Nutraceuticals Market

Nutraceuticals Market Size, Share, Trends, Growth, and Industry Analysis, By Product Type (Functional Foods (Cereal, Bakery And Confectionary, Dairy, Snack, and Other), Functional Beverages (Energy Drinks, Sports Drinks, Fortified Juice, Dairy and Dairy Alternative Beverage, And Other), And Dietary Supplements (Vitamins, Minerals, Botanicals, Enzymes, Fatty Acids, Proteins, and Other)), By Distribution Channel (Specialty Stores, Supermarkets/Hypermarkets, Convenience Stores, Drug Stores/Pharmacies, Online Retail Stores, and Other), Regional Analysis and Forecast 2032.

Food & Beverages | May 2024 | Report ID: EMR00856 | Pages: 254

Global Nutraceuticals market size was USD 298.46 billion in 2023 and the market is projected to touch USD 617.84 billion by 2032, at a CAGR of 8.42% during the forecast period.

 

Nutraceuticals products include dietary supplements, functional foods, and beverages. The market is driven by rising health consciousness among consumers seeking preventative healthcare solutions. Nutraceuticals offer various benefits such as improving digestion, boosting immunity, and promoting overall well-being. The market is predicted to develop significantly as the population ages, the prevalence of chronic diseases increases, and disposable incomes rise.

Furthermore, technological and research breakthroughs help to the development of innovative nutraceutical products, which accelerates market growth. North America and Europe now dominate the market, but emerging nations in Asia-Pacific are rapidly expanding due to shifting lifestyles and nutritional preferences. However, regulatory issues and safety concerns provide possible barriers to industry growth.

 

Global Nutraceuticals report scope and segmentation.

Report Attribute

Details

Estimated Market Value (2023)

USD 298.46 billion

Projected Market Value (2032)

USD 617.84 billion

Base Year

2023

Forecast Years

2024 – 2032

Scope of the Report

Historical and Forecast Trends, Industry Drivers and Constraints, Historical and Forecast Market Analysis by Segment- Based on By Product Type, By Distribution Channel, & Region.

Segments Covered

By Product Type, By Distribution Channel & By Region.

Forecast Units

Value (USD Million or Billion), and Volume (Units)

Quantitative Units

Revenue in USD million/billion and CAGR from 2024 to 2032.

Regions Covered

North America, Europe, Asia Pacific, Latin America, and Middle East & Africa.

Countries Covered

U.S., Canada, Mexico, U.K., Germany, France, Italy, Spain, China, India, Japan, South Korea, Brazil, Argentina, GCC Countries, and South Africa, among others.

Report Coverage

Market growth drivers, restraints, opportunities, Porter’s five forces analysis, PEST analysis, value chain analysis, regulatory landscape, market attractiveness analysis by segments and region, company market share analysis.

Delivery Format

Delivered as an attached PDF and Excel through email, according to the purchase option.

 

Global Nutraceuticals dynamics

Consumer awareness of preventative healthcare and wellbeing has increased, driving demand for nutraceutical products. This trend in customer preferences for natural and organic products, together with the increased prevalence of lifestyle-related disorders, has fuelled market growth. Furthermore, the aging population, particularly in industrialized countries such as North America and Europe, has increased the use of nutraceuticals to address age-related health concerns and retain vitality.

Technological improvements and research in the field of nutraceuticals have resulted in the development of novel products that address specific health demands, hence boosting market growth. Furthermore, the growing middle-class population in emerging economies, along by increased disposable incomes and changing dietary patterns, creates profitable prospects for market players to capitalize on. However, regulatory challenges and safety concerns regarding the efficacy and quality of nutraceutical products remain key factors influencing market dynamics. Stricter regulations imposed by government authorities aim to ensure product safety and efficacy, but they also pose compliance challenges for manufacturers.

 

Global Nutraceuticals drivers

  • Increasing Health Consciousness

The growing consumer awareness of the value of preventative healthcare and wellness is a significant driver of the nutraceuticals industry. As people become more proactive about their health, they are turning to nutraceutical products for their perceived benefits in terms of overall well-being and illness prevention. This trend is especially noticeable in developed markets such as North America and Europe, where consumers are increasingly looking for natural and organic alternatives to commercial drugs. As a result, the demand for nutraceuticals, including dietary supplements and functional foods, is gradually increasing.

