USD 383.69 billion
Nutraceuticals Market Size, Share, Growth Analysis, By Ingredient(Aloe Vera, Amino Acids, Botanical Ingredients (Ashwagandha, Curcumin), By Product(Functional Beverage (Energy and Sports Drinks, Functional Juices, Others), Functional Foods (Probiotics), By Form(Capsule and Tablets, Liquid, Powder, and Others), By Distribution Channel(Hypermarket/Supermarket, Retail Stores, Specialty Stores, Pharmacy), By Application(Allergy & Intolerance, Animal Nutrition, Healthy Ageing, Bone & Joint Health), By Region - Industry Forecast 2024-2031
Report ID:
SQMIG35I2228 |
Region:
Global |
Published Date: August, 2024
Pages:
219
|Tables:
66
|Figures:
75
Nutraceuticals Market Insights
Global Nutraceuticals Market size was valued at USD 383.69 Billion in 2022 and is poised to grow from USD 420.14 Billion in 2023 to USD 868.38 Billion by 2031, growing at a CAGR of 9.50% during the forecast period (2024-2031).
The rise in demand for functional food and supplements is driving the global nutraceuticals market as these provide health benefits more than basic nutrition. These products are derived from food sources which offer additional health benefits which include improving digestion, immunity boosting, and diminishing the risk of chronic diseases. These provide the consumers with products which can help in improving their health and well-being by providing them with natural and sustainable ingredients. The continuously growing awareness regarding the benefits of the nutraceuticals and the advancements in research and technology is further expected to continue the growth during the forecasted period. There is a rising demand for nutraceutical functional foods and supplements which is a key driver for the market. People are becoming health conscious and are willingly paying for premium products which offer additional health benefits for improving their health. The rise in the aging population is also driving the demand for the market because they require additional viz to maintain their health so that they can prevent age-related diseases. Furthermore, there are some restraints which are impacting the growth of the market. The lack of regulations which are governing the production and labelling of nutraceuticals is the main challenge which is leading to the inconsistency in quality and safety standards.
Furthermore, the high cost of production in research and development is a hurdle to market growth. Despite this, the market is anticipated to experience considerable growth in the forthcoming years.
Market snapshot - 2024-2031
Global Market Size
Largest Segment
Dietary supplements
Fastest Growth
Dietary supplements
Growth Rate
9.50% CAGR
Global Nutraceuticals Market ($ Bn)
Country Share for North America Region (%)
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Nutraceuticals Market Segmental Analysis
Global nutraceuticals market is segmented based on Product Type, Distribution Channel, and Region. Based on Ingredient, the market is segmented into Aloe Vera, Amino Acids, Botanical Ingredients (Ashwagandha, Curcumin, Ginseng, Hemp, Others), Cannabidiol (CBD), Carbohydrates, Carnitine, Food Color, Carotenoids (Astaxanthin, Lutein, Lycopene, Other), Spirulina, Collagen, Colostrum, Cultures And Fermentation Starters, Dairy Ingredients, Emulsifiers, Enzymes, Essential Oils, Fat Replacers, Fats And Oils, Fibers, Flavors, Fruit And Vegetable Products, Glucosamine / Chondroitin, Isoflavones, Juices And Concentrates, Krill, Lipids / Fatty Acids, Marine Ingredients, Minerals (Calcium, Iron, Magnesium, Selenium, Others), Omega-3s (Marine Derived, Plant-derived), Prebiotics, Probiotics, Proteins, Sweeteners (Stevia, Monkfruit, Others {Honey, Sucrose, Fructose, Others}), Vitamins (Vitamin A, Vitamin B, Vitamin C, Vitamin D, Vitamin E, Vitamin K, Others), Whey Proteins, and Others. Based on Product, the market is segmented into Functional Beverage (Energy and Sports Drinks, Functional Juices, Others), Functional Foods (Probiotics, Minerals, Proteins & Amino Acids, Prebiotics, & Dietary Fibers, Vitamins, Others), And Dietary Supplements (Vitamins, Botanicals, Minerals, Proteins & Amino Acids, Fibers & Specialty Carbohydrates, Omega Fatty Acids, Others). Based on Form, the market is segmented into Capsule and Tablets, Liquid, Powder, And Others. Based on Distribution Channel, the market is segmented intoHypermarket/Supermarket, Retail Stores, Specialty Stores, Pharmacy, And Online Channels. Based on Application, the market is segmented into Allergy & Intolerance, Animal Nutrition, Healthy Ageing, Bone & Joint Health, Cancer Prevention, Children's Health, Cognitive Health, Diabetes, Digestive / Gut Health, Energy & Endurance, Eye Health, Heart Health, Immune System, Infant Health, Inflammation, Maternal Health, Men's Health, Nutricosmetics, Oral Care, Personalized Nutrition, Post Pregnancy and Reproductive Health, Sexual Health, Skin Health, Sports Nutrition, Weight Management & Satiety, Women's Health, And Other. Based on Region, the market is segmented into North America, Europe, Asia Pacific, Middle East and Africa, and Latin America.
