Carotenoids Market Size, Top Key Players, Growth, Trend Analysis, and Forecast To 2029

The carotenoids market size is projected to reach USD 3.4 billion by 2029 from USD 2.5 billion by 2024, at a CAGR of 6.3% during the forecast period in terms of value. Demand for dietary supplements is increasing, leading to higher consumption of natural carotenoids. There is a growing need for sustainable, natural, clean label, natural carotenoids that contribute to market expansion. Changing dietary preferences and the awareness of health and wellness further propel market growth. Overall, these trends highlight the growing significance and adoption of carotenoids.

Carotenoids Market Trends

Here are some of the carotenoids market trends-

• Growing Demand in Food and Beverage Industry: Carotenoids are widely used as natural colorants and nutritional additives in various food and beverage products. The increasing consumer preference for natural ingredients has been driving the demand for carotenoids in this sector.
• Health and Wellness Trends: Carotenoids such as beta-carotene, lycopene, and astaxanthin are renowned for their antioxidant properties and health benefits. With the rising awareness of the importance of nutrition in maintaining health and preventing diseases, the demand for carotenoid-rich supplements and functional foods has been on the rise.
• Expansion in Cosmetics Industry: Carotenoids are also utilized in the cosmetics industry for their skin-enhancing properties. They are incorporated into skincare and beauty products due to their antioxidant and anti-inflammatory characteristics. The trend towards natural and organic cosmetics has further boosted the demand for carotenoids in this sector.
• Technological Advancements in Production: Continuous advancements in biotechnology and extraction techniques have enabled more efficient and sustainable production of carotenoids. This has contributed to an increase in the availability of carotenoid-rich ingredients for various applications.
• Focus on Sustainability and Clean Labeling: Consumers are increasingly concerned about the environmental impact of the products they consume. As a result, there is a growing demand for sustainably sourced carotenoids and products with clean labelling, indicating natural and environmentally friendly ingredients and processes.
• Rising Demand in Emerging Markets: Emerging economies, particularly in Asia-Pacific and Latin America, are witnessing a surge in demand for carotenoids due to changing dietary habits, increasing disposable income, and growing awareness of health and wellness. This presents significant opportunities for market expansion in these regions.
• Research and Development: Ongoing research into the health benefits and potential applications of carotenoids continues to drive innovation in the industry. This includes exploring novel sources of carotenoids, developing new formulations, and discovering additional health-promoting properties, which could further fuel market growth.

Carotenoids Market Driver: Increased use of natural carotenoids as food and beverage colorant.

The shift towards natural and clean label ingredients in the food industry has spurred increased utilization of natural carotenoids as food colorants. Carotenoids, found in fruits, vegetables, and algae, serve as appealing substitutes to synthetic colors due to their perceived health benefits and clean label appeal. Consumers seek products with recognizable, natural ingredients like beta-carotene, lycopene, and astaxanthin, which not only provide vibrant colors but also offer antioxidant properties. With a growing demand for natural ingredients and a preference for brightly colored foods, food manufacturers must prioritize understanding these trends to effectively meet consumer expectations and influence purchasing decisions. Consequently, incorporating natural carotenoid extracts across dairy, bakery, confectionery, beverages, and snacks enables versatile color applications in response to evolve consumer preferences.

In by application segment, food & beverage segment is expected to grow at highest CAGR during the forecast period.

The food and beverage segment in the carotenoid market is witnessing the highest growth rate due to several key drivers. Firstly, increasing consumer demand for natural and healthy food additives drives the incorporation of carotenoids as natural colorants and functional ingredients. Secondly, growing awareness of the health benefits associated with carotenoids, such as antioxidant properties and potential disease prevention, fuels their utilization in a wide range of food and beverage products. Additionally, the rise in innovative product development and the introduction of clean-label products further stimulate market growth in this segment, catering to evolving consumer preferences for natural and nutritious food options.