  • Technological Advancements and Innovation

Continuous improvements in technology and research are driving innovation in the nutraceuticals market, resulting in the development of novel products with improved efficacy and functioning. From individualized nutrition solutions to innovative delivery systems like nanotechnology and encapsulation techniques, companies are continually attempting to provide products that meet the demands and tastes of their customers.

These advancements not only increase the bioavailability and effectiveness of nutraceutical substances, but they also broaden the variety of health advantages they can offer. Furthermore, technological improvements allow manufacturers to optimize manufacturing processes, cut costs, and improve product quality, thus adding to market growth.

 

Restraints:

  • Regulatory Challenges and Safety Concerns

The regulatory frameworks that regulate the nutraceuticals market vary by region and country, providing compliance and product registration problems for manufacturers. Strict laws governing labeling, claims substantiation, and ingredient safety force companies to traverse complex regulatory processes, which can delay product introductions and raise operational expenses. Furthermore, worries about the quality and safety of nutraceutical products, including issues like adulteration, contamination, and misbranding, weaken customer trust and confidence in the industry.

Limited Scientific Evidence and Standardization

Despite the increasing popularity of nutraceuticals, scientific proof for their efficacy and safety is insufficient for many products. While some components have been thoroughly researched and confirmed for their health benefits, others lack strong clinical proof to back up their claims. The lack of scientific consensus makes it difficult for consumers and manufacturers to evaluate the efficacy and value proposition of nutraceutical products. Furthermore, the lack of standardized testing methodologies and quality control mechanisms across the sector impedes efforts to maintain product consistency and reliability, raising questions regarding product efficacy and reliability.

 

Opportunities:

  • Personalized Nutrition and Functional Ingredients

The trend towards personalized nutrition presents opportunities for innovation and differentiation in the nutraceuticals market. By leveraging advances in technology, such as genetic testing, artificial intelligence, and data analytics, manufacturers can develop personalized nutrition solutions tailored to individual health profiles, genetic predispositions, and lifestyle factors.

Additionally, the growing demand for functional ingredients with specific health benefits, such as probiotics, omega-3 fatty acids, and plant-based extracts, opens up opportunities for product diversification and portfolio expansion. By incorporating these functional ingredients into their formulations, companies can cater to evolving consumer preferences for natural, clean-label products that offer targeted health benefits.

 

Segment Overview

  • By Product Type

The nutraceuticals market encompasses three main product segments: functional foods, functional beverages, and dietary supplements. Functional foods include a variety of products such as cereals, bakery and confectionary items, dairy products, snacks, and others, which are fortified with additional health-promoting ingredients to offer specific health benefits beyond basic nutrition.

Functional beverages include energy drinks, sports drinks, fortified juices, dairy and dairy substitute beverages, and other beverages made with nutrients or bioactive components to improve performance, energy levels, or overall health. Dietary supplements include vitamins, minerals, botanicals, enzymes, fatty acids, proteins, and other supplements that are intended to enhance the diet and address specific nutritional deficits or health issues. These product groups cater to various consumer preferences and health needs, giving a varied range of options for consumers seeking preventative healthcare solutions and wellness products.

  • By Distribution Channel

The nutraceuticals market is characterized by various distribution channels through which products reach consumers. Specialty stores specialize in offering a wide selection of nutraceutical products, catering to health-conscious consumers seeking specialized or niche products. Supermarkets and hypermarkets provide a convenient one-stop shopping experience, offering a range of nutraceuticals alongside other grocery items, appealing to mainstream consumers looking for convenient and accessible wellness solutions.

Convenience stores provide on-the-go solutions for consumers requiring quick and simple access to nutraceutical products, including functional beverages and snacks. Drug stores and pharmacies are trustworthy sources for health-related products such as nutritional supplements and over-the-counter drugs, and they attract customers looking for expert advice and help.

Online retail outlets have evolved as a popular channel for acquiring nutraceuticals, appealing to digitally savvy consumers looking for convenience and flexibility. They provide a diverse assortment, reasonable pricing, and home delivery. Other distribution channels may include direct sales channels, health clinics, and wellness centers, giving customers with more ways to purchase nutraceutical products.

 

Global Nutraceuticals Overview by Region

North America and Europe currently dominate the market, fuelled by a well-established health and wellness culture, high disposable incomes, and strong consumer demand for natural and organic products. The region boasts a robust infrastructure for research and development, fostering innovation and product differentiation. In contrast, the Asia-Pacific region is experiencing significant expansion, fuelled by rising health consciousness, urbanization, and rising disposable incomes in nations such as China, India, and Japan.

