Europe Nutrition And Supplements Industry Overview
The Europe nutrition and supplements market size was valued at USD 61.8 billion in 2021 and is expected to expand at a compound annual growth rate (CAGR) of 5.8% from 2022 to 2030.
Europe’s population has become more aware of health and fitness and has been increasingly adopting nutritional supplementation for achieving their dietary goals. The demand for natural and organic products has grown, and so has the demand for plant-based products and functional foods owing to the rapidly increasing geriatric population across the sub-continent. As per Europa in 2021, approximately 20.8% of the population in the EU was aged 65 or above.
Gather more insights about the market drivers, restrains and growth of the Europe Nutrition And Supplements Market
Nutritional supplementation is seen as an effective means to boost immunity. Supplementing one’s diet with necessary micronutrients and vitamins to reach one’s health goals has been gaining a lot of momentum across all age groups, more so during COVID, to avoid any lapses in immunity and as a preventative measure to ensure immunity against the virus. Even though there is no scientific proof for this, the upward trend in the consumption of nutritional supplements was seen during the pandemic. This has been a major factor fueling the market growth.
The rate of obesity has grown multi-fold throughout Europe. In 2019, as per the Eurostat data, 53% of the population in Europe were overweight and 36% of the population were obese. The prevalence of obesity and overweight people is higher among the geriatric population. Population aged 65-74 years accounted for 66% share. The epidemic of obesity has been a major reason for the increasing incidence of non-communicable diseases, like diabetes, hypertension, and cardiovascular diseases. The above-mentioned factors have also contributed greatly to the growth of the European market.
Countries in Europe have seen a surge in demand for multi-vitamins and immune-boosting supplements. The change in attitude towards health and fitness and a more holistic approach towards attaining fitness and health goals by using functional foods and nutritional supplementation have gained a lot of traction during COVID, and the trend is only going upwards. This is a major driving force for the growth of the European market. Nutritional supplementation is not only being used for attaining good health but also for hair and skin, which has also contributed to the growth.
The regulatory authorities across the European countries have been approving nutritional supplements and functional foods to boost the growth of the market in the region. The amendments and changes in the regulatory process regarding the approval of such supplements have made the entire process less cumbersome and have included many sources. As of January 2018, the novel foods including clones derived from bioengineered nanomaterials have gained approval and the new rule has decreased the application processing time from 3 years to 18 months. These regulatory changes in the region are also driving the market.
During the COVID-19, there was an amplified demand for nutritional and dietary supplementation across Europe, which has helped the market to flourish despite the restrictions on transport and disruption in supply chain logistics. Health consciousness has risen in people and during the pandemic, there was a massive increase in the number of online health clubs and an increase in the sales of supplements through online channels. The retail shops also witnessed a large number of people buying vitamins and immune-boosting supplements as a precautionary means to avoid COVID infection. This surge in sales and rapidly increasing demand are projected to fuel the growth of the European market in the coming years.
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Key Companies profiled:
Some prominent players in the Europe nutrition and supplements market include
- Amway
- Bayer
- Sanofi
- Abbott
- Nestle
- Pfizer
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