Global Nutraceuticals Market Research Report: Forecast (2023-2028)

Market Definition

Nutraceuticals are fortified food supplements that promote life expectancy, delay the aging process, and prevent chronic diseases, alongside providing basic nutrients to people. A nutraceutical comprises diverse nutrient-rich or medicinally active food that includes garlic or soybean. It may also be a specific food component, like omega-3 fish oil derived from salmon & other cold-water fishes.

Market Insights & Analysis: Global Nutraceuticals Market (2023-28)

The Global Nutraceuticals Market is projected to grow at a CAGR of around 7.2% during the forecast period, i.e., 2023-28. Most of the market would be driven by the ever-increasing consumer inclination toward functional foods, primarily influenced by their growing knowledge about these elements, increasing health consciousness, and the easy availability of these products in diverse sales channels. The same aspect is also demonstrating a peaking demand and generating lucrative opportunities for the leading players to increase their production & distribution capacities and cater to the burgeoning demands throughout the world. 

Besides, the escalating global prevalence of chronic illnesses & stringent norms about food fortification by the governments of different countries is also playing a prominent role in curating the market dynamics. It, in turn, is further influenced by the improving economic conditions of the people alongside the development of dietary supplements, augmenting the swift inclination toward medical nutrition. 

It is especially observed among the growing applications of these elements in the treatment of cardiovascular disease & malnutrition. Moreover, the rising geriatric population, increasing healthcare costs, changing lifestyles, and food innovation have positively influenced industry growth in the past few years.

Furthermore, substantial investments by well-established players in bringing innovations in their product offerings & the increasing number of start-ups entering the industry are also hinting toward an opportunistic future of the nutraceuticals market with wide competition. For instance, 

• In 2019, Kraft Heinz announced an investment of 100 million USD in the start-up 'New Culture,' which would make animal-free cheese made of Casein Protein. 
• Additionally, Conagra announced building an innovation center in Chicago. 
• In 2019, Amway India launched Nutrilite Cal Mag D Plus to strengthen its nutrition portfolio. 

However, on the other hand, the presence of side effects, coupled with the high cost associated with the nutraceutical product might pose a threat to the overall expansion of the nutraceuticals market in the coming years.

Global Nutraceuticals Market Key Trends:

Mounting Demand for Customized Nutraceuticals - Customization & personalization of nutraceuticals is quickly gaining popularity, principally on the back of growing awareness among consumers about the convenient availability & health benefits of these elements. Besides, since nutraceuticals are developed to enhance human health & meet their unmet nutritional requirements, their demand is elevating substantially and positively influencing the overall market growth. 

Numerous customers are also expressing interest in tailored products, including supplements, diet plans, & workout regimens. Backed by the continuous expansion of the nutraceuticals market due to the mounting need for & acceptance of nutritional supplements, it shall make a prominent intervention in predictive & proactive health during the forecast period.

Global Nutraceuticals Market (2023-28): Segmentation Analysis

The Global Nutraceuticals Market study from MarkNtel Advisors analyses the major trends in each sub-segment and includes predictions for the period 2023–2028 at the global, regional, and national levels. The market has been segmented in our analysis based on the sales channel and product type.

Based on Sales Channel:

• Offline Store-Based
  • Supermarkets & Hypermarkets
  • Specialty Stores
• Online

Of them all, Offline sales channels acquired a considerable market share in recent years and are anticipated to make substantial contributions to the market growth during the forecast period. This growth attributes to conventional consumer buying behaviors alongside the maximizing number of supermarkets & hypermarkets locally across different countries throughout the world, offering nutraceuticals conveniently. Besides, diverse end users across countries like the US, UK, & Canada are already showing a substantial inclination towards conventional store establishment & viewing it as a source to offer easy availability for vendors under one roof. Similarly, various Middle Eastern countries are also hinting toward a strong market presence in the coming years. For instance:

• SPAR UAE inaugurated its first supermarket in Dubai with developmental plans to launch 30 more multi-store format supermarkets across the UAE, further strengthening the industry worldwide.

