by The medical nutrition market comprises of food products which provide health benefits for conditions such as gastrointestinal disorders, diabetes, malnutrition, metabolic disorders, and others. These products assist in preventing or managing disease conditions and come in forms such as powder, capsules, and liquids making it easy for intake.
The global Medical Nutrition Market is estimated to be valued at US$ 14.34 Bn in 2023 and is expected to exhibit a CAGR of 5.8% over the forecast period 2023-2030, as highlighted in a new report published by Coherent Market Insights.
Market key trends:
The rising demand for preventive healthcare has been a key trend propelling the growth of the medical nutrition market. There is a rise in health consciousness among consumers regarding maintaining proper nutrition levels. People are preferring medical nutrition products as a preventive measure to avoid potential health risks. The demand for supplements, vitamins, and minerals has increased significantly as customers want to boost their immunity and stay protected from diseases. The COVID-19 pandemic further highlighted the importance of nutrition in overall health management and disease prevention. The medical nutrition market players are expected to leverage this trend by launching innovative preventive healthcare products.
SWOT Analysis
Strength: Growing healthcare expenditure and high demand for nutritional products. Rising prevalence of chronic diseases like cancer, diabetes has increased focus on nutritional and dietary supplements.
Weakness: Low awareness in developing nations. Risk of adulteration and lack of proper regulatory guidelines in some countries.
Opportunity: Expanding nutraceutical industry, growing health consciousness and demand for functional foods provides new opportunities. Increasing trend of personalization in nutrition offers scope for customized product development.
Threats: Stringent regulatory framework poses operational challenges. Dominance of local players and supply chain disruptions due to pandemic are major threats. Price fluctuations in raw materials affect profit margins.
Key Takeaways
The Global Medical Nutrition Market Growth is expected to witness high. Rising prevalence of malnutrition especially in developing countries and increasing healthcare spending globally will drive the growth of market in the forecast period. The global Medical Nutrition Market is estimated to be valued at US$ 14.34 Bn in 2023 and is expected to exhibit a CAGR of 5.8% over the forecast period 2023-2030.
Regional analysis: North America dominates the market currently due to advanced healthcare infrastructure and increasing consumption of functional foods. However Asia Pacific is expected to grow at fastest pace supported by expanding nutraceutical industry, rising health awareness and improving access to healthcare in major countries like India and China.
Key players: Key players operating in the medical nutrition market are Abbott, Baxter, Danone S.A., Nestlé, GSK Plc, Fresenius Kabi AG, Sun Pharmaceutical Industries Ltd, BASF SE, and DSM. These players are focusing on new product launches, collaborations and expansion in emerging markets through strategic partnerships to strengthen their market position.
*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it
