Who are the key vendors in the Global Nutraceuticals Market?

Global Nutraceuticals Market is highly competitive, with several key players operating in the industry. These companies are continually innovating and developing new products to maintain their market share and meet changing consumer needs. Some of the major players in the market are focused on developing new products, expanding their distribution channels, and engaging in strategic partnerships to maintain their market position and drive growth in the industry. 'Amway Corporation (US)', 'Nestle Health Science (Switzerland)', 'Herbalife Nutrition Ltd (US)', 'Archer Daniels Midland Company (US)', 'DuPont de Nemours, Inc (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)', 'ADM Protexin Limited (UK)', 'Groupe Danone SA (France)', 'Abbott Laboratories (US)', 'Yakult Honsha Co., Ltd. (Japan)', 'Nature's Sunshine Products, Inc. (US)'

What is the key driver of Global Nutraceuticals Market?

The increasing awareness and concern for health and wellness among consumers is a significant driver of the global nutraceuticals market. Consumers are becoming more informed about the benefits of nutraceutical products in maintaining and improving their health, which is driving demand for such products. For example, the increasing demand for omega-3 fatty acid supplements is driven by the growing awareness of the health benefits of these supplements in reducing the risk of heart disease.

What is the key market trend for Global Nutraceuticals Market?

Rising demand for plant-based nutraceuticals: There is a growing trend towards plant-based and natural products in the nutraceuticals industry. Consumers are increasingly seeking products that are free from synthetic ingredients and are perceived to be healthier and more sustainable. Plant-based nutraceuticals, including herbal supplements and plant-based proteins, are gaining popularity, driven by the growing demand for vegan and vegetarian products.

Which region accounted for the largest share in Global Nutraceuticals Market?

North America has emerged as the dominant region in the global nutraceuticals market, accounting for a significant revenue share in 2021. The market growth is primarily attributed to the increasing health concerns among consumers, which has led to greater awareness and demand for nutraceuticals in the region. The rise in the aging population, changing lifestyles, and increased spending patterns on healthcare products have further fueled the growth of the nutraceutical industry in North America. However, the market growth is also hindered by factors such as a vast product portfolio and government regulations related to nutraceutical products. Nevertheless, the growing trend of food fortification with nutraceutical products is expected to provide a significant growth opportunity for the market in the region. In the United States, increasing healthcare costs, recent regulations on functional food, and increased research and development on functional food are the key factors that are driving the growth of the market. Poor dietary habits, long working hours, and sedentary lifestyles are contributing to poor health and associated healthcare costs, which account for approximately 14% of the gross national product (GNP) in the US economy. As a result, the US population is increasingly shifting towards preventive healthcare, leading to greater demand for dietary supplements and functional foods.

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

Q: What is the global market size of Nutraceuticals Market?

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).

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.

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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.

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What is the global market size of Nutraceuticals Market?

Who are the key vendors in the Nutraceuticals Market?

What is the key driver of Nutraceuticals Market?

What is the key market trend for Nutraceuticals Market?

Which region accounted for the largest share in Nutraceuticals Market?

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