Top Carotenoids Companies

The key players in the market include BASF SE (Germany), DSM (Netherlands), Cyanotech Corporation (US), Givaudan (Switzerland), ADM (US), NHU (China), Divi's Laboratories Limited (India), Allied Biotech Corporation (Taiwan), Lycored (US), Kemin Industries, Inc. (US), Fuji Chemical Industries Co., Ltd. (Japan), EW Nutrition (Germany), Döhler GmbH (Germany), ExcelVite (Malaysia) and Farbest Brands (US). These market participants are emphasizing the expansion of their footprint via agreements and partnerships. They maintain a robust presence in North America, Asia Pacific, South America, RoW, and Europe, and they are supported by manufacturing facilities and well-established distribution networks spanning these regions.

Foliar Spray Market Growth, Competitive Analysis, and Future Prospects

The global foliar spray market is expected to grow from USD 7.3 billion in 2023 to USD 9.6 billion by 2028, at a compound annual growth rate (CAGR) of 5.5% during the forecast period. Foliar spray is a technique used in agriculture to apply nutrients or pesticides directly to the leaves of a plant. The foliar spray market refers to the industry that supplies products used in this technique, including fertilizers, herbicides, insecticides, and other plant nutrients. Foliar sprays are known for their quick response time and ability to improve the yield and quality of crops. They are also effective in controlling diseases, pests, and weeds. The market includes a wide range of products, from traditional chemical-based sprays to organic and bio-based alternatives. Factors such as environmental concerns and regulations, the increasing demand for high-quality crops and the need for efficient crop management practices are driving the demand for more sustainable and eco-friendly solutions in the foliar spray market.

Foliar Spray Market Driver: Increasing demand of high-quality crops

The increasing demand for high-quality crops is significantly driving the foliar spray market. Modern consumers, who are more health-conscious, seek nutrient-dense, high-quality food. Consequently, farmers face mounting pressure to produce crops that fulfill these expectations. Foliar spraying offers an effective solution by delivering essential nutrients directly to plant leaves, thereby enhancing growth, yield, and quality. This method is especially advantageous in conditions of low soil fertility or in high-density plantings where soil nutrient access is restricted. Foliar sprays supply a diverse array of nutrients, such as nitrogen, phosphorus, potassium, calcium, magnesium, and various micronutrients, all vital for plant growth. These nutrients not only boost crop quality by enhancing nutritional content, flavor, and shelf life but also help increase yields. By directly applying nutrients to the leaves, foliar sprays enable crops to reach their full potential, resulting in higher yields and more bountiful harvests. As the demand for superior quality crops escalates, the adoption of foliar sprays is expected to grow. Farmers utilizing foliar sprays can produce crops that meet consumer demands while simultaneously enhancing their profitability through improved harvest quality and yield.

Foliar Spray Market Opportunities: Meeting the increasing demand for high-quality foods

The increasing demand for high-quality food products is fueling the need for sustainable and eco-friendly agricultural practices. This trend is expanding the market for foliar sprays, which provide an effective and efficient means of enhancing crop yield and quality. Additionally, growing awareness of the benefits of foliar sprays is leading to greater adoption by farmers and growers. The imperative to improve crop productivity to meet the escalating food demand presents a significant opportunity for the foliar spray market. Foliar sprays offer a cost-effective and efficient solution to boost crop yields and productivity, helping to satisfy population demands. Furthermore, the shift towards sustainable agricultural practices is opening new avenues for the foliar spray market, as farmers and growers seek methods to minimize their environmental footprint.

Based on Application, the horticultural crops segment is estimated to account for the highest growth of the foliar spray market

Foliar sprays are a widely used technique in horticultural crops for various purposes, including nutrient management, disease control, and growth promotion. They are particularly beneficial for supplementing nutrients in crops experiencing deficiencies, especially when soil nutrient levels are low and plant growth is hindered. This method provides a quick and efficient way to deliver nutrients directly to plants, ensuring rapid uptake and utilization. Additionally, foliar sprays are an integral part of integrated pest management (IPM) programs, helping to reduce pest populations and prevent pesticide resistance. Growth regulators, such as cytokinins and gibberellins, are also applied through foliar sprays to stimulate plant growth, increase fruit size, and enhance crop yields.

