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(Health-NewsWire.Net, November 06, 2020 ) The global nutraceutical products market size is projected to grow from USD 267.4 billion in 2019 to USD 404.8 billion by 2025, recording a CAGR of 7.2% during the forecast period. Increasing aging population, growing focus on preventive healthcare, and mandates on food fortification by government organizations are factors that are projected to drive the growth of the nutraceutical products market.
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Key nutraceutical products players include Kraft Heinz Company (US), The Hain Celestial Group (US), Conagra (US), General Mills (US), Kellogg's (US), Nestlé (Switzerland), Nature’s Bounty (US), Amway (US), Hero Group (US), Barilla Group (Italy), Raisio Group (Finland), Pfizer Inc. (US), and Freedom Food Group Limited (Australia). New product launches was a dominant strategy adopted by major players, followed by mergers & acquisitions. This has helped them to expand their product portfolio and geographical presence.
Kraft Heinz (US), formerly known as H.J. Heinz Holding Corporation is one of the largest manufacturers of food & beverage products. It offers products such as sauces, breakfast meals, cheese, energy drinks, dairy, beverages, infant food, and other nutrition products under its brand Capri Sun, Wattie’s, Kool-Aid, Planters, Lunchables, Ore-Ida, and Golden Circle.
The company is focusing on expanding its product line for breakfast meals, to expand its customer base. For instance, in 2019, the company launched a product, Lunchables Brunchables, under the brand Lunchables that offers breakfast meals, including ready-to-eat bacon strips and breakfast flatbreads. Moreover, it is also adopting a strategy to offer healthy snacks due to the rising trend of healthy snacking among consumers.
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The Hain Celestial Group (US) manufactures and distributes organic and natural products under its food, beverage, and personal care segments. The company offers infant food, baked goods, frozen food, soups, snacks, beverages, and gluten-free products, among others. Its business revenue segments include grocery, snacks, personal care, and tea product categories.
The company is focusing on enhancing its performance in the market by launching new products and acquiring small scale companies. For instance, Hain Daniels (UK), the subsidiary of The Hain Celestial Group’s acquired Clarks UK Ltd. (UK), focuses on enhancing its product portfolio of natural syrups in 2017. It has also established seven platforms, namely, Fresh Living, Better-for-You Baby, Better-for-You Pantry, Tea, Cultivate Ventures, Better-for-You Snacking, and Pure Personal Care, to increase its profit margin. Additionally, the company is also focusing on expanding its product portfolio for natural food and beverage products that offer various health benefits.
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