Product ID: SQMIG35I2228
Report ID:
SQMIG35I2228 |
Region:
Global |
Published Date: March, 2024
Pages:
219
|
Tables:
66 |
Figures:
75
North America has emerged as the dominant region in the global nutraceuticals market, accounting for a significant revenue share in 2021. The market growth is primarily attributed to the increasing health concerns among consumers, which has led to greater awareness and demand for nutraceuticals in the region. The rise in the aging population, changing lifestyles, and increased spending patterns on healthcare products have further fueled the growth of the nutraceutical industry in North America. However, the market growth is also hindered by factors such as a vast product portfolio and government regulations related to nutraceutical products. Nevertheless, the growing trend of food fortification with nutraceutical products is expected to provide a significant growth opportunity for the market in the region. In the United States, increasing healthcare costs, recent regulations on functional food, and increased research and development on functional food are the key factors that are driving the growth of the market. Poor dietary habits, long working hours, and sedentary lifestyles are contributing to poor health and associated healthcare costs, which account for approximately 14% of the gross national product (GNP) in the US economy. As a result, the US population is increasingly shifting towards preventive healthcare, leading to greater demand for dietary supplements and functional foods.
The Asia-Pacific region is the fastest-growing market in the global nutraceuticals industry. The market growth in the region is driven by several factors, including the rising health consciousness among consumers, increasing disposable incomes, and growing demand for functional foods and supplements. Additionally, the region's large and rapidly growing population, particularly in countries such as China and India, presents a significant growth opportunity for the nutraceuticals market. In recent years, there has been a growing trend towards natural and organic products in the Asia-Pacific region, which has further fueled the growth of the market. Consumers in the region are increasingly seeking products that are free from synthetic ingredients and harmful chemicals and are willing to pay a premium for products that are perceived to be healthier and more sustainable. Moreover, the increasing prevalence of chronic diseases such as obesity, diabetes, and cardiovascular diseases in the Asia-Pacific region is driving demand for nutraceutical products that can help prevent and manage these conditions. Governments in the region are also taking steps to promote healthy lifestyles and preventive healthcare, which is expected to further boost demand for nutraceutical products in the coming years.
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Product ID: SQMIG35I2228