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

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.