Nutraceuticals Market to Hit $658.11 Billion by 2028; PepsiCO Announces its Joint Venture with Beyond Meat to Amplify their Market Positions

The global nutraceuticals market size is expected to showcase considerable growth by reaching USD 658.11 billion by 2028. This information is published by Fortune Business Insights in its latest report, titled “Nutraceuticals Market Size, Share & COVID-19 Impact Analysis, By Product Type (Dietary Supplements, Functional Foods, and Functional Beverages), Distribution Channel (Hypermarkets/Supermarkets, Convenience Stores, Online Retail, and Others) and Regional Forecast, 2021-2028.” The report further mentions that the market stood at USD 320.00 billion in 2020 and is projected to exhibit a CAGR of 9.3% between 2021 and 2028. This is attributable due to the factors such as the increasing demand for a nutrition-rich diet that is likely to boost the demand for the product globally.

PepsiCO, Inc. Partners Beyond Meat, Inc. to Form a Joint Venture, The PLANET Partnership

In January 2021, PepsiCo, Inc. announced its partnership with Beyond Meat, Inc. to form a joint venture known as, The Planet Partnership. The joint venture is aimed at developing, producing, and marketing plant-based protein food products. The venture is likely to leverage Beyond Meat’s advanced technology in the development of plant-based protein and PepsiCo’s state-of-the-art commercial and marketing capabilities to develop and introduce new snack and beverage options. Although the financial terms were not disclosed by the companies are upbeat about their venture together to build a sustainable food system. Such initiatives are expected to propel the global market for nutraceuticals during the forecast period.

To get a detailed report summary and research scope of this market, click here:

https://www.fortunebusinessinsights.com/nutraceuticals-market-102530

Increasing Focus on Consumption of Nutrition-Rich Diet to Aid Growth

According to the researchers from Technomic, around 58% of the consumers prefer health and nutritious plant-based food products. The increasing demand for nutrition-rich food products and the willingness of the consumers to spend on health and wellness is expected to drive the demand for dietary supplements. Moreover, the COVID-19 pandemic has surged the demand for nutritional food products as people are focusing on their fitness having realized the importance of optimum immunity. These factors are projected to contribute to the global market growth in the forthcoming years.

Major Companies Focus on Product Innovation to Brighten Their Market Prospects

The market is fragmented by the presence of major companies striving to gain a competitive edge over their rivals by focusing on developing innovative nutraceuticals products to cater to the increasing demand for nutritional food products globally. Moreover, other key players are adopting organic and inorganic growth strategies that will favor the market growth in the forthcoming years. 

Industry Development:

• January 2021 – Alpine Start Inc., a leading provider of instant coffee, announced the launch of a new functional beverage, With Benefits. In collaboration with the American public benefit company Kickstarter, the product is rich in MCTs, minerals, and vitamins.

List of the Companies Profiled in the Global Market for Nutraceuticals:

• Herbalife Nutrition Ltd. (California, United States)


• Archer Daniels Midland Company (Illinois, United States)


• General Mills (Minnesota, United States)


• PepsiCo Inc. (New York, United States)


• BASF SE (Mannheim, Germany)


• Abbott (Illinois, United States)


• Amway (Michigan, United States)


• Glanbia Plc. (Ireland)


• Danone S.A. (Paris, France)


• Nestle S.A. (Vevey, Switzerland)

Further Report Findings:

• Asia-Pacific is expected to remain at the forefront and hold the largest global nutraceuticals market share in the forthcoming years. This is attributable to the increasing popularity of functional beverages and food products in several countries in the region. For instance, in June 2020, according to a survey published by China Food Information Center (CFIC), about 70% of people in China stated their opinion that the consumption of probiotics provides several health benefits. Asia-Pacific stood at USD 124.70 billion in 2020.


• On the other hand, North America is expected to hold the second position in the market in the forthcoming years. This is ascribable to factors such as the increasing demand for dietary supplements and the growing rate of aging population in countries such as the U.S. For instance, according to the data by the Urban Institute, the overall number of Americans aged 65 and older is expected to reach 80 million by 2040.


• Based on product type, the dietary supplements segment held a market share of about 19.12% in 2020 and is anticipated to experience exponential growth in the forthcoming years. This is due to the increasing investment in the development of advanced dietary supplements by companies to cater to the growing consumer demand for nutraceuticals worldwide.

Table of Segmentation: