Global Nutraceutical Sales Expected to Reach New Highs in 2022
Apr 06, 2022
Global Nutraceutical Industry Continues to Grow at A Rapid Pace
According to the NUTRITION BUSINESS JOURNAL (NBJ) report on the global nutraceutical industry for 2020, nutraceutical sales soar when the outbreak of Newcastle pneumonia spreads rapidly, and rise relatively steadily after the spread of the disease is effectively controlled. As the increasingly infectious Omicron rapidly becomes the mainstream strain in many countries and regions around the world, NBJ predicts that the global nutraceuticals market will continue to grow at a rapid pace in 2022.
The Global Nutraceutical Industry Report 2021 states that while the epidemic will further drive up consumer demand for nutraceuticals, total sales will level off as long-term coexistence with the virus becomes the new normal and nutraceuticals become an increasing part of the public's daily life. 11% in 2020. However, it should be noted that the 11% increase growth in 2020 is based on a market size base of $142.47 billion, while the global nutraceutical industry market size reaches $158.21 billion in 2021. Thus, the "mediocre 5.9% growth rate" mentioned in the report is backed by a real increase of $9.27 billion.
It is clear that the global nutraceutical market is largely driven by the U.S. In 2020, the U.S. nutraceutical market grew at an unprecedented rate of 14.5%, making the U.S. account for 35.2% of the global nutraceutical market, reaching a record high. Meanwhile, the Chinese nutraceuticals market, which surpassed the size of the Western European market in 2016, also maintained a growth rate of 14.3% almost equal to that of the U.S., and its influence in the global nutraceuticals market is becoming stronger. 2020 nutraceuticals sales in Western Europe grew by 7.4%, and the NBJ had predicted that the growth rate would drop to 4.2% in 2021, which is lower than the estimated growth value before the new crown pandemic.
Chinese Companies Trade Import and Export
In terms of foreign trade, countries and regions such as the United States, Western Europe, Japan, South Korea and Australia are still the main export markets of nutritional health food products in China. In terms of export categories, vitamins, minerals, amylose chondroitin, OMEGA-3 and plant-based dietary supplements are the traditional advantageous categories of China's exports. Tablets, soft capsules and powders are the main dosage forms for export. Some innovative dosage forms, such as gummy products, have become hot spots for young consumers around the world, and the export volume to the U.S. market has increased rapidly in the past few years. In terms of specific varieties, different markets have different characteristics, for example, in the U.S. market, vitamin minerals and herbal dietary supplements account for a larger market share, with vitamin dietary supplement sales reaching $17.7 billion in 2020 and herbal dietary supplement sales exceeding $10 billion for the first time since the outbreak of the Newcastle pneumonia, because there is clinical data to support that taking vitamin D helps fight Since the outbreak of Newcastle pneumonia, vitamin D sales reached $1.43 billion in 2020, a growth rate of 47.5%, and elderberry, apple cider vinegar and South African drunken eggplant are hot categories of herbal dietary supplements.
Global Nutraceuticals Market Forecast to 2022
NBJ makes the following forecasts for the global nutraceuticals market in 2022.
The global nutraceuticals market will grow at a rate of 3.8%, with a total market size of $173.92 billion.
The U.S. will continue to dominate the global nutraceutical consumer market, with an expected 3.2% growth and a total market size of $60.57 billion. While the increase may not seem significant, this indicator is actually extremely confusing, and based on this growth rate, the U.S. market size will grow by nearly $2 billion over the previous year, and $10 billion compared to 2019. Nevertheless, the 3.2% growth rate forecast may still be conservative.
The Chinese market is expected to grow at a global growth rate of 3.8%, with an overall size of $25.18 billion.
The European and Russian markets are expected to grow to $30.5 billion in 2022.
The markets with the most growth potential in 2022 are the Middle East, Africa, Latin America and India, with growth rates of 7%, 6.8%, 6.2% and 5.3%, respectively.
In the product segment, sports nutrition, daily meals, homeopathic and specialty supplements are expected to lead the market growth in 2022 with an estimated growth of 4.8% and total growth of USD 2.8 billion. Herbal and botanical products as a single category are expected to grow by 4% in 2022, reaching a total market value of USD 45.37 billion
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