PUBLISHER: Grand View Research | PRODUCT CODE: 1530064
PUBLISHER: Grand View Research | PRODUCT CODE: 1530064
The global supplements and nutrition packaging market size is expected to surpass USD 40.54 billion by 2030, according to a new report by Grand View Research, Inc., expanding at a CAGR of 5.2% from 2024 to 2030. The rising demand for immunity-boosting supplements due to the COVID-19 outbreak, ease in access to supplements, increasing disposable income, and consumer awareness regarding nutrition, health, and wellness. However, the presence of counterfeit products is hampering the market of supplements which in turn decline the demand for packaging.
The COVID-19 pandemic started in December 2019 in Wuhan, China, and it subsequently spread at global levels. It led to 4 million deaths as of June 2020. People with low immunity, especially, the geriatric demography, along with others suffering from medical conditions such as diabetes, heart disease, asthma, and cancer are highly vulnerable to complications arising due to the COVID-19 infection. Thus, consumers are increasingly consuming supplements rich in omega-3 and omega-6 fatty acids Vitamin D, Zinc, and vitamin C to boost their immunity levels. This has further resulted in a surge in demand for such supplements, which, in turn, is benefitting the manufacturers of supplements and nutrition packaging.
Further, the accessibility of dietary and nutritional supplements is increasing due to the emergence of e-commerce. Although it is difficult to buy dietary and nutrition supplements online due to a lack of product knowledge and suitability concerns, sales of these products have continued to increase. Some of the key players in this market are striving hard to educate consumers, in order to improve the online shopping experience. Thus, accessibility to these products is increasing through online retail. Thus, driving the demand for packaging.
According to the data published by The Italian Medicines Agency, over the past 5 years, 27 known counterfeit medicines cases were reported in the legitimate supply chain, whereas 170 cases were reported in the illegitimate supply chain among the EU member states. In Europe, drug ingredients used in dietary supplements are a major concern. The European Directorate for the Quality of Medicines lab networks tested 370 dietary supplements that were labeled as herbal products, but nearly 47% contained non-declared active pharmaceutical ingredients. These factors are expected to negatively impact market growth. The lack of sufficient regulations for product approvals is another key factor restricting the demand for packaging.