The global nutraceutical flexible packaging market is anticipated to accumulate a market value of US$ 4.1 billion in 2023 and is expected to garner a valuation of US$ 8 billion by exhibiting a CAGR of 6.9 % in the forecast period 2023 to 2033. The nutraceutical flexible packaging market reflected a growth of 5.1 % CAGR in the historical period 2018 to 2022.
| Data Points | Key Statistics |
|---|---|
| Expected Market Value in 2023 | US$ 4.1 billion |
| Projected Market Value in 2033 | US$ 8 billion |
| Growth Rate (2023 to 2033) | 6.9 % CAGR |
The increasing demand for a healthier lifestyle is resulting in a demand for nutrition products like dietary supplements which are driving the nutraceutical flexible packaging market. Also, the adoption of compostable packaging in the nutraceutical packaging industry is further fuelling product sales.
The rising demand for other kinds of nutraceutical products such as energy drinks and protein bars is accelerating the product demand. For instance, according to the CRN Consumer Survey, 2019, 77.1% of consumers are consuming dietary supplements.
The survey reported that the majority of both males and females above 18 take dietary supplements. Adults between the age group of 35-54 use the most nutraceutical supplements of any age group, at 81 percent. This reflects the opportunities present in the nutraceutical flexible packaging market and the trend is expected to remain the same in the forecast period as well.
The demand for flexible nutraceutical packaging is gaining more momentum for maintaining the shelf life of a product. Nutraceutical packaging comprises antimicrobial food contact material, which regulates chemical reactions, fungi concentration, harmful bacterial effects, and unpleasant odor from the stored product.
Also, it is observed that flexible packaging constitutes a major share of nutraceutical packaging, primarily due to its lightweight and optimal barrier properties. Flexible nutraceutical packaging allows clear visibility of the product along with convenience with handling during transportation.
Apart from this, growing disposable income and urbanization are also contributing to market expansion. Furthermore, because of rising health consciousness, the acceptance of nutraceutical products has increased among recreational and lifestyle consumers in the last few years. These products are sold in various retail shops, including mass merchandisers, drug and specialty stores, small shops, and online merchants.
Supplements and nutrition materials are offered in the form of capsules, tablets, soft gels, gummies, liquids, and powder. Several packaging types, such as stand-up pouches, flat pouches, blister packs, and sachets are used for the packaging of nutritional supplements.
Packaging companies are focusing on incorporating dispensing mechanisms, sustainable materials, administration aids, tamper-proof properties, and counterfeiting measures into the packaging to increase their functionality and safety.
Advancements such as improved packaging designed to protect, store, and promote supplements and nutraceuticals play a vital role in boosting the demand for flexible nutraceutical packaging. Additionally, several value-added features, including zippers, top notches, and the use of high-quality graphics are further creating lucrative opportunities for the market's growth.
Region-wise, Asia Pacific is expected to dominate the market by accumulating over 45% market share by end of the forecast period. Increasing demand for nutrition materials and supplements, easy availability of raw materials, presence of several processing plants, and inexpensive labor in the region are some of the factors driving the regional market.
Also, strict regulations in most countries make this region more lucrative for multinational companies to set up their manufacturing plants and corporate offices.
The demand for flexible nutraceutical packaging in Europe is expected to grow with a CAGR of 6.4% during the forecast period. With the outbreak of coronavirus disease in Europe in 2020, the consumption of dietary supplements and functional foods has increased substantially, especially in the countries such as Germany, the United Kingdom, Spain, and Italy. This growth in the supplements industry is anticipated to have a positive impact on the target market in the forthcoming period.
How Competitive is the Market?
Recent developments and innovations in technology, mergers, acquisitions, and partnerships within the companies involved in manufacturing Nutraceutical flexible packaging are expected to create lucrative opportunities for market growth during the forecast period.
Nutraceutical is a category of food & food supplements, which refers to a food that has additional health benefits. This may include a food product that is offered in medicinal form. The nutraceutical flexible packaging aims to desire to extend shelf life and to regulate the freshness and potency of the nutraceutical product.
Nutraceutical flexible packaging allows protection from moisture, oxidation, bacteria, microbes, and other threats to protect the product and maintain the product integrity. Flexible packaging gives multiple benefits over rigid packaging in saving space, lightweight, and consumes fewer energy savings in the transportation process.
Also, the nutraceutical flexible packaging controls chemical reactions, unpleasant odour, and harmful bacterial effects. Flexible nutraceutical packaging provides visibility to the product coupled with the easy handling of the product during transportation.
Bags and Pouches are highly preferred for storing protein powders and other granules. Advanced packaging technology in flexible nutraceutical packaging like vacuum skin packaging (VSP) and modified atmosphere packaging (MAP) formats is forecasted to grow the market shortly.
The technology advancement in terms of flexible packaging with moisture protection and chemical protection acts as the shield to the nutraceutical product.
Also, the new packaging technology protects the nutraceutical product from the harmful effects of the weather and other external factors owing to the sensitive nature of the product which is likely to get damaged due to exposure to the sunlight and moisture while transportation and storage of the nutraceutical product.
Also, the multi-layered flexible packaging in nutraceutical products is anticipated to uplift the market in the coming days.
The increasing consumer demand and consumer focus on health and wellbeing are uplifting the demand for dietary supplements and functional foods are pacing up the market for nutraceutical flexible packaging. Also, the proven benefits of nutraceuticals in increasing critical health issues such as diabetes, cardiovascular diseases, hypertension, osteoarthritis, etc. are growing the market for nutraceutical flexible packaging.
Also, the young generation who is extensively dependent on the gyms and fitness clubs for body fitness rely on the use of nutraceutical products to maintain the strength of the body which in turn have the scope to increase the market for nutraceutical flexible packaging.
The high cost of the nutraceutical flexible packaging is anticipated to be a major challenge for the nutraceutical flexible packaging market, as it involves the advanced packaging technology in the packaging of the product which can be challenging for the small manufacturing companies. Also, the strict government regulations on manufacturing of the nutraceutical products are forecasted to restrict the growth of the nutraceutical packaging market.
Key players such as
are actively involved in offering vegan protein for different applications.
The manufacturers involved in the production of nutraceutical flexible packaging are focusing on the innovations in advanced packaging solutions. Also, some of the key players are acquiring small nutraceutical packaging companies to increase their production capacity.
In April 2021, Glenroy Inc., launched a portfolio of flexible and sustainable packaging solutions for pet foods, nutraceuticals, pharmaceuticals, personal care, and household products. The new sustainable packaging includes recyclable pouches and film laminations, PCR (Post-consumer recycled) pouches and film laminations, and a premade PCR stand-up pouch which is made up of 48% of the recycled content.
In October 2020, Fortis Solutions Group LLC, a portfolio company of Main Post Partners announced the acquisition of Kala Packaging, a printer of pressure-sensitive labels and flexible packaging. Kala serves the food & beverage, nutraceuticals end-markets, and health and beauty.
The elder people in the USA depend on the consumption of nutraceuticals in the handling of many problems like aging, fitness, etc. which is encouraging the manufacturing companies to produce nutraceutical products to the maximum production. Also, the increasing awareness owing to the benefits of nutraceutical products and the advancement in technology is forecasted to grow the market shortly.
The COVID-19 pandemic has affected positively the Nutraceutical Flexible Packaging Market. During this pandemic, there was immense demand from the hospitals and also the people for the vitamin and mineral supplements which were proven to increase the immunity and immune response to fight against the infection, which boosted the nutraceutical flexible packaging companies to increase their production capacity owing to the increase in the demand for the nutraceuticals products.
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