Introduction to Nutraceutical Packaging
Nutraceutical products are the products that have huge health benefits. These include food products that are offered in medicinal form. Phytochemicals, designer foods, medical products, functional foods, and nutritional supplements are the products that fall under the category of nutraceuticals. The word ‘nutraceuticals’ is derived from nutrients and pharmaceuticals. They have been regulated by the FDA and encompass vitamins, herbal remedies, beauty products and health promotion solutions.
There are additional requirements and regulations for the packaging of nutraceutical products as the contents must be protected and their freshness and potency should be maintained. Nutraceutical packaging is important in order to avoid the internal contamination of the nutraceuticals and deliver improved oxidation resistance. People are becoming more interested in nutraceutical products with the growing understanding and awareness about health and nutrition.
Market Size and Forecast
The global nutraceutical packaging market was valued at USD 2.78 Billion in 2018 and is estimated to cross USD 4.2 Billion by 2027. The market is anticipated to record a CAGR of around 4.8% over the forecast period i.e. 2019-2027. The market is segmented by material type, product type & nutraceutical products. The market is segmented on the basis of material type into metal, glass, paper and paperboard, and plastic. The plastic segment is further bifurcated into polyethylene, polypropylene and others, out of which, the paper and paperboard segment is anticipated to witness significant growth on account of increasing concern and regulations from pertaining to the negative impacts of plastic on the environment. The market is further segmented by product type into cans & jars, cartons, stick packs, bags & pouches, bottles & others, out of which, bags & pouches segment is anticipated to have leading shares in the market.
The nutraceuticals packaging market is estimated to witness dynamic opportunities leading to significant revenue generation. These supplements offer various health benefits. In order to sustain in the competition, the players in the market are opting for innovations in both pharmaceuticals and food & beverage industries.
The younger generation consumer base of the nutraceuticals is more driven towards sustainable packaging. Increased protection against chronic diseases with various physical benefits is leading to rising demand for nutraceuticals among the younger population. High demand for isolated nutrients, diet pills, herbal products and processed foods such as cereals, soups and beverages is the key driving factor behind the growth of the market. The concerns regarding environment safety and long term effects of using specific packaging materials have led to the inclination of manufacturers towards sustainable methods of packaging. Increasing adoption of Lifestyles of Health and Sustainability (LOHAS) and healthy living are changing the consumer choices. The adoption of green packaging solutions such as switching from plastic to paper is a major trend in the nutraceutical packaging industry. Many companies are trying to innovate, however, plastic bottles are still playing a major part in packaging industry.
Shift Towards A Healthier Lifestyle
Increasing awareness about maintaining good health and weight management is expected to play a crucial role in the demand for nutraceutical packaging in the market. With increased adoption of nutraceutical products, the emerging opportunities related to innovative packaging solutions are estimated to grow, which are further projected to contribute to the accelerated growth of the market. Some of the other significant factors contributing to the growth of the market include growing usage of nutraceutical products by the consumers on account of their health benefits. Moreover, growing inclination of people to spend on fitness and wellness programs has considerably contributed to the growth of the market.
High Cost of Nutraceutical Products
Despite various health benefits of the nutraceutical products, the products have high cost which may lower the affordability in low income countries. This is the key factor that is expected to hamper the growth of the market during the forecast period.
Our in-depth analysis of the global nutraceutical packaging market includes the following segments:
By Material Type
By Product Type
By Nutraceutical Product
On the basis of regional analysis, the global nutraceutical packaging market is segmented into five major regions including North America, Europe, Asia Pacific, Latin America and Middle East & Africa region.
North America region is estimated to hold the largest nutraceutical packaging market among other regions. This can be attributed to huge demand for food products with an increased shelf life. Europe region is anticipated to be one of the key regions with most matured pharmaceutical industry that is expected to create huge opportunities in the nutraceutical packaging market. The market in Asia Pacific region is projected to be the fastest growing market owing to growing population and the presence of fast growing economies such as India and China. Moreover, improvements in the financial condition and increasing demand for nutraceutical products are some of the notable factors boosting the growth of the market in Middle East and Latin America region.
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The global nutraceutical packaging market is further classified on the basis of region as follows:
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