What is the global market size of Human Nutrition Market?

Human Nutrition Market size was valued at USD 358.8 billion in 2021 and is poised to grow from USD 381.5 billion in 2022 to USD 620.8 billion by 2030, growing at a CAGR of 6.3% in the forecast period (2023-2030).

Human Nutrition Market Size, Share, Growth Analysis, By Type(Vitamins, Minerals, Carotenoids, Probiotics), By Application(Dietary Nutrition, Functional Nutrients, Sports Nutrition, Infant Nutrition), By Population(Podiatric Population, Adult Population, Maternal Population, Athlete Population), By Distribution Channel(OTC, Prescription), By Region - Industry Forecast 2024-2031

Report ID: SQMIG30I2164 | Region: Global | Published Date: October, 2024
Pages: 157 | Tables: 127 | Figures: 76

Human Nutrition Market News

In January 2022, BASF has expanded the production capacity of its feed enzymes plant in Ludwigshafen, which will further support the growth plans of customers in the animal nutrition industry.
In March 2022, BASF globally increases prices for its vitamin E products by 20% with immediate effect. The price adjustment is in response to the significantly higher costs for energy, raw materials, and logistics.
In July 2022, Cargill and Continental Grain Complete the Acquisition of Sanderson Farms

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Human Nutrition Market size was valued at USD 358.8 billion in 2022 and is poised to grow from USD 381.5 billion in 2023 to USD 620.8 billion by 2031, growing at a CAGR of 6.3% in the forecast period (2024-2031).

The global human nutrition market is highly competitive and consists of several big players and small to medium size companies penetrating the market. The market penetration for new entrants is high due to the presence of less stringent regulations and availability of various D2C channels such as Social media (Instagram, Facebook, among others), B2C websites (Amazon, Walmart, among others). The availability of a variety of products in the market has offered consumers a wide range of options to choose from based on their needs, allowing them to evaluate nutritional benefits and costs. Additionally, the growth of e-commerce and online shopping has encouraged consumers to purchase goods online. Hence, the bargaining power of buyers is medium to high. 'Nestle', 'Danone', 'General Mills', 'Kellogg's', 'Unilever', 'Abbott Laboratories', 'PepsiCo', 'Coca-Cola', 'GlaxoSmithKline', 'HerbalifeAmway', 'The Nature's Bounty Co.', 'Archer Daniels Midland', 'Royal DSM', 'Bayer Health Care AG', 'BASF SE', 'Lonza Group AG', 'Chr. Hansen Holding A/S', 'Kerry Group', 'Ajinomoto Co. Inc.'

The rise of a high-income middle class in emerging markets is expected to drive the growth of the global human nutrition market. By the end of 2018, there were 679 million middle-class households in emerging countries, a figure that is expected to expand by 2.7% by 2030. In comparison, the number of middle-class households in developed countries was 176 million in 2018 and is expected to increase by 6.3% by 2030. Between 2019 and 2030, the number of households in developing countries with an annual disposable income of USD45,000-100,000 Purchasing power parity (PPP) is expected to rise by 5.6% per year on average, far outpacing the 1.2% annual growth expected for the total number of households. Their spending is expected to rise at a 6.9% annual rate in real terms through 2030, outpacing the 1.9% annual real spending growth forecast for households earning USD15,000-45000 (PPP).

Global rise in the incidence and prevalence rate of chronic diseases and increasing healthcare cost created significant awareness for the human nutrition market. Chronic diseases such as heart disease, cancer, diabetes, stroke, and arthritis have been on the rise, in recent times; which significantly creates a wide scope for the market growth.

In 2021, North America held the notable global human nutrition market share and is anticipated to continue its dominance. This can be attributed to the United States being the market's epicenter attributed to the prevalence of a well-developed distribution channel as well as the production hub of key manufacturers. Furthermore, the increasing demand for such dietary supplements across countries is one of the factors driving market growth in North America. However, Asia-Pacific is expected to be the fastest-growing market during the forecast period, owing to rising consumer bases in the region's countries such as India, China, and South Korea. Furthermore, consumers in the regions are increasing their expenditure due to the increase in per capita income, which is anticipated to accelerate market growth during the forecast period.

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