Analysis By Product
The largest segment of the global nutraceuticals market is dietary supplements, which include vitamins, minerals, and herbal supplements. The supplements are continuously being adopted by consumers as these provide health benefits and help in improving the immunity of the consumers, lessening chronic diseases and increase the performance of the athletes. There is seen a surge in demand for dietary supplements which is achieved due to the awareness among consumers regarding preventive healthcare, the rise in the aging population, and increasing occurrence of the chronic diseases.
On the other hand, the fastest growing segment in the global nutraceutical market is functional foods. This includes food products which are strengthened with vitamins, minerals, and other bioactive compounds. The shift in the consumer interests regarding their health promoting properties is driving the growth of this segment. These are considered as an alternative to the traditional medicines because they provide preventive and therapeutic benefits. Furthermore, the rising trend of clean labels and organic products is surging the demand for functional food.
Analysis By Distribution Channel
The largest segment in the global nutraceuticals market in the distribution channel is the retail stores. This is achieved due to the easy availability of the retail stores, especially in the developing economics due to the building state of the e-commerce. Furthermore, people are preferring to purchase nutraceutical products through retail stores so that they can physically inspect the product during purchase.
On the other hand, the fastest growing segment in the distribution channel is online channels. The rising adoption of the Internet and smartphones is increasing online purchases by the comfort at their homes. These channels provide convenience of ordering products from home by providing a wider variety of products so that people then inspect the products easily. The pandemic has also surged the growth of online channels by shifting a large consumer base towards online shopping due to social distancing measures and lockdowns.
Global Nutraceuticals Market By Product (%)
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Nutraceuticals Market Regional Insights
North America is the fastest growing region in the global nutraceuticals market and holds a share of around 35.20%. The rising awareness and the demand for nutraceuticals in this region has increased the regional market growth as people are concerned about their health. The aging population in this region is also rising, the changes in the lifestyles of the people and the rising spending on healthcare products have also boosted the growth of nutraceutical industry in the region. In the United States, the increasing healthcare costs, recent regulations on functional food and increased research and development on functional food are the major regions due to which the growth of the market is increasing. Based on our analysis, poor dietary habits, long working hours and other major reasons are contributing to poor health and related healthcare costs which holds around 14% of the gross national product in the US economy. Due to which the US population increasingly prefers preventive healthcare, which is contributing to the rising demand for dietary supplements and functional foods, leading to market growth.
On the other hand, Asia Pacific is the fastest growing region in the global nutraceuticals market. The rising healthcare consciousness among consumers, the increase in the disposable incomes and the growing demand for functional foods and supplements is driving the market growth in the region. Furthermore, the population in this region is rapidly growing especially in countries which include China and India, representing a considerable growth opportunity for the market. The people in this region are shifting towards natural and organic products, which is contributing to the growth of the market. The people are adopting products which are free from synthetic ingredients and harmful chemicals. They are willing to pay a premium amount for this product because these are healthier. Moreover, the chronic diseases which include diabetes, cardiovascular diseases, and others in the Asia Pacific regions are expanding which is driving towards the demand for nutraceutical products so that people can prevent and manage their health conditions. Government initiatives are also contributing towards the growth of the market.
