need to go through a rigorous approval procedure from numerous national authorities that analyze the safety and efficacy of the components before being launched in the market. Several nations have strong restrictions limiting advertising and product labelling, preventing the business from developing. To regulate the market, the Nutrition Labelling and Education Act (NLEA), which updated the FD&C Act, requires that most foods are labelled with nutrition information and that food labels containing claims about the nutrient content of certain foods.
The growth of the sports and fitness industry has created a profitable potential for the nutritional food and beverage business. The emphasis on nutrition has grown in tandem with the industry expansion. The increased number of sporting events throughout the world has highlighted the importance of eating fiber foods. Furthermore, as chronic diseases have grown more prevalent, individuals throughout the world have become more concerned about their health and, as a result, are adopting a healthier lifestyle. Therefore, fitness enthusiasts and athletes are increasingly interested in plant and animal-based protein supplements, which aid in digestion. Therefore, high-end supplements necessitate nutritious components, driving the nutritional food and drink market expansion.
The COVID-19 pandemic had a tremendous influence on growth of the nutrition food and drink market. The pandemic led to an increase in people's desire to live a healthy lifestyle. However, the market experienced a major drop in sales at the start of COVID-19, due to the closure of gyms and fitness clubs, as well as the suspension of sporting activities. Furthermore, lower income caused consumers to avoid non-essential expenditure, hampering the industrial growth.
The key players profiled in this report include: Nestle, Abbott, Bayer AG, DUPONT, Amway, Health Food Manufacturers' Association, Glanbia Plc, Bionova, GSK plc, and Herbalife International of America, Inc.. The market players are continuously striving to achieve a dominant position in this competitive market using strategies such as collaborations and acquisitions.
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