NEW YORK, July 10, 2023 /PRNewswire/ -- The global nutraceuticals market size was valued at USD 353 billion in 2022 and is expected to surpass USD 700 billion by 2030, registering a CAGR of 9.4% during the forecast period (2023- 2030), as highlighted in a report published by Facts and Factors.
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Nutraceuticals Market: Overview
Nutraceuticals is a term used to describe a product that is derived from food sources and has additional health benefits in addition to providing food's essential nutritional value. Food supplements, herbal products, and processed foods such as stews, cereals, and beverages are kept separate. These items are also used as medication and provide protection against chronic diseases.
According to the NCBI, nutraceuticals are used to improve health, slow the ageing process, prevent chronic diseases, and increase life expectancy. According to NIH researchers, nutraceuticals have attracted significant interest in the healthcare industry due to their therapeutic benefits. According to reports, nutraceuticals have been found to be effective against Alzheimer's, cancer, allergies, diabetes, and Parkinson's disease.
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Key Industry Insights & Findings of the Nutraceuticals Market Reports:
- As per the analysis, the nutraceuticals market share is likely to grow above a CAGR of around 9.4% between 2023 and 2030.
- The nutraceuticals market size was worth around USD 353 billion in 2022 and is estimated to hit approximately USD 700 billion by 2030. Due to a variety of driving factors, the market is predicted to rise at a significant rate.
- The global nutraceuticals market is anticipated to record massive growth over the forecast period owing to the humungous consumption of functional foods has translated into a rise in the demand for nutraceuticals.
- Based on the product, the functional foods segment is predicted to contribute majorly towards the global market share over the forecast timeline.
- In terms of ingredients, the probiotics segment is projected to record the highest CAGR over 2023-2030.
- On the basis of application, the weight management & safety segment is slated to dominate the segmental surge over the forecast period.
- Region-wise, the Asia-Pacific Nutraceuticals market is projected to register the highest CAGR during the assessment period.
Industry Growth Drivers:
- Lifestyle-related disease awareness will drive worldwide market trends
Massive consumption of functional foods has resulted in an increase in demand for nutraceuticals, thereby accelerating the global expansion of the nutraceuticals market. The expansion of the global market will be driven by an increase in consumer concentration on health-promoting foods and awareness of lifestyle-related disorders.
In addition, a rise in consumer spending in developed nations and heightened health consciousness will expand the global market's growth potential. Massive consumption of dietary supplements has shifted consumer preferences towards self-medication and treatment of lifestyle-related maladies, such as malnutrition. In turn, this has provided a solid foundation for global market expansion.
The expansion of the global nutraceuticals market has been greatly influenced by the ageing population, rising healthcare costs, and shifting dietary preferences. Global market demand has been positively impacted by technological advancements in the nutraceuticals industry and the use of artificial intelligence in the field.
Restraints:
- The global expansion of the nutraceutical industry will be hampered by the escalating cost of ingredients
The expansion of the global nutraceuticals industry will be stymied by the challenges encountered by industry participants during the manufacturing process and the lengthy extraction of ingredients required to produce nutraceuticals. In addition, rising costs of nutraceutical constituents can impede the global expansion of the industry.
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Global Nutraceuticals Market: Segmentation
The global market for nutraceuticals is segmented by product, ingredient, application, and region.
The global nutraceuticals market is segmented by product into dietary supplements, functional beverages, and functional foods. In addition, it is anticipated that the functional foods segment, which accounted for over 40% of the global market share in 2022, will maintain its segmental dominance over the forecast period.
Ingredient-wise, the nutraceuticals industry across the globe is divided into probiotics, prebiotics, sweeteners, vitamins, whey proteins, proteins, omega-3, minerals, marine ingredients, lipids & fatty acids, krill, juices & concentrates, isoflavones, glucosamine, fruit & vegetables, flavours, fibres, fats & oils, fat replacers, essential oils, enzymes, dairy ingredients, colostrum, aloe vera, amino acids, carotenoids, carnitine and carbohydrates segments.
The global nutraceuticals market is segmented by application into weight management & safety, bone & joint health, energy & endurance, heart health, digestive health, animal nutrition, immune system, women's health, and post-pregnancy & reproductive health.
Recent Developments:
- In the second quarter of 2022, The Kellogg Company, a U.S.-based food manufacturing firm, launched a new protein snack bar comprising 6 gms of protein and 90 calories. For the record, the snack bar is provided in two delectable flavors, rich chocolaty brownie sundae, and sweet berry vanilla. The move is predicted to boost the growth of the global nutraceuticals industry.
