The global human nutrition market was worth around USD 335.366 billion in 2021. SkyQuest projects the market will surpass USD 532.43 billion by 2028, exhibiting a CAGR of 6.71% during the forecast period (2022-2028).
Westford USA, Jan. 24, 2023 (GLOBE NEWSWIRE) -- Rising public awareness about the importance of general health and wellbeing, the rise in an aging population, and the increasing use of smart health monitoring devices drive incredible growth in the human nutrition market. In addition, factors such as rising disease prevalence due to unhealthy eating, growing demand for fortified food products, and increasing disposable income contribute to substantial market growth. Furthermore, a rise in the number of product launches to bring different product variants to attract a new consumer base is also a vital factor for the market's rapid expansion.
Human nutrition refers to the substances found in foods, such as dietary and nutritional supplements. They are converted into body tissues and provide energy via fatty acids, amino acids, and other functional nutrients to support all sorts of physical and mental activities in human life. Consumers are becoming more interested in human nutritional products due to their potential nutritional and therapeutic effects.
Based on SkyQuest's global research, around 52% of children under five die from hunger, and an estimated 225 million (37%) are chronically malnourished children in developing countries. As a result of this, various governments have started giving extra emphasis on ensuring sufficient nutrient levels among people through different initiatives.
OTC Segment to Attract Larger Target Audience owing to Diverse and Budgetary Products Offerings
According to SkyQuest's segment analysis, the OTC segment accounted for 26.5% market share in 2022 and is anticipated to grow at a 6.7% CAGR from 2022 to 2028 to take this lead. The substantial growth of the segment can be attributed to the fact that consumers are well aware of the benefits of taking various dietary supplements in addition to their regular diet, which aids in OTC sales. Furthermore, the prevalence of such sales channels in developing countries, combined with the availability of a diverse range of products and discounts, is expected to impact segment growth positively.
With a market share of 38.27% in 2022, North America is the major region dominating the human nutrition market under the OTC segment. Such growth can be attributed to the United States being the market's epicenter due to the presence of a well-developed distribution channel and the production hub of key manufacturers. Furthermore, the rising demand for such dietary supplements among the younger population is one of the factors driving market growth in North America.
The report segments the global human nutrition market to provide the closest approximations of the market share revenues for the overall market and the sub-segments across different verticals and regions. In addition, the market report offers a thorough analysis of market size at the regional and national levels, as well as projections of market growth over the projected period and payer sales analysis.
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Probiotic Segment to Account for Swift Revenue Growth as Result of Increasing Preference for Preventive Healthcare
As per SkyQuest's market analysis, the probiotics segment continuously dominated the human nutrition market and held a 34.5% revenue share in 2022 and is expected to take the share to 39.3% by 2028. Increasing consumer preference for preventative healthcare, rising global health awareness campaigns, and developing effective probiotic strains are driving the probiotics market. Probiotics benefit the body in sufficient quantities, such as improved gut health and decreased intestinal inflammation. In addition, probiotics play an essential role in preventive healthcare by strengthening the immune system. As a result, increased consumption among youngsters and sportspersons is expected to drive exponential growth for the segment.
Asia-Pacific is projected to experience the fastest growth in the coming years owing to the region's expanding customer base, which includes leading countries such as China, South Korea, and India. In addition, consumers in the areas are spending more money due to rising per capita incomes, which is expected to fuel market expansion across the human nutrition sector.
The research gives players major market drivers, restraints, challenges, and opportunities, assisting them in understanding the market's pulse for human nutrition. In addition, the report will help stakeholders in better-comprehending competitors and gain more knowledge to strengthen their position in their respective industries. The rival ecosystem, new product development, agreements, and acquisitions are all included in the section on the competitive landscape.
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Key Developments in Human Nutrition Market
- NAMUH, an infant nutrition company, announced a multi-product partnership to create functional oligosaccharides that are structurally equivalent to those present in human breast milk. By collaborating with Ginkgo, NAMUH can produce various HMOs through yeast fermentation, bringing infant formula's nutritional value considerably closer to that of human breast milk. In addition, they can take advantage of Ginkgo's experience in yeast strain engineering and fermentation process development.
- Supply Chain Fitness and WARP, a network of cross-docks and carriers powered by technology and focusing on middle-mile solutions, have launched a new collaboration (SCF). For the entire supply chain community, SCF, under the direction of physical therapist Dr. Mark Manera, offers individualized exercise, diet, and accountability coaching. In addition, WARP matches shippers with carriers based on the loads that fit into their capacity and equipment type in each market to maximize operational hours and increase fleet revenue.
- Butterfly, a private equity firm specializing in the food industry, announced its acquisition agreement with Milk Specialties Global, a leading human and animal nutrition company. The business's Human Nutrition sector makes premium dairy protein components and goods intended to improve diet and health. In addition, it is a market leader in performance nutrition.
- Balchem Corporation, a leading specialty Ingredient company, announced the acquisition of Cardinal Associates Inc., a leading science-based manufacturer of methylsulfonylmethane (MSM). MSM is a popular nutritional ingredient with strong scientific evidence supporting its benefits for joint health, sports nutrition, skin and beauty, healthy aging, and pet health.
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Prominent Players in Human Nutrition Market
- BASF SE (Germany)
- Koninklijke DSM N.V. (Netherlands)
- Abbott Laboratories (US)
- Chr. Hansen Holding A/S (Denmark)
- DuPont de Nemours, Inc. (US)
- Pharmavite LLC. (US)
- USANA Health Science, Inc. (US)
- Kerry Group PLC (Ireland)
- Nestle S.A. (Switzerland)
- Corbion N.V. (Netherlands)
- Glanbia PLC. (Ireland)
- Bayer Health Care AG (Germany)
- ADM (US)
- Matsun Nutrition (US)
- Amway Corp. (US)
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