Nutraceuticals Industry Overview
The global nutraceuticals market size was valued at USD 454.55 billion in 2021 and is expected to reach USD 991.09 billion by 2030, at a CAGR of 9.0% from 2021 to 2030.
The growing demand for dietary supplements and functional food is expected to be a key driving factor for the market over the forecast period. A favorable outlook towards medical nutrition in light of the increasing application for the treatment of cardiovascular disorder and malnutrition is likely to stimulate the growth of dietary supplements.
Rising healthcare costs, coupled with the increasing geriatric population across the world, are anticipated to assist the global functional food industry growth over the forecast period. Consumers’ attitude is observed to be very positive towards functional foods mainly on account of the added health and wellness benefits offered by these products. The rising geriatric population, increasing healthcare costs, changing lifestyle, food innovation, and expectations regarding the higher prices have aided the overall growth.
Gather more insights about the market drivers, restrains and growth of the Global Nutraceuticals Market
The U.S. has witnessed an increasing demand for dietary supplements over the past few years owing to the growing importance of preventive health care among consumers. Consumers have been preferring multivitamins that provide the essential nutrients to the human body. Multivitamins are becoming an integral part of the lifestyle among consumers in the U.S., and this trend has surged during the COVID-19 pandemic in the U.S.
Dietary fibers and minerals are likely to grow owing to the high awareness regarding their benefits in overall health and bodily maintenance. Fibers tend to foster easier bowel movements while providing critical cleansing of internal organs, while minerals contribute to higher retention and passage of nutrients into cells and promote blood clotting among other functions. Furthermore, high adoption rates of herbal medicines among individuals across the globe on account of the rising concerns over hazardous effects associated with conventional pharma drugs are expected to expand the market size over the forecast period.
In the wake of the COVID-19 pandemic, the demand for dietary supplements and functional foods has soared. Immunity boosting supplements have become mainstream over the past year and this has led to a significant change in buying patterns and consumer behavior. Moreover, after the COVID-19 pandemic, preventive healthcare measures such as dietary supplements will become a part of people’s everyday lives. Thus, the COVID-19 pandemic across the globe has paved the way for nutraceuticals to build a strong presence in the global market.
Nutraceuticals Market Segmentation
Based on the Product Insights, the market is segmented into Dietary Supplements, Functional Food and Functional Beverages.
- The functional food segment led the overall market in 2021 with a revenue share of over 40.0%, followed by dietary supplements and functional beverages.
- In the functional food segment, the prebiotics and probiotics segment is anticipated to register the highest growth rate of 11.4% from 2021 to 2030. This can be attributed to the rising demand for diet food and shifting preference toward weight management solutions.
Based on the Nutraceuticals Regional Insights, the market is segmented into North America, Europe, Asia Pacific, Central & South America, and Middle East & Africa.
- Asia Pacific accounted for the largest revenue share of over 30.0% in 2021. The growing health concerns amongst consumers and increasing awareness regarding nutraceuticals are likely to be the major drivers of the APAC market.
Market Share Insights:
- June 2022: Pharmactive targets Asia Pacific Market with new collaboration. Pharmactive Biotech Products, S.L.U., announces a new strategic partnership with Singapore-based Nutraconnect Pte, Ltd. to bring innovative, scientifically backed nutraceutical ingredients to the Asia-Pacific marketplace.
Key Companies Profile:
The competitive landscape is characterized by the presence of key international players. Companies have implemented mergers & acquisitions and new product launches as key strategies to compete in the market. Acquisitions and mergers facilitated the companies to expand their product reach and improve product quality.
Some prominent players in the global Nutraceuticals market include
- Cargill, Incorporated
- Archer Daniels Midland Company
- Nestle S.A.
- Royal DSM N.V.
- General Mills
- WR Grace
- Amway Corporation
- AOR Canada
- Arkopharma Laboratories S.A.
- Bactolac Pharmaceuticals, Inc.
- E.I.D Parry Ltd.
- Valensa International
- Matsun Nutrition
- Mead Johnson Nutrition Company
- Natrol Inc.
- The Hain Celestial Group, Inc.
- Herbalife Ltd.
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