Changing dietary habits, combined with an aging population and rising rates of lifestyle-related disorders, are driving demand for nutraceutical products in the region. Furthermore, government initiatives to promote preventive healthcare and wellness drive market growth. Latin America and the Middle East and Africa are also witnessing consistent development, albeit at a slower rate, because to improved healthcare infrastructure, growing middle-class populations, and more knowledge of the benefits of nutraceuticals. However, regulatory constraints, lack of awareness, and affordability issues continue to be significant barriers to market penetration in these regions.

 

 

Global Nutraceuticals market competitive landscape

Major companies such as Nestlé, PepsiCo, Danone, and Herbalife Nutrition dominate the market with a diverse portfolio of nutraceutical products spanning functional foods, beverages, and dietary supplements. These industry giants leverage their extensive distribution networks, strong brand recognition, and significant investments in research and development to drive innovation and product development.

Furthermore, major competitors frequently use mergers, acquisitions, and strategic partnerships to increase their market presence, improve product offerings, and get access to new markets and distribution channels. Along with established players, a large number of smaller and niche players contribute to market competitiveness by catering to certain customer niches or offering unique product formulas. These companies frequently focus on organic, natural, or niche items to distinguish themselves in the market and appeal to health-conscious customers. Furthermore, the rise of start-ups and innovative start-ups employing technology and digital platforms to disrupt the traditional nutraceutical market landscape brings additional dynamism and competition to the company.

Key Players:

  • Nestle
  • Danone
  • Pfizer Inc.
  • General Mills Inc.
  • Tyson Foods
  • The Kraft Heinz Company
  • DSM
  • Amway
  • Nature's Bounty
  • The Hain Celestial Group Inc.  

 

Global Nutraceuticals Recent Developments

  • July 2023, Power Gummies, a manufacturer of nutraceutical products sold directly to consumers, announced an investment of approximately $2 million in establishing a manufacturing facility situated in Gurugram (India), aimed at addressing the increasing demand for its supplements. With a production capacity of 10,000 bottles per day, the newly established plant is poised to meet growing market needs. Additionally, the company introduced Power Gummies Junior, signalling its venture into products tailored for children.

 

Scope of global Nutraceuticals report

Global Nutraceuticals report segmentation

ATTRIBUTE

DETAILS

By Product Type

  • Functional Foods (Cereal, Bakery And Confectionary, Dairy, Snack and Other),
  • Functional Beverages (Energy Drinks, Sports Drinks, Fortified Juice, Dairy and Dairy Alternative Beverage and Other),
  • Dietary Supplements (Vitamins, Minerals, Botanicals, Enzymes, Fatty Acids, Proteins and Other)

By Distribution Channel  

  • Specialty Stores
  • Supermarkets/Hypermarkets
  • Convenience Stores
  • Drug Stores/Pharmacies
  • Online Retail Stores
  • Other

By Geography

  • North America (USA, and Canada)
  • Europe (UK, Germany, France, Italy, Spain, Russia and Rest of Europe)
  • Asia Pacific (Japan, China, India, Australia, Southeast Asia and Rest of Asia Pacific)
  • Latin America (Brazil, Mexico, and Rest of Latin America)
  • Middle East & Africa (South Africa, GCC, and Rest of Middle East & Africa)

Customization Scope

  • Available upon request

Pricing

  • Available upon request

 

Objectives of the Study

The objectives of the study are summarized in 5 stages. They are as mentioned below:

  • Global Nutraceuticals size and forecast: To identify and estimate the market size for global Nutraceuticals market segmented By Product Type, By Distribution Channel, and by region. Also, to understand the consumption/ demand created by consumers between 2024 and 2032.
  • Market Landscape and Trends: To identify and infer the drivers, restraints, opportunities, and challenges for global Nutraceuticals
  • Market Influencing Factors: To find out the factors which are affecting the market of global Nutraceuticals among consumers.
  • Company Profiling:  To provide a detailed insight into the major companies operating in the market. The profiling will include the financial health of the company's past 2-3 years with segmental and regional revenue breakup, product offering, recent developments, SWOT analysis, and key strategies.

