NUTRACEUTICAL PACKAGING MARKET GROWTH TRENDS AND STRATEGIC 2032
The global nutraceutical packaging market size was valued at USD 3.90 billion in 2023. The market is projected to be worth USD 4.08 billion in 2024 and reach USD 6.24 billion by 2032, exhibiting a CAGR of 5.45% during the forecast period.
The rising emphasis on eco-friendly packaging is set to drive the product demand, propelling industry expansion. The use of nutraceutical packaging helps enhance resistance to oxidation and offers protection against contamination.
Fortune Business Insights™ provides this information in its research report, titled “Nutraceutical Packaging Market, 2024-2032”.
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List of Key Players Mentioned in the Report:
- Avient Corporation (U.S.)
- Glenroy, Inc. (U.S.)
- Maco Pkg (U.S.)
- JohnsByrne (U.S.)
- NuEra Nutraceuticals Inc. (Canada)
- MOD-PAC Corp (U.S.)
- Hughes Enterprises (U.S.)
- Amgraph Packaging (U.S.)
- Elis Packaging Solutions, Inc. (U.S.)
- MRP Solutions (U.S.)
Segmentation:
Plastic Segment Accounts for Prominent Share Owing to Rising Product Usage for Making Jars and Bottles
Based on material, the market for nutraceutical packaging is fragmented into metal, plastic, glass, and paper and paperboard. The plastic segment holds a dominant share in the market. This can be attributed to the increasing adoption of various plastic resins for making pouches, jars, and bottles.
Bottles Segment Holds Dominating Share Due to Increasing Product Deployment for Packaging Soft Gels and Pills
By packaging type, the market for nutraceutical packaging is divided into cans & jars, bottles, bags & pouches, and others. The bottles segment leads the market. This is due to the extensive usage of bottles for packaging soft gels, supplements, pills, gummies, capsules, and other products.
Online Retail Stores Segment Records Major Share Impelled by Easy Accessibility and Other Benefits
Based on distribution channel, the market is subdivided into supermarkets & hypermarkets, drug stores & pharmacies, specialty stores, online retail stores, and others. The online retail stores segment holds a dominating share in the market. This is due to an array of benefits provided by online retail stores such as easy accessibility, home delivery services, higher discounts, and affordability.
Based on geography, the market for nutraceutical packaging has been studied across North America, Asia Pacific, Europe, Latin America, and the Middle East & Africa.
Report Coverage:
The report gives an overview of the latest industry trends. It also presents an analysis of the market on the basis of various segments. The market has been studied on the basis of material, packaging type, distribution channel, and geography. The key factors driving the global business landscape have also been presented in the report.
Drivers and Restraints:
Mounting Dietary Supplement Demand to Propel Industry Growth
The increasing demand for nutraceutical products and dietary supplements is driving the nutraceutical packaging market growth. Additional factor favoring industry expansion is the rise in online shopping and e-commerce.
Nevertheless, the industry expansion could be hindered due to the high cost associated with these packaging solutions.
Regional Insights:
North America Holds Dominant Position Owing to Increasing Health Awareness
North America leads the global market. The dominance is due to the growing health awareness in the region.
Europe nutraceutical packaging market share accounts for a significant position in the global market. This is driven by the growing consumption of nutritional supplements and increasing focus on health & fitness.
Information Source: https://www.fortunebusinessinsights.com/nutraceutical-packaging-market-108091
Competitive Landscape:
Major Companies Deploy New Strategies to Sustain Market Competition
Leading companies design and adopt new strategies for strengthening their positions in the global market. Some of these steps comprise merger agreements, partnerships, and the launch of new businesses. Companies are adopting these initiatives to gain an edge over competitors.
Key Industry Development:
April 2021 – Origin set up a packaging design agency for the nutraceutical industry. The company would undertake primary packaging projects with clients spanning from local startups to international healthcare companies.