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Europe had a market size of USD 2.9 billion, and the market is projected to grow with a CAGR of 5.4% during the forecast period (2023-2028)

The Europe foliar sprays market is experiencing significant growth due to the rising demand for high-quality crops and the need to maximize yield sustainably. Key factors driving this market include a growing population, shrinking arable land, and an increased demand for nutritious, chemical-free food and agricultural products. Consumers are seeking crops that are both healthy and free from harmful pesticides. Foliar sprays provide an effective method for delivering essential nutrients and trace elements directly to plants, thereby enhancing crop quality and yield. The market is also being propelled by the increasing adoption of precision farming techniques. Precision farming leverages advanced technologies such as GPS mapping and remote sensing to analyze soil and crop data, optimizing farming practices. By using foliar sprays to meet specific crop needs, farmers can apply the right nutrients in precise amounts at the optimal time, thereby improving crop health and productivity.

Top Companies in the Foliar Spray Market

EuroChem Group AG (Switzerland)
Nutrien Ltd. (Canada)
K+S Aktiengesellschaft (Germany)
Yara International (Norway)
Israel Chemical Ltd. (Israel)
The Mosaic Company (US)
Gujarat State Fertilizers & Chemicals Ltd. (India)
Coromandel International Limited (India)
Tribodyn AG (Germany)
Hebei Monband Water Soluble Fertilizer Co., Ltd. (China)
Haifa Chemicals Ltd (Israel)

Frozen Foods Market Size, Share, Trends, Growth Opportunities and Competitive Outlook

The frozen foods market size is estimated at USD 284.2 billion in 2023; it is projected to grow at a CAGR of 5.1% to reach USD 363.7 billion by 2028. The changing consumer lifestyles and busier schedules have increased the demand for convenient meal options, and frozen foods provide a quick and easy solution. Advancements in freezing and packaging technologies have improved the quality and shelf life of frozen products, making them more appealing to consumers. Additionally, concerns about food waste and the desire for longer-lasting food items have contributed to the popularity of frozen foods. The expanding variety of healthier frozen options, such as fruits, vegetables, and organic products, aligns with the growing emphasis on health and wellness, further driving the growth of the frozen food market.

Frozen Foods Market Trends

Healthier Options: Consumers are increasingly seeking frozen foods that align with their health and wellness goals. This trend has led to the development of frozen meals and snacks that are lower in sodium, sugar, and fat, and higher in protein, fiber, and other nutrients.

Plant-Based Alternatives: With the rise of vegetarianism, veganism, and flexitarian diets, there's a growing demand for plant-based frozen foods. This includes items like veggie burgers, plant-based meat alternatives, and frozen meals made with tofu or tempeh.

Convenience and Time-Saving: Busy lifestyles and hectic schedules have boosted the demand for convenient meal solutions. Frozen foods offer the advantage of quick preparation, making them appealing to consumers seeking convenient meal options without compromising on taste or quality.

Ethnic and International Flavors: There's a growing interest in diverse culinary experiences, leading to an increased demand for frozen foods featuring ethnic and international flavors. Products like Indian curries, Asian stir-fries, and Mediterranean-inspired dishes are gaining popularity in the frozen aisle.

Clean Label Products: Consumers are becoming more conscious of the ingredients in their food and are seeking products with simpler, more natural ingredient lists. Clean label frozen foods, free from artificial flavors, colors, and preservatives, are experiencing growth in demand.

Online Retail Channels: The rise of e-commerce and online grocery shopping has opened up new distribution channels for frozen food manufacturers. Brands are increasingly focusing on their online presence and partnering with e-commerce platforms to reach a wider audience of consumers.

