The Global Nutritional Food and Drink Market Projected to Grow at a CAGR of 12.1% and Generate a Revenue of $320.7 billion by 2032Download Sample Reports Overview
The global nutritional food and drink market is predicted to be valued at $320.7 billion by 2032, surging from $105.2 billion in 2022, at a noteworthy CAGR of 12.1%.
Impact Analysis of COVID-19 on the Nutritional Food and Drink Market
The pandemic disrupted global supply systems, disrupting the production and delivery of nutritious foods and beverages. Some businesses had difficulty obtaining raw materials and ingredients, which led to price rises and supply shortages. Consumer behavior and preferences were transformed as a result of the pandemic. People began looking for things that were both convenient and beneficial to their health. This move prompted companies to introduce new products and reformulate old ones to fulfill these demands, resulting in innovation in the nutritious food and drink sector. Consumers became more aware regarding the nutritional value of the products they purchased. This resulted in increasing label and ingredient inspection, with consumers choosing items low in sugar, salt, and artificial additives. Because of the pandemic's emphasis on immunity, there was an increase in demand for items containing vitamins, antioxidants, and other immune-boosting substances. During lockdowns, the closing of restaurants, cafes, and other foodservice establishments had a substantial influence on the consumption of nutritional food and beverages.
Global Nutritional Food and Drink Market Analysis
The rise in the prevalence of chronic diseases as a result of rapid urbanization and changing lifestyles has greatly contributed to the market expansion. People are increasingly turning to nutritional supplements to help them overcome deficiencies, meet their nutritional needs, and avoid ailments linked to a lack of physical activity. The rising popularity of naturally based products is also expected to boost the market growth. Furthermore, the growing interest in sports and physical activity to accomplish fitness goals has been a crucial element in the expansion of the nutrition food and drink sector. Fitness enthusiasts and professional athletes utilize fitness supplements such as protein powders and energy-boosting supplements on a daily basis, which has contributed to market growth.
Various raw materials are used in nutritional food to provide the body with needed vitamins, protein, minerals, and others. The changing prices of these raw ingredients have a significant impact on the nutritional food market growth. As the price of raw materials rises, so does the total cost of the product, further affecting its demand. Therefore, the continual fluctuation in raw material prices is anticipated to hamper the nutritional food and drink market expansion.
Plant-based meals and superfoods are becoming increasingly popular as a way to live and eat healthy. Several nutritional supplement businesses have concentrated on introducing a new line of goods that are not simply pills but come in consumable forms like candies and soft chews in a variety of flavors. For example, numerous products, such as Frunutta vitamin supplements, dissolve beneath the tongue and are useful for people who do not want to chew sweets or take tablets. In addition, there is a growing global emphasis on health & wellness, leading to increased consumer demand for functional and nutritional beverages. Nutritional drinks that offer benefits such as protein enrichment, vitamins, and minerals align with this trend. As the global population ages, there is an increase in focus on health maintenance and prevention of age-related health issues. Nutritional drinks targeting the nutritional needs of senior adults, including those with added nutrients for bone health and cognitive function, present a significant opportunity.
Global Nutritional Food and Drink Market, Segmentation
The nutritional food and drink market is segmented on the basis of type, application, and region.
The type segment is classified into food (sugar & fat replacers, fiber-enriched products, nutritional supplements, and others) and drink (energy drinks, flavored & enhanced waters, juices, and others). Among these, the drink sub-segment is anticipated to be the fastest growing during the forecast period. The growing popularity of various new fitness activities such as yoga and aerobics is increasing the demand for nutritious fitness drinks. In addition, manufacturers have launched various flavors of sports drinks such as lemon, fruit juice, orange, mixed fruit, and others, which also promotes the growth of drink sub-segment.
The application segment is further classified into healthcare, sports & fitness, and others. Among these, the sports & fitness sub-segment is projected to witness the highest CAGR during the forecast years. The demand for nutritious and healthy meals and beverages is expected to increase as more individuals become worried about their health and desire to live a healthier lifestyle. Consumers are increasingly looking for products that offer health benefits while also meeting their dietary requirements. Many people are concerned with their weight and body composition. Therefore, there is a greater demand for products that are low in calories, sugar, and fat. The fitness business is thriving, with an increasing number of individuals engaging in various sorts of physical exercise, ranging from recreational sports to high-intensity workouts. This has resulted in an increase in the demand for products such as protein bars, drinks, and supplements to aid with muscle rehabilitation and growth.
The nutritional food and drink market in Asia-Pacific is projected to show the fastest growth during the forecast period. Asia-Pacific has been a major leader in the nutritional supplement industry. The regional population is progressively moving toward a healthy lifestyle through more traditional means and practices such as naturally sourced foods, supplements, and dietary additives. In countries such as Japan and China, the geriatric population has reached an all-time high. Also, improving one's quality of life through nutritional supplementation and functional meals has been a top goal, driving the Asia-Pacific market growth. The acceptance of western cuisine products in daily breakfast is increasing the demand for nutrition drinks. Key players operating in the regional market are introducing novel beverages that cater to local taste and flavor preferences. Therefore, people are eager to explore new beverages with useful ingredients that will improve their overall health. Many foreign firms have entered the regional market and are spending money on advertising and marketing products to raise knowledge about these drinks and their long-term health advantages. Digestive drinks are also becoming popular as people become more interested in varied flavors and products that contain organic components.
Key Players in the Global Nutritional Food and Drink Market
Some of the leading nutritional food and drink market players are Nestle, Abbott, Bayer AG, DUPONT, Amway, Health Food Manufacturers’ Association, Glanbia Plc, Bionova, GSK plc, and Herbalife International of America, Inc.