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

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 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.  '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) '

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. 

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. 

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.