Frozen Foods Market Drivers: Rapid Growth in the Packaged Food & Beverage Drives Growth in the Frozen Foods Market

The rapid growth in the packaged food and beverage industry is significantly fueling the expansion of the frozen foods market. This synergy can be attributed to several key factors. Firstly, the packaged food and beverage sector is experiencing increasing demand due to changing consumer lifestyles and preferences. Convenience, portability, and longer shelf life are all characteristics that appeal to today's busy consumers.

Frozen foods align seamlessly with these trends, providing convenient, ready-to-eat or easy-to-prepare meal options. They offer a practical solution for individuals and families seeking quick, hassle-free dining choices in the packaged food realm.

Furthermore, the packaged food industry's robust distribution networks and marketing strategies make it easier for frozen food products to reach a broader consumer base. This collaborative growth strengthens both sectors, as they cater to evolving consumer needs for convenience and variety in their food choices.

Based on type, the raw material segment is estimated to hold the largest market share during the forecast period of the frozen foods market.

Raw frozen food is poised to dominate the frozen food market due to its versatility and appeal to a wide range of consumers. This category encompasses an array of products, including fruits, vegetables, seafood, and meats, offering consumers the flexibility to create diverse and customized meals. Raw frozen foods retain their inherent nutritional value and flavor, often outperforming their cooked or processed counterparts. Furthermore, they cater to various dietary preferences, such as vegan, paleo, and gluten-free diets, making them inclusive and adaptable. In an era where health consciousness and convenience intersect, raw frozen foods align perfectly, allowing consumers to prepare fresh, wholesome meals with minimal effort. This appeal is driving their popularity, ensuring that raw frozen food remains the largest share of the frozen food market.

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Europe Holds the Largest Share of the Frozen Foods Market

Europe is a major hub for frozen vegetable consumption, driven by busy lifestyles and a growing demand for affordable, nutritious, and convenient food options. Rising incomes and changing dietary preferences are propelling this market, with consumers shifting towards plant-based diets. Key opportunities for vegetable suppliers are found in countries like Germany, France, Belgium, Italy, and the Netherlands. Public awareness of the superior nutritional value of frozen vegetables over fresh and refrigerated ones is boosting demand, especially among younger generations.

According to the European Ministry of Foreign affairs, in 2021, Europe imported €3 billion worth of frozen vegetables, totalling 2.8 million tonnes, with 91% coming from within Europe and only 9% from developing nations. Europe's status as a major global frozen vegetable producer drives this predominantly internal trade. Germany, with a 20% market share, leads European imports, followed by France (18%) and Belgium (14%). These countries, particularly Germany and France, are crucial focus markets. Belgium, while a major producer and exporter, sources certain vegetable varieties from other nations. Italy, the Netherlands, Spain, and Sweden also rank among the top European markets.

Top Companies in the Frozen Foods Market

The key players in this market include General Mills Inc. (US), Nestlé (Switzerland), Unilever (Netherlands), McCain Foods Limited (Canada), Conagra Brands, Inc. (US), Kellogg's Company (US), Grupo Bimbo (Mexico), and The Kraft Heinz Company (US).

Kombucha Market Size, Share, Trends, Leading Companies and Forecast till 2029

The kombucha market size is estimated at USD 2.4 billion in 2024 and is projected to reach USD 5.9 billion by 2029, at a CAGR of 19.4 % from 2024 to 2029. The growth of the kombucha market has been fueled by various factors. Firstly, its perceived health benefits, including probiotic properties that promote gut health, have attracted health-conscious consumers seeking functional beverages. Additionally, as people become more mindful of sugar consumption, kombucha's low-sugar content serves as a healthier alternative to sweetened beverages. The beverage's diverse range of flavors caters to varying tastes, while its vegan and gluten-free nature aligns with dietary preferences. Moreover, kombucha's sustainability and environmental friendliness appeal to consumers concerned about the ecological impact of their choices.