Global Nutraceuticals Market By Geography
- Largest
- Fastest
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Nutraceuticals Market Dynamics
Drivers
Increase Consumer Focus on Health and Wellness
- Growing awareness among consumers about the importance of health and wellness is a key driver for the nutraceuticals market. People are looking for functional foods, dietary supplements, and other nutrients to support their health, boost the immune system and prevent chronic diseases. This growing consumer demand is driving the market.
Rising Aging Population and Increasing Incidence of Chronic Diseases
- An aging global population, increasing incidence of chronic diseases such as diabetes, heart disease, obesity and others are driving the demand for nutrition. As people age, they tend to adopt preventive health measures, they are used to maintain health and deal with aging-related conditions.
Restraints
Legal Challenges and Lack of Standards
- The nutraceuticals market faces major challenges due to lack of standardized regulations in various industries and different approval processes. Inconsistent regulatory framework can hamper product approvals, delay market access and pose challenges as it involves compliance results for manufacturers, and has restricted the growth of the overall market.
High Cost of Nutrients
- High costs associated with nutritional products, especially those with proven clinical efficacy, may restrain market growth. Consumers in high-price areas may be reluctant to buy expensive fertilizers, limiting market expansion, especially in developing countries.
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Nutraceuticals Market Competitive Landscape
The market is competitive and has a large base of market players. For meeting the consumer needs, the companies are developing new products to maintain a competitive edge. Nestlé Health Science, a leader in the nutrition industry, strategically partnered with Danone in 2022 to jointly develop unique nutritional solutions aimed at taking advantage of diabetes and obesity and other chronic conditions. By combining their products, these companies can accelerate the development of new nutritional products that meet growing consumer demand for health-focused solutions. This partnership exemplifies how key players in the market are collaborating to enhance their R&D capabilities, diversify their products and strengthen their competitive position in a rapidly growing industry. Such alliances are essential to maintaining market leadership, especially as consumer preferences shift towards specialist products for healthcare.
Top Player’s Company Profiles
- Amway Corporation (US)
- Nestle Health Science (Switzerland)
- Herbalife Nutrition Ltd (US)
- Archer Daniels Midland Company (US)
- BASF SE (Germany)
- Cargill, Inc. (US)
- Royal DSM (Netherlands)
- Ingredion Incorporated (US)
- Lonza Group AG (Switzerland)
- PepsiCo, Inc. (US)
- Glanbia plc (Ireland)
- Ajinomoto Co., Inc. (Japan)
- Kerry Group plc (Ireland)
- Suntory Holdings Limited (Japan)
- Groupe Danone SA (France)
- Abbott Laboratories (US)
- Yakult Honsha Co., Ltd. (Japan)
- Nature's Sunshine Products, Inc. (US)
- Tyson Foods (US)
- The Kraft Heinz Company (US)
Recent Developments
- June 2022: Kellogg’s Special K released new protein snack bars with 6 grams of protein and 90 calories (about 7 minutes of running). The snacks are served in two flavors, a sweet berry vanilla and a savory chocolate brownie sundae, providing an easy on-the-go protein grab without compromising flavor.
- February 2022: PepsiCo's Rockstar Energy brand launched a marijuana-infused beverage in the US. The energy drink, dubbed "Rockstar Unplugged," contains hemp seed oil, vitamin B, peppermint and lemon balm. The drink contains only 80 mg of caffeine, which is far less than the caffeine content of most Rockstar energy drinks. The cannabis-infused drink contains no sugar or calories and comes in three flavors: blueberry, passionfruit and raspberry cucumber.
- April 2021: Nestlé Nido 3+ launches its new and improved formula, designed for the nutritional needs of children aged three to five. The latest and enhanced Nestlé NIDO 3+ formula contains high levels of vitamin A, zinc and iron of good quality, common in this age group in South Africa.
Nutraceuticals Key Market Trends
Growing Demand for Plant Nutrients
- A key trend in the nutraceuticals market is the increasing demand for organic plant-based products. Consumers are becoming more aware of the ingredients in their supplements and functional foods, preferring natural, non-GMO and organic products. This trend is driving product development and expanding markets, as manufacturers focus on clean-label plant-based products.
