The size of the human nutrition market is expected to grow at a CAGR of 6.2% during the forecast period 2021-2026
Rising consumer awareness of personal health and wellness followed by growing health awareness are among the major factors that are expected to drive the growth of the human nutrition market.
This press release was originally issued by SBWire
New York, NY – (WIRE SB) – 09/24/2021 – Human Nutrition Market The size was valued at $ 1,237 million in 2020 and is expected to grow at a CAGR of 6.2% during the forecast period 2021-2026. Human nutrition are the substances found in foods such as food supplements and nutritional supplements, which transform into body tissues and provide energy through fatty acids, amino acids and other functional nutrients for the whole range of physical and mental activities that make up man. life. Human nutrition is also defined as an interdisciplinary character, involving not only physiology, biochemistry and molecular biology, but also fields such as psychology and anthropology, which explore the influence of attitudes, beliefs, preferences and cultural traditions on food choices. The growth rate of the human nutrition industry is attributed to the various government initiatives coupled with the growing awareness of newborn care which is poised to bring new opportunities. In addition, due to unhealthy eating habits, there is an increase in various diseases which have resulted in an increase in demand for fortified food products, thus potentially increasing the demand for various human nutrition products. However, the strict rules and regulations regarding health benefit claims and their labeling are poised to hamper the human nutrition market.
Human Nutrition Market Segment Analysis – By Product Type
In 2020, on the basis of product type, Vitamins segment accounted for the largest sectoral turnover of human nutrition market due to the fact that this type of product has huge demand due to increasing consumption of vitamins. fortified foods. Besides, there is a growing trend of health awareness regarding preventive health care among consumers in developed countries such as United States, Japan, etc., thus enabling the market to grow.
On the other hand, the protein segment is expected to experience healthy growth throughout the forecast period 2021-2026 with a CAGR of 6.80%, as there is an increase in the number of consumers of protein supplements such as whey protein and food supplements. Moreover, individuals are increasingly aware of their physical health, which will help meet the growth of the industry in the product segment during the forecast period 2021-2026.
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Human Nutrition Market Segment Analysis – By Distribution Channel
Based on the distribution channel, the OTC segment accounted for the largest segmental turnover of the human nutrition market in 2020. The significant share can be attributed to the fact that consumers are easily aware of the positive impacts of taking various dietary supplements with their regular food thereby helping sales through the OTC. Apart from this, the segment is expected to dominate during the forecast period 2021-2026 with a CAGR of 6.3% due to the prevalence of these sales channels in developing countries coupled with the availability of a wide range of products and discounts offered, which is is expected to have a positive impact on the growth of this segmental market during the forecast period 2021-2026.
Human Nutrition Market Segment Analysis – By Geography
North America is the major region dominating the human nutrition market with a market share of 37.90% in 2020. This can be attributed to the fact that the United States is the epicenter of the market due to the presence of a well-developed distribution channel as well as production. hub of major manufacturers. Also, the growing demand for these dietary supplements in countries like Mexico is the contributing factor in the growth of the market in North America.
However, Asia-Pacific is expected to be the significant growth market during the forecast period 2021-2026 owing to the increase in the consumer base in countries such as India, China and Korea. from the south of the region. In addition, the regions consumer spending is increasing owing to the increase in per capita income which is expected to propel the market growth throughout the Human Nutrition Market forecast period 2021-2026.
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Drivers of the human nutrition market
Growing consumer awareness
The human nutrition market is on the verge of a recovery due to the rapid increase in demand for several human nutrition products as consumers are increasingly aware of health and wellness. be personal, followed by growing awareness of health and the demand for nutritional supplements in all geographies. has driven innovations that have led all major manufacturing companies to focus on these innovative products.
Challenges in the human nutrition market
Strict regulations and improper labeling of products
One of the major factors behind the decline in Human Nutrition Unit sales is due to the potential dangers occurring in neonatal products through inaccurate product labeling which is hampering the market growth during the forecast period 2021-2026. Apart from that, the strict rules and regulations regarding health benefit claims in some countries are poised to hamper the human nutrition market.
Human Nutrition Market Landscape
Product launches, mergers and acquisitions, joint ventures and geographic expansions are the key strategies adopted by the players in the Human Nutrition market. In 2020, the human nutrition market share is fragmented by the top ten players present in the market. The top 10 companies in the human nutrition market are BASF SE, Abbott Laboratories, Koninklijke DSM NV, DuPont de Nemours, Inc., Chr. Hansen Holding A / S, USANA Health Science, Inc., Pharmavite LLC., NestlÃ© SA, Kerry Group PLC, Glanbia PLC., Corbion NV, ADM and others.
Acquisitions / Product launches
In September 2020, Prorganiq announced the launch of an innovative new health product â24 in 1 mega superfoodsâ. The new product contains a powerful formula of amino acids, vitamins and minerals; the product is 100% plant-based and offers a gluten-free and non-GMO dietary supplement that aims to help people adopt a healthier lifestyle.
Key points to remember
Geographically, the North America region held the highest market share in 2020.
Factors such as increasing consumer awareness of personal health and wellness followed by growing health awareness are among the major factors that are expected to drive the growth of the human nutrition market.
Moreover, factors such as improving the advantages of the formulation of human nutrition products over conventional products are expected to create opportunities for the growth of the market during the forecast period 2021-2026.
B. Medical nutrition market
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For more information on this press release, visit: http://www.sbwire.com/press-releases/human-nutrition-market-size-anticipated-to-grow-at-a-cagr-of-62-during-the-forecast-period-2021-2026- 1346411.htm