The term nutraceutical is used to refer to food provides additional health benefits. Nutritional supplements, functional foods, medical products, phytochemicals, designer foods are regarded as nutraceuticals. Food products offered in medicinal form are also included in this category. Nutraceuticals products fall under a unique niche segment as these products are considered to be a cross between food products and pharmaceuticals. Examples of a nutraceutical product available in the market include dietary supplements, herbal products, isolated nutrients, genetically engineered food, and processed food items like beverages, cereal, and soup among others. A product is considered to fall within the nutraceutical category if it has a demonstrated history of being able to provide protection against chronic disease or a direct physiological benefit. Nutraceutical packaging is very important as the product may get damaged or even changed in composition if careful handling and packaging is not done. Nutraceutical packaging is very important in protecting the products from internal contamination and to provide improved oxidation resistance. Nutraceutical products depend on the type or form of the specific product. Different products are manufactured and offered to the consumer in various different forms such as tablets, capsules, liquid, powder, and other forms. The way the consumer uses the product is also an important consideration for the nutraceutical packaging market as consumers may measure out the liquid or powder before consumption by using a dosage cup, measuring spoon, or scoop to get the right amount. Hence, the form the product is presented in by the manufacturing company and the ease of use of the product for the consumer are important considerations and in relation to that, various different packaging options may be used by the nutraceutical packaging companies. Some nutraceutical packaging norms or trends like plastic packaging such as bottles, jars or canisters for supplements, glass bottles for liquids, capsules, tablets and powders are informed by consumer behavior. It very important for the global nutraceutical packaging market to consider the preferences and needs of the consumer for designing the packaging that is used for nutraceutical products. Some other important considerations for the nutraceutical packaging market are the importance of easy-to-read instructions and child-safety locks. Moreover, consumer’s preference trends also indicate a rising demand for travel-friendly packaging, single-use packaging, and blister packs.
COVID-19 scenario analysis:
- COVID-19 crisis is likely to affect the nutraceutical packaging industry negatively, as a result of halted manufacturing and massive reduction in demand for luxury and non-essential services globally.
- COVID-19 crisis had a mixed impact on the packaging industry, mainly due to closure of physical retail stores globally. However, the availability of online retailing has absorbed the high impact of this shutdown.
- The requirement of ecommerce specific packaging is likely to remain strong, although the ecommerce companies would have to focus on protection of goods and sanitization of packages.
- In addition, the food packaging industry is on the frontline within the global packaging market, owing to the demand for essential products such as groceries and fresh food mainly from local e-retail sites.
- Industrial, transportation, and bulk packaging has faced a sharp decline, owing to decreased demand for non-essential goods during the first two quarters of 2020.
- Owing to the lowered disposable income of maximum population and weak demand for packaging from industrial goods, the packaging industry might face significant pressure of reduction in both wholesale as well as retail costs.
- Consumers are likely to stay hesitant for consumption of luxury products, travel, and hospitality services, which is expected to hinder the packaging industry growth in the future after the COVID-19 crisis.
Top impacting factors: Market Scenario Analysis, Trends, Drivers, Opportunities, Restraints and Impact Analysis
Growing global urbanisation and rising disposable income of the average consumer globally are important factors that are expected to aid the growth of the global nutraceutical packaging market. Consumers around the world are growing more aware and actively seeking knowledge about the importance of nutrition and its direct relationship with their health. Social media and online health magazines have helped create a massive global trend where people are actively taking more interest in their diets and are seeking natural food products that may offer a direct medicinal benefit. The millennial generation is actively seeking constant improvements in their lifestyle and are constantly trying out new diets and supplements to augment their health. With growing awareness and understanding of health and nutrition, people are also becoming more conscious about health and weight management. Increasing the shelf life of nutraceutical food products is a concern for the global nutraceutical packaging market. These factors are some of the major drivers for the global nutraceutical packaging market. However, the high cost of nutraceutical packaging products is a major restraining factor for nutraceutical packaging market. The opportunity for growth for the global nutraceutical packaging market comes from the rising disposable income level globally.
The global nutraceutical packaging market trends are as follows:
Rising awareness of the importance of healthy eating and healthy lifestyle
With the rise in awareness about maintaining good health, fitness, diet and weight management, the global nutraceutical packaging market is expected to grow. Adoption of nutraceutical products is growing globally and with it, the nutraceutical packaging industry is expected to grow in tandem. Social media and online health magazines have helped create a massive global trend where people are actively taking more interest in their diets and are seeking natural food products that may offer a direct medicinal benefit. Social media marketing is especially relevant for the millennial generation consumers. With more and more athletes, actors and other public personalities as well as social media influencers with large followings constantly highlighting the benefits of a fit and healthy lifestyle, impressionable millennial are constantly gravitating toward health regimes and better diets including nutraceuticals. The global trend of going to the gym, eating healthy and maintaining healthy lifestyle can be expected to result in increased spending on fitness and well-being by the average consumer worldwide. Thus, this increased awareness and growing trend of increased spending on health & fitness is expected to contribute to the growth of the global nutraceutical packaging market.
Growth of global nutraceutical industry with rising population, urbanisation and disposable income around the world
Due to the factors of growing population, urbanisation and increased standard of living of consumers around the world, the global nutraceutical packaging market is expected to expand. Vitamin and mineral supplements provide a source of extra nutrients for consumers who may be missing out on such important nutrients due to an insufficient diet or have unhealthy eating habits. High stress lifestyle of the average consumer is also an important factor behind the growth of the multivitamin and minerals segment. Doctor’s prescriptions nowadays also often include health and nutrient supplements. Although dietary supplements account for the largest amount of nutraceutical product sales, functional food & beverages are also an important segment and is fast expanding. Functional food & beverage products are becoming more easily available in various retail formats as ecommerce platforms continue to expand their reach and also more shopping malls and complexes are being built. Promotion of these products through mainstream advertisements and social media marketing is growing. The average consumer is increasingly opting for health-conscious lifestyle and diet due to rising disposable income and growing awareness of preventable health problems. The above factors of growing population, urbanisation and disposable income are thus anticipated to aid the growth of global nutraceutical packaging market in the future.
Key benefits of the report:
- This study presents the analytical depiction of the global nutraceutical packaging market industry along with the current trends and future estimations to determine the imminent investment pockets.
- The report presents information related to key drivers, restraints, and opportunities along with detailed analysis of the global nutraceutical packaging market share.
- The current market is quantitatively analyzed from to highlight the global nutraceutical packaging market growth scenario.
- Porter’s five forces analysis illustrates the potency of buyers & suppliers in the market.
- The report provides a detailed global nutraceutical packaging market analysis based on competitive intensity and how the competition will take shape in coming years.
Nutraceutical packaging market: Global Opportunity Analysis and Industry Forecast, 2024-2031 by Packaging Type Report Highlights
By Packaging Type
By Nutraceutical Product Type
By Industry verticals
Key Market Players
MJS PACKAGING, MOD-PAC Corp., Birchwood Contract Manufacturing, NuEra Nutraceuticals Inc., JohnsByrne Company, Hughes Enterprises, PolyOne Corporation, Maco Bag Corporation, Glenroy, Inc., AMGRAPH Packaging, Inc.