Research Methodology

Our research methodology has always been the key differentiating reason which sets us apart in comparison from the competing organizations in the industry. Our organization believes in consistency along with quality and establishing a new level with every new report we generate; our methods are acclaimed and the data/information inside the report is coveted. Our research methodology involves a combination of primary and secondary research methods. Data procurement is one of the most extensive stages in our research process. Our organization helps in assisting the clients to find the opportunities by examining the market across the globe coupled with providing economic statistics for each and every region.  The reports generated and published are based on primary & secondary research. In secondary research, we gather data for global Market through white papers, case studies, blogs, reference customers, news, articles, press releases, white papers, and research studies. We also have our paid data applications which includes hoovers, Bloomberg business week, Avention, and others.

Data Collection

Data collection is the process of gathering, measuring, and analyzing accurate and relevant data from a variety of sources to analyze market and forecast trends. Raw market data is obtained on a broad front. Data is continuously extracted and filtered to ensure only validated and authenticated sources are considered. Data is mined from a varied host of sources including secondary and primary sources.

Primary Research

After the secondary research process, we initiate the primary research phase in which we interact with companies operating within the market space. We interact with related industries to understand the factors that can drive or hamper a market. Exhaustive primary interviews are conducted. Various sources from both the supply and demand sides are interviewed to obtain qualitative and quantitative information for a report which includes suppliers, product providers, domain experts, CEOs, vice presidents, marketing & sales directors, Type & innovation directors, and related key executives from various key companies to ensure a holistic and unbiased picture of the market. 

Secondary Research

A secondary research process is conducted to identify and collect information useful for the extensive, technical, market-oriented, and comprehensive study of the market. Secondary sources include published market studies, competitive information, white papers, analyst reports, government agencies, industry and trade associations, media sources, chambers of commerce, newsletters, trade publications, magazines, Bloomberg BusinessWeek, Factiva, D&B, annual reports, company house documents, investor presentations, articles, journals, blogs, and SEC filings of companies, newspapers, and so on. We have assigned weights to these parameters and quantified their market impacts using the weighted average analysis to derive the expected market growth rate.

Top-Down Approach & Bottom-Up Approach

In the top – down approach, the Global Batteries for Solar Energy Storage Market was further divided into various segments on the basis of the percentage share of each segment. This approach helped in arriving at the market size of each segment globally. The segments market size was further broken down in the regional market size of each segment and sub-segments. The sub-segments were further broken down to country level market. The market size arrived using this approach was then crosschecked with the market size arrived by using bottom-up approach.

In the bottom-up approach, we arrived at the country market size by identifying the revenues and market shares of the key market players. The country market sizes then were added up to arrive at regional market size of the decorated apparel, which eventually added up to arrive at global market size.

This is one of the most reliable methods as the information is directly obtained from the key players in the market and is based on the primary interviews from the key opinion leaders associated with the firms considered in the research. Furthermore, the data obtained from the company sources and the primary respondents was validated through secondary sources including government publications and Bloomberg.

Market Analysis & size Estimation

Post the data mining stage, we gather our findings and analyze them, filtering out relevant insights. These are evaluated across research teams and industry experts. All this data is collected and evaluated by our analysts. The key players in the industry or markets are identified through extensive primary and secondary research. All percentage share splits, and breakdowns have been determined using secondary sources and verified through primary sources. The market size, in terms of value and volume, is determined through primary and secondary research processes, and forecasting models including the time series model, econometric model, judgmental forecasting model, the Delphi method, among Flywheel Energy Storage. Gathered information for market analysis, competitive landscape, growth trends, product development, and pricing trends is fed into the model and analyzed simultaneously.

Quality Checking & Final Review

The analysis done by the research team is further reviewed to check for the accuracy of the data provided to ensure the clients’ requirements. This approach provides essential checks and balances which facilitate the production of quality data. This Type of revision was done in two phases for the authenticity of the data and negligible errors in the report. After quality checking, the report is reviewed to look after the presentation, Type and to recheck if all the requirements of the clients were addressed.

Frequently Asked Questions

Global Nutraceuticals forecast period is 2024 - 2032.
According to global Nutraceuticals research, the market is expected to grow at a CAGR of ~ 8.42% over the next eight years.
The possible segments in global Nutraceuticals are based on By Product Type, By Distribution Channel, & by region.
The expected market size for Global Nutraceuticals is USD 617.84 billion in 2032.
The major players in the market are Nestle, Danone, Pfizer Inc., General Mills Inc., Tyson Foods, The Kraft Heinz Company, DSM, Amway, Nature's Bounty, and The Hain Celestial Group Inc.
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