Kombucha Market Trends

Here are some trends that are shaping the kombucha market:

• Increasing Health Consciousness: Consumers were becoming more health-conscious and seeking out beverages with perceived health benefits. Kombucha, known for its probiotic content and potential digestive health benefits, appealed to this trend.
• Diversification of Flavors: Kombucha manufacturers were introducing a wide variety of flavors to cater to different consumer preferences, including traditional options like ginger and original, as well as more adventurous flavors like mango, hibiscus, and lavender.
• Rising Demand for Functional Beverages: Kombucha was seen as a functional beverage, offering not only hydration but also potential health benefits such as improved digestion and immune support. This positioned it well in the growing market for functional beverages.
• Expansion in Retail Availability: Kombucha was becoming more widely available in supermarkets, health food stores, and even convenience stores, reflecting its increasing popularity and mainstream acceptance.
• Innovation in Packaging: Manufacturers were innovating in packaging to improve convenience and appeal to environmentally conscious consumers. This included the introduction of smaller, single-serve bottles, as well as sustainable packaging options such as recyclable glass bottles and compostable packaging materials.
• Growth Potential: Despite challenges, the kombucha market had significant growth potential, driven by increasing consumer awareness of health and wellness, the popularity of probiotics, and the demand for natural and organic beverages.

Kombucha Market Driver: Rise in demand for Fortified Food & Beverage Products

The demand for fortified food and beverages is experiencing significant growth due to several key reasons. Firstly, there is a growing awareness among consumers about the importance of nutrition and its impact on overall health and well-being. By fortifying kombucha with additional vitamins, minerals, or other functional ingredients, manufacturers can enhance its nutritional profile and offer added health benefits to consumers. This fortified version of kombucha caters to individuals seeking not only the probiotic benefits of traditional kombucha but also additional nutrients to support their health goals. Therefore, the growing demand for fortified food and beverages contributes to the expansion of the kombucha market by offering consumers more options that meet their nutritional needs and preferences.

By nature, the organic segment is expected to hold a significant market share in the kombucha market.

The organic type of kombucha is experiencing significant growth due to several key reasons. Firstly, there is a growing consumer preference for organic products driven by concerns about health, sustainability, and environmental impact. the organic certification of kombucha provides a level of transparency and credibility that enhances consumer trust and confidence in the product's integrity and authenticity. Another driving factor behind the growth of organic kombucha is the expansion of distribution channels and increased availability in retail outlets, health food stores, and online platforms. As consumer demand for organic products continues to rise, retailers are responding by offering a wider selection of organic beverages, including kombucha, thereby expanding market reach and accessibility.

North America will dominate the kombucha market during the forecast period.

North America's dominance in the kombucha market can be attributed to several key factors. The region's early embrace of health-conscious trends, particularly in the United States, has fostered a culture receptive to alternative wellness products like kombucha. Furthermore, North American consumers' increasing awareness of the beverage's perceived health benefits and probiotic content has driven significant demand. Additionally, the widespread accessibility of kombucha products through various distribution channels, coupled with a relatively favorable regulatory environment, further bolsters market expansion.

Top Companies in the Kombucha Market

The key players in this market include GT’s Living Foods (US), Brew Dr. (US), SYSTM Foods Inc. (US), Health-Ade LLC (US), Tropicana Brands Group (US), MOMO Kombucha (UK), GO Kombucha (UK), Harris Freeman (US), Kosmic Kombucha (US), Equinox Kombucha (UK), Remedy Drinks (Australia), Soulfresh Global Pty Ltd (Australia), Cruz Group Sp. z o. o. (Poland), NessAlla Kombucha (US), and FedUp Foods (US). These market participants are emphasizing the expansion of their footprint via agreements and partnerships. They maintain a robust presence in North America, Asia Pacific, South America, RoW, and Europe, and they are supported by manufacturing facilities and well-established distribution networks spanning these regions.