Nutraceuticals Market SkyQuest Analysis
SkyQuest’s ABIRAW (Advanced Business Intelligence, Research & Analysis Wing) is our Business Information Services team that Collects, Collates, Co-relates, and Analyses the Data collected by means of Primary Exploratory Research backed by robust Secondary Desk research.
According to SkyQuest research, the global nutritional supplement market is expected to grow significantly due to factors such as increasing demand for functional foods and nutritional supplements, growing health concerns among consumers and awareness about health for preventive measures. The rise in the aging population and the change in lifestyle of the people is also driving the growth of the market. Furthermore, stringent government regulations for the safety and efficacy of nutraceutical products are restraining the growth. The high cost of research and development is also a major hurdle in market growth. The major trend in the market is a growing popularity of plant based and vegan nutraceutical products and the use of blockchain technology for supply chain management which is contributing towards the growth of the market.
| Report Metric | Details |
|---|---|
| Market size value in 2022 | USD 383.69 Billion |
| Market size value in 2031 | USD 868.38 Billion |
| Growth Rate | 9.50% |
| Base year | 2023 |
| Forecast period | 2024-2031 |
| Forecast Unit (Value) | USD Billion |
| Segments covered |
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| Regions covered | North America (US, Canada), Europe (Germany, France, United Kingdom, Italy, Spain, Rest of Europe), Asia Pacific (China, India, Japan, Rest of Asia-Pacific), Latin America (Brazil, Rest of Latin America), Middle East & Africa (South Africa, GCC Countries, Rest of MEA) |
| Companies covered |
|
| Customization scope | Free report customization with purchase. Customization includes:-
|
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Table Of Content
Executive Summary
Market overview
- Exhibit: Executive Summary – Chart on Market Overview
- Exhibit: Executive Summary – Data Table on Market Overview
- Exhibit: Executive Summary – Chart on Nutraceuticals Market Characteristics
- Exhibit: Executive Summary – Chart on Market by Geography
- Exhibit: Executive Summary – Chart on Market Segmentation
- Exhibit: Executive Summary – Chart on Incremental Growth
- Exhibit: Executive Summary – Data Table on Incremental Growth
- Exhibit: Executive Summary – Chart on Vendor Market Positioning
Parent Market Analysis
Market overview
Market size
- Market Dynamics
- Exhibit: Impact analysis of DROC, 2021
- Drivers
- Opportunities
- Restraints
- Challenges
- Exhibit: Impact analysis of DROC, 2021
- SWOT Analysis
KEY MARKET INSIGHTS
- Technology Analysis
- (Exhibit: Data Table: Name of technology and details)
- Pricing Analysis
- (Exhibit: Data Table: Name of technology and pricing details)
- Supply Chain Analysis
- (Exhibit: Detailed Supply Chain Presentation)
- Value Chain Analysis
- (Exhibit: Detailed Value Chain Presentation)
- Ecosystem Of the Market
- Exhibit: Parent Market Ecosystem Market Analysis
- Exhibit: Market Characteristics of Parent Market
- IP Analysis
- (Exhibit: Data Table: Name of product/technology, patents filed, inventor/company name, acquiring firm)
- Trade Analysis
- (Exhibit: Data Table: Import and Export data details)
- Startup Analysis
- (Exhibit: Data Table: Emerging startups details)
- Raw Material Analysis
- (Exhibit: Data Table: Mapping of key raw materials)
- Innovation Matrix
- (Exhibit: Positioning Matrix: Mapping of new and existing technologies)
- Pipeline product Analysis
- (Exhibit: Data Table: Name of companies and pipeline products, regional mapping)
- Macroeconomic Indicators
COVID IMPACT
- Introduction
- Impact On Economy—scenario Assessment
- Exhibit: Data on GDP - Year-over-year growth 2016-2022 (%)
- Revised Market Size
- Exhibit: Data Table on Nutraceuticals Market size and forecast 2021-2027 ($ million)
- Impact Of COVID On Key Segments
- Exhibit: Data Table on Segment Market size and forecast 2021-2027 ($ million)
- COVID Strategies By Company
- Exhibit: Analysis on key strategies adopted by companies
MARKET DYNAMICS & OUTLOOK
- Market Dynamics
- Exhibit: Impact analysis of DROC, 2021
- Drivers
- Opportunities
- Restraints
- Challenges
- Exhibit: Impact analysis of DROC, 2021
- Regulatory Landscape
- Exhibit: Data Table on regulation from different region
- SWOT Analysis
- Porters Analysis
- Competitive rivalry
- Exhibit: Competitive rivalry Impact of key factors, 2021
- Threat of substitute products
- Exhibit: Threat of Substitute Products Impact of key factors, 2021
- Bargaining power of buyers
- Exhibit: buyers bargaining power Impact of key factors, 2021
- Threat of new entrants
- Exhibit: Threat of new entrants Impact of key factors, 2021
- Bargaining power of suppliers
- Exhibit: Threat of suppliers bargaining power Impact of key factors, 2021
- Competitive rivalry
