Global complete nutrition products market is estimated to grow at a CAGR of above 6% over the forecast time frame and reach a market value of above US$ 6.5 Billion by 2028.
NEW YORK, Sept. 28, 2021 (GLOBE NEWSWIRE) -- Acumen Research and Consulting, a global provider of market research studies, in a recently published report titled “Complete Nutrition Products Market - Global Industry Analysis, Market Size, Opportunities and Forecast, 2021-2028”.
Complete Nutrition Products Market
2017 - 2028
2021 - 2028
By Product, By Distribution Channel and By Geography
North America, Europe, Asia Pacific, Latin America, and Middle East & Africa
Key Companies Profiled
Soylent, SlimFast, RSP Nutrition, MuscleBlaze, YFood Labs GmbH, Huel Inc., IdealShape, LadyBoss, Numix, Jimmy Joy, among others
Market Trends, Drivers, Restraints, Competitive Analysis, Player Profiling, Regulation Analysis
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The key factors driving the growth of the complete nutrition products market are the increasing popularity of the nutrition products and growing awareness among the population about their benefits. The customers are more inclined towards products such as food products having natural and organic ingredients, clean label products, etc. In addition, consumers also prefer nutrition supplements as a substitute for natural food products.
Modernization and industrialization are some of the major factors that have caused a sedentary lifestyle and unhealthy eating habits among the population. This has increased the cases of people having chronic conditions and obesity. Thus, people are shifting towards a healthy lifestyle and physical fitness. This has increased the demand for complete nutrition products.
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This has increased the need for the market players to enhance their product portfolio to match with the changing consumer preference. This increases the competition among the industry players on the global platform and also opens up various potential opportunities for the complete nutrition products market.
Another factor influencing market growth is the increasing popularity of the e-commerce sector. The rise in the use of smartphones and the growing penetration of the internet has increased the visibility of nutritional products among consumers. This has fueled the growth of the market during the forecast period. There has been a rapid growth rate of over 50% in online shopping among the customers thus offering potential opportunities for the complete nutrition products market.
Powdered nutritional products have increased demand among the consumers
In terms of product type, the powder segment held a majority of the market shares. In 2020, above 50% of the market share was held by the powder segment. It is expected that this trend will continue during the forecast period. Factors contributing to the segment growth are the growing demand for natural and organic food products and the increasing awareness among the population about a healthy lifestyle. In comparison to the other product forms, powdered nutritional products are more economical thus having an increased demand among the customers.
Moreover, RTD shakes are having an increased demand among the younger generation. Thus anticipating that the segment will register a rapid CAGR of over 6.5% during the forecast period. The increasing popularity of nutrition products that are convenient as well as cost-effective has fuelled the growth of the complete nutrition products market.
The bars segment also accounted to register a CAGR of over 6% from 2021 to 2028. Nutrition bars are considered a convenient on-the-go snack that helps as an energy booster. Most of the bars are sugar-free and have fiber content and carbohydrates. Using natural and organic ingredients the nutrition bars help in weight loss and offer instant energy.
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In terms of distribution channel, supermarkets and hypermarkets dominated the complete nutrition products market
In 2020, supermarkets and hypermarkets registered a market value of over 40%. The expanding independent retail stores such as Costco, The Vitamin Shoppe, Walmart, GNC Holdings, LLC have attracted many consumers and have increased the visibility of the nutrition products thus driving the segment growth. The large availability of the product brands and the consumer inclination toward store shopping are the factors supporting the growth of the market.
A promising growth rate is anticipated to be witnessed by the online distribution channel. A CAGR of over 6.5% is projected to be registered during 2021 – 2028. The increased comfort level has increased the demand for online shopping for complete nutritional products. This has compelled the market players to market their presence on online e-commerce platforms. This has augmented the growth of the segment during the forecast period.
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North America to hold the dominant position in the complete nutrition products market
In 2020, North America accounted for a majority of the market shares of over 42%. This regional growth is owing to the factors such as increasing health problems such as diabetes and obesity especially among the younger generation and the rise in the sedentary lifestyle has propelled the growth of the complete nutrition products market. There are increased cases of cardiovascular disorders, obesity, and cancer being registered in the U.S. Thus, it has increased the demand for the products in the country.
A rapid growth rate is anticipated in the Asia Pacific region. A CAGR of over 7% is projected from 2021 to 2028. The emerging economies such as India and China along with developed countries such as Japan, Australia, and Taiwan have an increase for the nutrition products thus opening opportunities for the market. The market players have identified these potential markets and highly investing in these countries thus fuelling the growth of the market.
The key industry players in the global complete nutrition products market include Soylent, SlimFast, RSP Nutrition, MuscleBlaze, YFood Labs GmbH, Huel Inc., IdealShape, LadyBoss, Numix, Jimmy Joy, among others.
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