Nutraceutical Excipients Market Trends, Size, Share, and Growth Opportunities

The nutraceutical excipients market size is projected to grow from USD 4.2 billion in 2023 to USD 6.1 billion by 2028, growing at a CAGR of 7.7% during the forecast period. Personalized nutrition plans and online sales are rapidly merging to transform the nutraceutical market. As individuals embrace tailored diets, the need for customized products with specific excipients, tailored delivery systems, and targeted nutrients soars. The flourishing retail market indicates a larger consumer base with increased disposable income and a heightened focus on health and wellness. Consequently, there is a surge in demand for nutraceutical products like functional foods and dietary supplements.

Nutraceutical Excipients Market Opportunities: Emerging trend of high use of excipients with multifunctional properties among key players

The utilization of excipients possessing multifunctional properties presents a significant opportunity in the nutraceutical industry. By consolidating numerous functionalities within a single ingredient, these excipients streamline the formulation process, boosting operational efficiency, and reducing the complexity of formulations. This consolidation not only decreases the number of required excipients but also curtails production costs. Moreover, their diverse capabilities, ranging from enhancing stability and solubility to controlling release and masking unwanted tastes or odors, enable the creation of top-tier nutraceutical products with optimized performance. Furthermore, the multifaceted benefits offered by these excipients align with sustainability goals, reducing waste and energy consumption while supporting clean label trends by enabling formulations with fewer, often natural, ingredients. Overall, the adoption of multifunctional excipients represents a strategic avenue for industry players to enhance efficiency, bolster product quality, foster innovation, and cater to evolving consumer preferences, thereby presenting a considerable opportunity for advancement and growth within the nutraceutical excipients market.

Taste masking excipients act as catalysts for consumer-friendly nutraceuticals.

Nutraceutical products often contain active ingredients with disagreeable tastes or odors. Taste masking excipients serve as pivotal components in elevating palatability, making these items more appealing and user-friendly, particularly for individuals sensitive to specific flavors. The increasing demand for nutraceutical supplements and functional foods in daily health routines has led to the adoption of taste-masking excipients. These aids enhance product likeability, encouraging consistent usage and adherence to prescribed dosages. Taste-related difficulties frequently affect nutritional supplements intended for children and the elderly. Taste masking excipients facilitate customized formulations tailored to these groups, ensuring improved adherence and consumption rates.

In a competitive market landscape, companies aim to distinguish their offerings. Utilizing taste masking excipients allows manufacturers to set themselves apart by delivering superior-tasting options, differentiating their products from competitors.

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North America accounts largest share of the nutraceutical excipients market and is witnessing growth due to the strong presence of key companies and increasing lifestyle diseases & health concerns.

In North America, numerous prominent players and leading manufacturers dominate the nutraceutical industry. These influential companies play a pivotal role by consistently engaging in research, innovation, and the development of new products, significantly contributing to the market's growth. The region's escalating health concerns, encompassing issues like obesity, cardiovascular diseases, and lifestyle-related conditions, have prompted consumers to actively pursue preventive healthcare measures. As a result, there's a heightened demand for nutraceutical products perceived as valuable in addressing these health issues. This increased demand directly fuels the market for nutraceutical excipients, essential components in the formulation of these sought-after health-focused products.

Top Nutraceutical Excipients Companies

The key players in the nutraceutical excipients market include International Flavors & Fragrances Inc (US), Kerry Group plc (Ireland), Ingredion (US), Sensient Technologies Corporation (US), Associated British Foods plc (UK), BASF SE (Germany), Roquette Frères (France), MEGGLE GmbH & Co. KG (Germany), Cargill, Incorporated (US), Ashland (US), IMCD (Netherlands), Hilmar Cheese Company, Inc (US), Air Liquide (France), Azelis Group (Luxembourg), and Biogrund GmbH (Germany).

Key Questions Addressed by the Nutraceutical Excipients Market Report:

• Which are the major companies in the nutraceutical excipients market? What are their major strategies to strengthen their market presence?
• What are the drivers and opportunities for the nutraceutical excipients market?
• Which region is expected to hold the highest market share?
• Which are the key technology trends prevailing in the nutraceutical excipients market?
• What is the total CAGR expected to be recorded for the nutraceutical excipients market during 2023-2028?

