Nutritional Food and Drink Market to Reach $320.7 Billion Globally by 2032 at 12.1% CAGR: Allied Market Research
The rising prevalence of chronic diseases worldwide and the rising health consciousness among people are projected to drive the global nutritional food and drink market’s growth during the forecast period. The North America region is predicted to witness prominent growth by 2032.
/EIN News/ -- Wilmington, Delaware, May 08, 2024 (GLOBE NEWSWIRE) -- Allied Market Research has recently published a report, titled, “Nutritional Food and Drink Market Size, Share, Competitive Landscape and Trend Analysis Report by Type, by APPLICATION : Global Opportunity Analysis and Industry Forecast, 2023-2032.” According to the report, the global nutritional food and drink market generated $105.3 billion in 2022, and is anticipated to generate $320.7 billion by 2032, rising at a CAGR of 12.1% from 2023 to 2032.
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Prime Determinants of Growth
The increasing health consciousness among people, the growing prevalence of chronic diseases globally, and the rising demand for health supplements are the factors expected to drive the growth of the global nutritional food and drink market in the forecast period from 2023 to 2032. However, the growing usage of artificial flavors and preservatives may restrict market growth in the coming future. On the contrary, increase in investments in R&D and the continuous growth in the fitness industry are expected to offer remunerative opportunities for the expansion of the nutritional food and drink market during the forecast period.
Report Coverage & Details:
| Report Coverage | Details |
| Forecast Period | 2023–2032 |
| Base Year | 2022 |
| Market Size in 2022 | $105.3 billion |
| Market Size in 2032 | $320.7 billion |
| CAGR | 12.1% |
| No. of Pages in Report | 320 |
| Segments covered | Type, Application, and Region |
| Drivers |
|
| Opportunities |
|
| Restraints | Increasing usage of artificial flavors and preservatives |
Key players in the market are adopting various strategies, such as product launches, mergers & acquisitions, and technological advancements to stay competitive in the market. In November 2023, Nestlé, the world’s largest food and beverage company, introduced N3 milk in China, which is made from cow's milk and enriched with essential nutrients. This innovative product features prebiotic fibers, low lactose content, and over 15% fewer calories. Utilizing proprietary technology, Nestlé reduced lactose using specialized enzymes, yielding beneficial prebiotic fibers.
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Type: Drink Sub-segment to be the Most Dominant During the Forecast Period
The drink sub-segment accounted for the largest global nutritional food and drink market share of 64.7% in 2022 and is expected to dominate by growing at the highest CAGR of 12.6% during the forecast period. This significant growth is mainly due to the increasing popularity of sugar and fat substitutes, which reflects a growing consumer concern about health issues like obesity and diabetes, driving demand for low-sugar and low-fat options. Besides, the inclusion of fat substitutes, such as avocado and coconut oil-based products offers healthier fat alternatives, appealing to health-conscious consumers. Mostly, the booming trend of sports nutrition, fueled by a growing emphasis on fitness and health, further propels market expansion.
Application: Sports & Fitness Sub-segment to Flourish Immensely During the Forecast Period
The sports & fitness sub-segment held the largest market share of 52.7% in 2022 and is predicted to grow at the highest CAGR of 13.0% during the forecast period. This is mainly due to the increased health and fitness consciousness among consumers, facilitated by the widespread availability of sports supplements and the proliferation of gyms & fitness facilities. Moreover, continuous product innovation and research efforts into new ingredients are anticipated to further propel market expansion.
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Region: North America Market to Hold Major Share by 2032
The North America nutritional food and drink market accounted for the largest share of 34.2% in 2022 and is predicted to continue to dominate in terms of market share by 2032. This growth is mainly owing to the increasing health and fitness awareness among people in the region. Besides, the frequent introduction of new sports supplements in the region suggests sustained high demand in the future. Moreover, governmental support for sports-related initiatives and the aging population’s interest in products promoting healthy aging contribute significantly to market growth.
Leading Players in the Market:
- Abbott
- DUPONT
- Bionova
- Nestle
- Health Food Manufacturers’ Association
- Glanbia Plc
- Amway
- Herbalife International of America, Inc.
- GSK plc
- Bayer AG
The report provides a detailed analysis of the key players of the global nutritional food and drink market. These players are employing various strategies including launching new products, entering collaborations, expanding operations, forming joint ventures, and signing agreements, all aimed at boosting their market share and securing their competitive position across different regions. The report is valuable in highlighting business performance, operating segments, product portfolio, and strategic moves of market players to showcase the competitive scenario.
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