Based on Product Type:

• Proteins & Peptides
• Vitamins
• Minerals
• Botanicals & Herbals (Ayurveda Extracts, Plant Extracts, Algal Extracts, And Phytochemicals)
• Fiber & Specialty Carbohydrates
• Omega Fatty Acids & Others

Among all, Proteins & Peptides are anticipated to dominate the market with the largest share and offer lucrative opportunities for the leading players during the forecast period. This dominance attributes to the versatility of these elements in the treatment of diverse lifestyle-related diseases, instigating manufacturers to maximize their utilization of nutraceuticals for such needs. The same aspect is also propelling diverse research & development institutions to expand their experimental capabilities to bring innovations in nutraceuticals and cater to the expansive health conditions. 

Besides, the production of probiotic supplements for different illnesses, like cardiovascular disease, hypocholesterolemia, bone health, oral health, etc., has paved the way for advancements in research & development and shall prevail in the same trend during the forecast period. The same aspect shall further fuel the expansion of the nutraceutical supplement industry across countries in the coming years.

Global Nutraceuticals Market Regional Projection

On the geographical front, the Global Nutraceuticals Market expands across:

• North America
• South America
• Europe
• Middle East & Africa
• Asia-Pacific

Of all countries globally, North America dominates the Nutraceuticals Market with the largest share and is anticipated to prevail in the same trend during the forecast period. The region shall also generate lucrative opportunities for the leading players to widen their production & distribution capacities and cater to the burgeoning demands throughout the region and attain a firm foothold in the industry. This growth attributes particularly across countries like US, Canada, & Mexico, because of the high prevalence of health issues and growing consciousness among people about the perks of nutraceuticals on human health. 

Besides, with the swift establishment of diverse sales channels, both offline & online modes are also playing a prominent role in offering the convenience of buying products at ease and instigating local manufacturers to increase their production & distribution capacities. In this way, the ever-increasing demand throughout North America is meeting and positively influencing business in the region. 

Global Nutraceuticals Market Key Drivers:

Transcending the burden of Lifestyle Disorders - The widespread use of processed and junk food is the primary cause of the prevalence of lifestyle disorders like obesity, diabetes, etc. The use of packaged foods and beverages with high-calorie counts together with little to no physical activity has led to such kind of lifestyle crisis. 

However, the integration of nutraceutical goods into the general population's everyday routine has been fueled by expanding awareness of leading a healthy lifestyle, rising use of nutritional supplements for immunity building, boosting internal organ functions, etc.

Global Nutraceuticals Market Possible Restraint:

The Lower Affordability of Raw Materials - The challenges producers confront during the production process are a barrier to the nutraceuticals business. As a result of the difficulty in extracting the ingredients needed to manufacture nutraceuticals, which frequently yield a relatively small quantity of the substance, the cost of making them is sometimes very high. 

Besides, although nutraceuticals offer a range of health benefits, it also has proven instance of side effects. According to the U.S. Food and Drug Administration (FDA), rashes, shortness of breath, diarrhea, severe joint or muscle pain, slurred speech, and blood in the urine are the possible side effects that can result from supplement use. Backed by these aspects, the industry for nutraceuticals may face a downturn in the coming years.

Global Nutraceuticals Market Growth Opportunities

Intensifying Inclination for A Fit and Lean Physique - Over the past few years, the demand for dietary supplements, including energy bars, protein bars, non-carbonated energy drinks, and sports supplements, has been fueled by the rising trend of fit & lean bodies among adults. In addition, the COVID-19 pandemic outbreak has encouraged clients to join physical training facilities, gyms, sports clubs, and others. Consequently, people have become more health conscious to attain concrete immune systems.

Do You Require Further Assistance?

1. The sample report seeks to acquaint you with the layout and the overall research content.
2. The deliberate utilization of the report may further streamline operations while maximizing your revenue.
3. To gain an unmatched competitive advantage in your industry, you can customize the report by adding more segments and specific countries suiting your needs.
4. For a better understanding of the contemporary market scenario, feel free to connect to our knowledgeable analysts.