Dietary Supplements Market Size, Share, Growth, Trends, and Forecast

 The dietary supplements market size is expected to grow at a compound annual rate of 7.4%, reaching $167.5 billion in 2023 and $239.4 billion by 2028. This growth is driven by several factors, including an aging population, a shift from pharmaceuticals to nutraceuticals, and an increasing focus on preventive healthcare, which boosts the demand for amino acids and protein supplements. The trend toward personalized nutrition is also propelling the industry forward, as consumers prioritize self-directed care and focus on personal health, weight management, and overall well-being.

In recent years, the personal care market has evolved significantly. Consumers are increasingly adopting weight management and protein supplements to address lifestyle-related disorders. Many regions report inadequate protein intake among populations, leading to a higher demand for amino acids and protein supplements. Additionally, poor eating habits and unhealthy lifestyles have prompted a large number of consumers to turn to weight management supplements to combat obesity and overweight issues.

Dietary Supplements Market Drivers: Shift in Consumer Preferences Due to Increasing Health and Prevention Focus

A recent survey by the Council for Responsible Nutrition (CRN) revealed that 73% of Americans will use dietary supplements in 2020. The primary motivation for this growing trend is the perceived "overall health and wellbeing benefits" of these products. Rising health awareness has spurred consumers to seek out customized dietary supplements tailored to their biological needs. As health consciousness grows, there has been a significant increase in the demand for products like protein supplements, vitamins, and mineral supplements. Moreover, consumers are increasingly incorporating herbal (botanical) supplements into their daily diets to address health issues and support lifestyle changes.

The sports nutrition function segment is expected to experience the fastest growth during the forecast period.

Many sports nutrition supplements today contain a variety of ingredients such as multivitamins, branched-chain amino acids (like leucine), omega-3 fatty acids, glucosamine, glutamine, beta-alanine, beetroot, and green tea extract. Each of these components offers distinct performance benefits. While everyone needs sufficient macro and micronutrients, athletes, due to their intense physical exertion, must carefully monitor their dietary intake. Sports nutrition supplements help meet these nutritional needs, contributing to the rapid growth of this category within the dietary supplements market.

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The elderly age group is expected to hold a significant share of the dietary supplements market by target consumer during the forecast period.

Due to the increasing aging population and their specific nutritional needs. As individuals age, they may require additional support to address nutritional deficiencies and age-related health concerns. Dietary supplements provide a convenient and targeted solution to fulfill these needs, offering vitamins, minerals, and other essential nutrients. The elderly segment seeks supplements to support joint health, cognitive function, cardiovascular health, bone strength, and immune system function. Manufacturers are developing specialized formulations to cater to the unique requirements of older adults. With the growing elderly population, the dietary supplements market is expected to experience significant growth in this segment.

North America holds the highest market share during the forecast period.

The North American market dominates in the field of nutrition and supplements and is projected to see further growth. This is fueled by a growing awareness among North Americans about the importance of dietary supplements in maintaining overall health and managing weight. Lifestyle-related ailments such as diabetes, obesity, and hypertension are prevalent in this region due to poor dietary habits, including the consumption of nutritionally deficient junk and processed foods. There's also a rising preference for vegan and minimally processed foods, which is contributing to an increased demand for dietary supplements to address nutritional gaps. Meanwhile, South Africa is emerging as a promising market for both the production and consumption of dietary supplements, driven by widespread malnutrition and other nutritional deficiencies within the population. Collectively, these factors are propelling the global dietary supplements market forward.

