Increasing Consumer Awareness Regarding Personal Health and Wellbeing Followed by Growing Health Consciousness Are Amongst the Major Factor Projected to Impel Growth of Human Nutrition Market.
NewYork, NY -- (SBWIRE) -- 09/24/2021 -- Human Nutrition Market size was valued at $1,237 million in 2020 and is anticipated to grow at a CAGR of 6.2% during the forecast period 2021-2026. Human nutrition are the substances that is present in foods such as dietary supplements and nutritional supplements, which is transformed into body tissues and provide energy through fatty acids, amino acids and other functional nutrients for the full range of physical and mental activities that make up human 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 human nutrition industry growth rate is attributed to the various government initiatives coupled with the growing awareness regarding neonates' care which is poised in bringing new opportunities. Moreover, owing to unhealthy eating habits there is an increase in various diseases which led to the rise in demand for fortified food products, thereby potentially raising the demand for various human nutrition products. However, the stringent rules and regulations regarding the claim of health benefits and their labeling are poised to hinder 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 segmental revenue of the human nutrition market on account of the fact that this product type has a huge demand owing to the increasing consumption of fortified foods. Furthermore, there is a rising trend for health awareness regarding preventive healthcare amongst consumers of developed nations such as U.S., Japan, etc. thereby, allowing the market growth.
On the other hand, protein segment is projected to witness healthy growth throughout the forecast period 2021-2026 with a CAGR of 6.80% since there is an increase in the number of consumers for protein supplements such as whey protein and dietary supplement. Moreover, there is growth in awareness amongst individuals regarding their physical health thereby, is to cater the sector growth in the product segment during the forecast period 2021-2026.
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Human Nutrition Market Segment Analysis - By Distribution Channel
On the basis of distribution channel, OTC segment accounted for the largest segmental revenue of the human nutrition market in 2020. The large share can be attributed to the fact that the consumers are readily aware of the positive impacts of taking various dietary supplements along with their regular food thereby, aiding to the sales through OTC. Apart from this, the segment is projected to dominate over the forecast period 2021-2026 with a CAGR of 6.3% owing to the prevalence of such sales channels in the developing countries coupled with the availability of wide range of products and the discounts offered which is anticipated to positively impact 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 the year 2020. This can be attributed to U.S. being the epicenter for the market owing to the presence of a well-developed distribution channel along with the production hub of key manufacturers. Furthermore, the increasing demand for such dietary supplements across countries like Mexico is the factors contributing to the growth of the market in North America.
However, Asia-Pacific is projected to be the significant-growing market during the forecast period 2021-2026 owing to rising consumer base in the countries including India, China, and South Korea of the region. Furthermore, there is an increasing expenditure by the consumers of the regions owing to the increase in the per capita income which is poised to propel the market growth throughout the human nutrition market forecast period 2021-2026.
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Human Nutrition Market Drivers
Rising Consumer Awareness
The human nutrition market is poised to receive upswing owing to the rapid increase in demand for several human nutrition products owing to the fact that there is an increasing consumer awareness regarding personal health and wellbeing followed by growing health consciousness and demand for nutritional supplements across geographies has led in innovations that has resulted in all major manufacturing companies focusing on such innovative products.
Human Nutrition Market Challenges
Strict Regulations and Improper Product Labeling
One of the major factors lowering the human nutrition unit sales is owing to the potential hazards occurring in neonatal products by inaccurate product labeling which is hindering the market growth during the forecast period 2021-2026. Apart from this, the stringent rules and regulations regarding the claim of health benefits in certain countries are poised to hinder the human nutrition market.
Human Nutrition Market Landscape
Product launches, mergers and acquisitions, joint ventures and geographical expansions are key strategies adopted by players in the Human Nutrition market. In 2020, Human Nutrition market share is fragmented by the top ten players present in the market. The Human Nutrition market top 10 companies are BASF SE, Abbott Laboratories, Koninklijke DSM N.V., DuPont de Nemours, Inc., Chr. Hansen Holding A/S, USANA Health Science, Inc., Pharmavite LLC., Nestle S.A., Kerry Group PLC, Glanbia PLC., Corbion N.V., ADM and others.
In September 2020, Prorganiq announced the launch of a new, innovative health product '24-in-1 mega superfoods'. The new product packs a powerful formula of amino acids, vitamins, and minerals; the product is 100 per cent plant-based and offers a gluten-free, GMO-free dietary supplement that is aimed at helping people live a healthier lifestyle.
Geographically, North America region held the highest market share in 2020.
The factors such as increasing consumer awareness regarding personal health and wellbeing followed by growing health consciousness are amongst the major factor projected to impel growth of human nutrition market.
Additionally, factors such as improved formulation benefits of human nutrition products over the conventional ones are to create opportunities paving a way for the growth in the market during forecast period 2021-2026.
A. Vitamins And Nutrition Supplements Market
B. Medical Nutrition Market
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