The global nutraceutical rigid packaging market is expected to register a market value of US$ 4.6 billion in 2023 and is projected to accumulate a valuation of US$ 8.5 billion by exhibiting a CAGR of 6.3 % in the forecast period 2023 to 2033. The nutraceutical rigid packaging market registered a growth of 5.1% CAGR in the historical period 2018 to 2022.
Rigid packaging plays a vital role in driving the growth of the nutraceutical rigid packaging market. Light-sensitive nutraceutical products are protected by adding UV additives to the rigid packaging material, and the addition of oxygen scavengers that removes the oxygen from the package which helps extend the shelf life of the product. This will boost product sales in the coming period.
With the rising awareness about maintaining good health & fitness, diet, and weight management, the market is anticipated to grow. Future Market Insights says, increasing adoption of nutraceutical products across the globe is inducing growth in the target market.
Online health magazines and social media have helped in creating a vast global trend where people are actively improving their diets and are looking out for natural food products that may offer a direct medicinal benefit. The millennial generation population is majorly influenced by these trends which are directly supporting the growth of the nutraceutical rigid packaging market.
With more and more actors, sportspersons, and other public personalities as well as social media influencers with large followings constantly stress on the benefits of a healthy and fit lifestyle, trend-following millennials are continuously being attracted toward health regimes and better diets including nutraceuticals.
Evolving lifestyles are increasing the gym-goer population, promoting healthy eating, and maintaining a healthy lifestyle which is expected to result in increased spending on fitness and well-being by the average consumer? Therefore, this rising awareness and popular trend of extra spending on health & fitness are expected to propel product demand in the coming years.
Bottles & jars are a form of rigid packaging materials which are generally used in the packaging of nutraceutical items. This kind of packaging is used for the packing of multivitamin tablets, protein powders, herbal products, and gummies & chewable supplements.
Bottles and jars are typically employed as a rigid packing material which are made up of either plastic or glass such as polypropylene and high-density polyethylene (HDPE). Plastic bottles and cans are majorly chosen by supplement manufacturers due to their features such as high functionality, lightweight, solid structure, and lower prices as compared to bottles & jars made up of glass.
Properties of plastic materials such as chemical inertness, and ease of melding along with cheap cost and easy availability of plastic materials are some factors leading to their high adoption for the manufacturing of nutraceutical and dietary rigid packaging solutions.
The rising preference for recyclable plastic materials owing to sustainability concerns with non-recyclable plastics is estimated to benefit the PET plastic-type rigid packaging during the forecast period.
The consumption of food supplements and additional nutrients is rapidly increasing due to critical health issues such as hypertension, diabetes, cardiovascular ailments, osteoarthritis, and osteoporosis.
Increasing healthcare costs, along with the growing geriatric population around the world, are expected to assist the global functional food industry growth which will create the demand for rigid materials for the packaging of nutraceutical products.
Consumers’ attitude is appearing to be very positive towards functional foods mainly on account of the added health and wellness benefits offered by these products. This will augment product sales in the forthcoming period.
Region-wise, North America is expected to dominate the nutraceutical rigid packaging market by accumulating over 42% market share by end of the forecast period. Because of the surging demand from the food & beverage, health, and nutrition industries in this region, the nutraceutical rigid packaging market is predicted to grow significantly.
The consumption of aspartic acid is anticipated to rise in this region due to high demand for packaged and fresh foods. Furthermore, the constant innovation in developing new packaging materials will benefit the overall growth of the market in the forthcoming period.
Asia Pacific is expected to grow with a significant CAGR of 6.1% during the projected period. The burgeoning demand for nutrition materials and dietary supplements, easy availability of raw materials, presence of various processing plants, and less labour rates in the region are some of the factors that will drive market growth in this region.
What Drives the Growth of the Nutraceutical Rigid Packaging Market?
Increasing consciousness about consumer’s health, diet and weight management is a crucial factor in driving the demand of the nutraceutical rigid packaging market. More people adapt to nutritional foods, more will be the demand, and a large consumer base will be attracted for nutraceutical rigid packaged products.
Increased usage of products related to fitness specifically for athletic purposes and even consumers concerned about fitness and who are equipped to spend well are anticipated to boost the growth of the nutraceutical rigid packaging market.
The increasing disposable income is also expected to contribute to the growth of the nutraceutical rigid packaging market as the cost of the food products packed are a bit expensive.
What Restraints the Growth of the Nutraceutical Rigid Packaging Market?
The high cost of nutraceutical products hinders the growth of the nutraceutical rigid packaging market. Not everyone worldwide would be able to afford to buy the products leading to lesser demand across the globe.
The threat of substitutes such as the Ayurveda or homemade items offering food or supplements that are high on nutrition but at lower prices might be problematic for the nutraceutical rigid packaging market.
What are the Factors that Promote North America as the Market Leader in Nutraceutical Rigid Packaging Market?
Owing to the increasing consumption of nutritional based foods and dietary supplements because of the consumer’s changing behaviour in the eating habits. Consumers in North America are aiming towards a healthy lifestyle by consuming natural nutrients.
Growing consumption of nutraceuticals specifically because of the baby boomers who are regular consumers of nutritional supplements like omega 3 fatty acids, vitamins, and minerals. Millennial nowadays in North America is following the trend of joining athletic activities such as Zumba, gym and yoga and these pose as a critical factor in driving the growth of the nutraceuticals rigid packaging market.
How Competitive is the Market?
Recent developments and breakthroughs in technology, mergers, acquisitions, tie-ups, and partnerships within the companies involved in manufacturing nutraceutical rigid packaging solutions are expected to create lucrative opportunities for market growth during the forecast period.
In January 2021, Amcor plc was recognized by CDP and was bestowed with A- grade for climate change by highlighting the company’s decisive action towards a more sustainable future. This aided the company to gain recognition.
In June 2021, Mondi extended its range of plastic-free e-commerce packaging with ‘MailerBAG’. This new product launch will aid the company in widening its product portfolio and attracting more consumers.
Genetically engineered foods, processed food items, herbal products, dietary supplements, and isolated nutrients are known as nutraceutical foods. These foods are supposed to be packed safely to avoid internal contamination and also be resistant to oxidation.
To match the packaging criteria, innovative packaging solutions are attracting growing opportunities to the Nutraceutical rigid packaging market. With growing awareness of consumers regarding nutritional food habits, consumers are getting attracted towards Nutraceutical products thereby driving the demand for Nutraceutical rigid packaging market.
The materials used for packaging nutraceutical foods are mostly glass and plastic. Glass packaging is preferred the most for items that are engineered such as tablets, capsules, powders and liquid. Although consumers prefer plastic packaging such as jars, canister and bottles for dietary supplements.