Top Dietary Supplements Companies

Key players in this market include Nestle (Switzerland), Abbott (US), Amway Corp (US), Pfizer Inc. (US), ADM (US), International Flavors & Fragrance (US), Otsuka Holdings Co., Ltd (Japan), Glanbia PLC (Ireland), GSK PLC. (UK), Bayer AG (Germany), Herbalife International of America, Inc. (US), Nature's Sunshine Products, Inc (US), Bionova (Canada), ArkoPharma (France), American Health (US), Pure Encapsulation (US), H&H Group (Hong Kong), Nu Skin (US), Power Gummies (India), Biomedical Research Laboratories (US), HealthKart (India), NutriScience Corporation (US), Nature's Essentials (US), and Life Extension (US).

Biofertilizers Market Size, Share, Industry, Forecast and Outlook (2023-2028)

 The global biofertilizers market was valued 2.8 billion in 2022 and is projected to reach USD 5.2 billion by 2028, growing at a CAGR of 10.9% during the study period. The market Size is estimated to be valued at USD 3.1 billion in 2023. Through natural processes such as nitrogen fixation; phosphate solubilization; and the production of compounds that stimulate growth, biofertilizers provide nutrients to plants. They boost soil organic matter and aid in restoring the soil's natural nutrition cycle. By using biofertilizers, growers can increase the sustainability and health of the soil and cultivate healthy crops. Only bacteria and other biological elements that are not damaging to the environment are present in biofertilizers. As a result, they contribute to reducing pollution brought on by agricultural activities, particularly soil pollution.

Biofertilizers Market Drivers: Adoption of precision farming and protected agriculture

Precision farming aims to maximize agricultural productivity by leveraging cutting-edge technologies to analyze spatial and temporal variability. To enhance crop output and yield, agricultural biologicals are utilized in both precision farming and protected agriculture. The growing adoption of agricultural biologicals in protected agriculture is driving the biofertilizer market. This trend encourages the use of biofertilizers, as farmers can monitor liquid biofertilizer application using GPS-guided geographic information system (GIS) software. Consequently, the increasing land dedicated to precision and protected agriculture is expected to propel the biofertilizer market.

Biofertilizers Market Opportunities: New target markets: Asia Pacific and Africa

The Asia-Pacific and Africa regions are among the largest consumers of fertilizers. Population growth, particularly in Asia, has driven an increase in food demand, consequently boosting fertilizer usage. Governments in these regions are strongly promoting the use of environmentally friendly fertilizers, such as biofertilizers and organic manure, to reduce the adverse effects of chemical fertilizers. Various government agencies have helped raise farmers' awareness of the benefits of biofertilizers. In Africa, extensive conventional farming over the past few decades has relied on synthetic fertilizers to provide essential plant nutrients. However, the excessive use of these fertilizers has degraded soil quality and depleted vital nutrients. This situation has created a pressing need for biofertilizers in the region.

By mode of application, soil treatment segment is anticipated to occupy major share in the biofertilizers market during the study period.

When planting legume seeds in hot, dry, and highly acidic soils, during adverse weather conditions, or when the seeds have been treated with chemicals harmful to rhizobia bacteria, it is crucial to apply a liquid biofertilizer formulation directly to the soil to ensure optimal nodulation. When fertilizers are applied to the soil, they diffuse into the crops, enhancing yield and productivity as the roots are in close contact with the nutrients. This application method promotes growth and boosts the performance of this segment during the review period.

North America is projected to gain the largest market share in the global biofertilizers market.

North America is expected to secure the largest share of the global biofertilizers market. The region's substantial number of suppliers provides farmers with a diverse array of products at competitive prices. Additionally, regional governments are advocating for agricultural practices that minimize environmental impact, thereby promoting the use of biofertilizers. In countries like the US and Canada, the emphasis on large-scale cash crop production further drives market growth.

Top Companies in the Biofertilizers Market

Key players in this market include Novozymes (Denmark), UPL (India), Chr. Hansen Holding A/S (Denmark), Syngenta (Switzerland), T.Stanes and Company Limited (India), Lallemand Inc (Canada), Rizobacter Argentina S.A. (Argentina), Vegalab SA (Switzerland), IPL Biologicals Limited (India), and Kiwa Bio-tech Product Group Cooperation (China).