- Skyquest special insights on future disruptions
- Political Impact
- Economic impact
- Social Impact
- Technical Impact
- Environmental Impact
- Legal Impact
Market Size by Region
- Chart on Market share by geography 2021-2027 (%)
- Data Table on Market share by geography 2021-2027(%)
- North America
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- USA
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Canada
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Europe
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- Germany
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Spain
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- France
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- UK
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Rest of Europe
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Asia Pacific
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- China
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- India
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Japan
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- South Korea
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Rest of Asia Pacific
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Latin America
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- Brazil
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Rest of South America
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Middle East & Africa (MEA)
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- GCC Countries
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- South Africa
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Rest of MEA
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
KEY COMPANY PROFILES
- Competitive Landscape
- Total number of companies covered
- Exhibit: companies covered in the report, 2021
- Top companies market positioning
- Exhibit: company positioning matrix, 2021
- Top companies market Share
- Exhibit: Pie chart analysis on company market share, 2021(%)
- Total number of companies covered
Methodology
For the Nutraceuticals Market, our research methodology involved a mixture of primary and secondary data sources. Key steps involved in the research process are listed below:
1. Information Procurement: This stage involved the procurement of Market data or related information via primary and secondary sources. The various secondary sources used included various company websites, annual reports, trade databases, and paid databases such as Hoover's, Bloomberg Business, Factiva, and Avention. Our team did 45 primary interactions Globally which included several stakeholders such as manufacturers, customers, key opinion leaders, etc. Overall, information procurement was one of the most extensive stages in our research process.
2. Information Analysis: This step involved triangulation of data through bottom-up and top-down approaches to estimate and validate the total size and future estimate of the Nutraceuticals Market.
3. Report Formulation: The final step entailed the placement of data points in appropriate Market spaces in an attempt to deduce viable conclusions.
4. Validation & Publishing: Validation is the most important step in the process. Validation & re-validation via an intricately designed process helped us finalize data points to be used for final calculations. The final Market estimates and forecasts were then aligned and sent to our panel of industry experts for validation of data. Once the validation was done the report was sent to our Quality Assurance team to ensure adherence to style guides, consistency & design.
Analyst Support
Customization Options
With the given market data, our dedicated team of analysts can offer you the following customization options are available for the Nutraceuticals Market:
Product Analysis: Product matrix, which offers a detailed comparison of the product portfolio of companies.
Regional Analysis: Further analysis of the Nutraceuticals Market for additional countries.
Competitive Analysis: Detailed analysis and profiling of additional Market players & comparative analysis of competitive products.
Go to Market Strategy: Find the high-growth channels to invest your marketing efforts and increase your customer base.
Innovation Mapping: Identify racial solutions and innovation, connected to deep ecosystems of innovators, start-ups, academics, and strategic partners.
Category Intelligence: Customized intelligence that is relevant to their supply Markets will enable them to make smarter sourcing decisions and improve their category management.
Public Company Transcript Analysis: To improve the investment performance by generating new alpha and making better-informed decisions.
Social Media Listening: To analyze the conversations and trends happening not just around your brand, but around your industry as a whole, and use those insights to make better Marketing decisions.
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