- In the first half of 2022, PepsiCo, Inc., a U.S.-based food company, introduced a hemp-infused drink in the U.S. Moreover, the energy drink branded as "Rockstar Unplugged", comprises hemp seed oil, lemon balm, vitamin B, and spearmint. The strategic move will embellish the market growth trends in the U.S.
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Competitive Players
The report contains qualitative and quantitative research on the global nutraceuticals market, as well as detailed insights and development strategies employed by the leading competitors. The report also provides an in-depth analysis of the market's main competitors, as well as information on their competitiveness.
Some of the main players in the global nutraceuticals market include;
- DSM
- PepsiCo Inc.
- Amway
- Herbalife Nutrition Limited
- Pfizer Inc.
- Archer Daniels Midland Company
- Nestle S.A.
- The Kraft Heinz Company
- General Mills
- The Hain Celestial Group Inc.
- BASF SE
- Nature's Bounty
- Abbot Industries
- General Mills Inc.
- Danone Corporation
- Glanbia Plc
- Tyson Foods
Key questions answered in this report:
- What is the growth rate forecast and market size for Nutraceuticals Market?
- What are the key driving factors propelling the Nutraceuticals Market forward?
- What are the most important companies in the Nutraceuticals Market Industry?
- What segments does the Nutraceuticals Market cover?
- How can I receive a free copy of the Nutraceuticals Market sample report and company profiles?
Report Scope:
Report Attribute | Report Details |
Market Size in 2022 | USD 353 Billion |
Market Forecast in 2030 | USD 700 Billion |
Growth Rate | CAGR of 9.4% |
Base Year | 2022 |
Forecast Years | 2023- 2030 |
Key Companies Covered | DSM, PepsiCo Inc., Amway, Herbalife Nutrition Limited, Pfizer Inc., Archer Daniels Midland Company, Nestle S.A., The Kraft Heinz Company, General Mills, The Hain Celestial Group Inc., BASF SE, Nature's Bounty, Abbot Industries, General Mills Inc., Danone Corporation, Glanbia Plc, Tyson Foods., and others. |
Segments Covered | By Product, Ingredient, Application, and Region |
Regions Covered | North America, Europe, Asia Pacific, Latin America, and the Middle East &, Africa |
Customization Scope | Avail customized purchase options to meet your exact research needs. |
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Regional Analysis:
- North American nutraceuticals market will lead globally
North America, which accounted for more than 30 percent of the global nutraceuticals market's revenue in 2022, is anticipated to experience profitable expansion during the forecast period. The expansion of the regional market over 2023-2030 may be influenced by a rise in consumer health concerns and rising awareness of nutraceuticals.
The increase in the geriatric population and consumer expenditure on healthcare products, as well as changes in lifestyles, will contribute to the expansion of regional market trends. A rise in healthcare spending in the United States will drive the expansion of the regional market.
In addition, the Asia-Pacific region is anticipated to register the highest CAGR in the anticipated timeframe for the nutraceuticals industry. A rise in living standards, a rise in per capita income, and an increase in population are factors that are likely to influence the growth of the regional industry.
Global Nutraceuticals Market is segmented as follows:
By Product Segment Analysis
- Dietary Supplements
- Functional Beverages
- Functional Foods
By Ingredient Segment Analysis
- Probiotics
- Prebiotics
- Sweeteners
- Vitamins
- Whey Proteins
- Proteins
- Omega-3
- Minerals
- Marine Ingredients
- Lipids & Fatty Acids
- Krill
- Juices & Concentrates
- Isoflavones
- Glucosamine
- Fruit & Vegetables
- Flavors
- Fibers
- Fats & Oils
- Fat Replacers
- Essential Oils
- Enzymes
- Dairy Ingredients
- Colostrum
- Aloe Vera
- Amino Acids
- Carotenoids
- Carnitine
- Carbohydrates
By Application Segment Analysis
- Weight Management & Safety
- Bone & Joint Health
- Energy & Endurance
- Heart Health
- Digestive Health
- Animal Nutrition
- Immune System
- Women's Health
- Post-Pregnancy & Reproductive Health
By Region
- North America
- The U.S.
- Canada
- Europe
- France
- The UK
- Spain
- Germany
- Italy
- Rest of Europe
- Asia Pacific
- China
- Japan
- India
- Southeast Asia
- Rest of Southeast Asia
- The Middle East & Africa
- GCC
- South Africa
- Rest of the Middle East & Africa
- Latin America
- Brazil
- Argentina
- Rest of Latin America
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