Nutraceuticals

Nutraceuticals Market Research Report: Forecast (2023-2028)

By Product Type (Dietary Supplements [Proteins & Peptides, Vitamins, Minerals, Botanicals & Herbals {Ayurveda Extracts, Plant Extracts, Algal Extracts, And Phytochemicals}, Fibre & Specialty Carbohydr Read more

  • Food & Beverages
  • Jan 2023
  • 187
  • FB10220

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

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. 

Report Coverage Details
Study Period Historical Data: 2018-21
Base Year: 2022
Forecast Period: 2023-28
CAGR (2023-2028) 7.2%
Regions Covered North America: US, Canada, Mexico
Europe: Germany, The UK, France, Russia, Spain, Italy, Rest of Europe
Asia-Pacific: China, India, Japan, South Korea, Australia, Rest of Asia-Pacific
South America: Brazil, Argentina, Rest of South America
Middle East & Africa: Saudi Arabia, UAE, Egypt, Turkey, South Africa, Rest of MEA
Key Companies Profiled Bayer AG, Vitabiotics Ltd, BASF SE, Torrent Pharma, Mead Johnson Nutrition Company, Natrol Inc., Koninklijke Royal DSM N.V., Innophos, Bactolac Pharmaceutical Inc., Matsun Nutrition, Bionova Life Sciences, Cargill Inc., DuPont de Nemours, Inc., ADM, Ingredion GmbH, Others
Unit Denominations USD Million/Billion

 

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.

Key Trend in the Global Nutraceuticals Market

  • 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.

Market Segmentation

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.

Regional Landscape

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. 

Market Dynamics

  • Key Driver: 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.

  • 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.

  • Growth Opportunity: 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.

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Frequently Asked Questions

A. The Nutraceuticals Market is projected to grow at a CAGR of around 7.2% during 2023-28.

A. The growing consumer interest in functional foods owing to increasing health consciousness, especially after the Covid-19 pandemic, coupled with the easy availability of these products worldwide, are the prime factors projected to drive the Nutraceuticals Market during 2023-28.

A. Bayer AG, Vitabiotics Ltd, BASF SE, Torrent Pharma, Mead Johnson Nutrition Company, Natrol Inc., Koninklijke Royal DSM N.V., Innophos, Bactolac Pharmaceutical Inc., Matsun Nutrition, Bionova Life Sciences, Cargill Inc., DuPont de Nemours, Inc., ADM, and Ingredion GmbH are the key companies participating in the Nutraceuticals Market.

A. Offline sales channels would provide profitable opportunities to the Nutraceuticals Market during 2023-28.

A. North America would generate remunerative prospects for the Nutraceuticals Market during 2023-28.

  1. Market Segmentation
  2. Introduction
    1. Product Definition
    2. Research Process
    3. Assumptions
  3. Executive Summary
  4. Impact of COVID-19 on Global Nutraceuticals Market
  5. Global Nutraceuticals Market Trends & Insights
  6. Global Nutraceuticals Market Dynamics
    1. Growth Drivers
    2. Challenges
  7. Global Nutraceuticals Market Hotspot & Opportunities
  8. Global Nutraceuticals Market Policies, Regulations, Product Standards
  9. Global Nutraceuticals Market Outlook, 2018-2028
    1. Market Size & Analysis
      1. By Revenues
    2. Market Share & Analysis
      1. By Product Type
        1. Dietary Supplements
          1. Proteins & Peptides
          2. Vitamins
          3. Minerals
          4. Botanicals & Herbals (Ayurveda Extracts, Plant Extracts, Algal Extracts, And Phytochemicals)
          5. Fibre & Specialty Carbohydrates
          6. Omega Fatty Acids & Others
      2. By Source
        1. Plant
        2. Animal
        3. Microbial
      3. By Form
        1. Tablets & Capsules
        2. Gummies & Soft Gels
        3. Powder & Liquid
      4. By Sales Channel
        1. Offline Store-Based
          1. Supermarkets & Hypermarkets
          2. Specialty Stores
        2. Online
      5. By Region
        1. North America
        2. South America
        3. Europe
        4. The Middle East & Africa
        5. Asia Pacific
      6. By Company
        1. Competition Characteristics
        2. Market Share of Leading Companies
  10. North America Nutraceuticals Market Outlook, 2018-2028F
    1. Market Size & Analysis
      1. By Revenues (USD Million)
    2. Market Share & Analysis
      1. By Product Type
      2. By Source
      3. By Form
      4. By Sales Channel
      5. By Country
        1. The US
        2. Canada
        3. Mexico
    3. The US Nutraceuticals Market Outlook, 2018-2028F
      1. Market Size & Analysis
        1. By Revenues (USD Million)
      2. Market Share & Analysis
        1. By Product Type
        2. By Source
    4. Canada Nutraceuticals Market Outlook, 2018-2028F
      1. Market Size & Analysis
        1. By Revenues (USD Million)
      2. Market Share & Analysis
        1. By Product Type
        2. By Source
    5. Mexico Nutraceuticals Market Outlook, 2018-2028F
      1. Market Size & Analysis
        1. By Revenues (USD Million)
      2. Market Share & Analysis
        1. By Product Type
        2. By Source
  11. South America Nutraceuticals Market Outlook, 2018-2028F
    1. Market Size & Analysis
      1. By Revenues (USD Million)
    2. Market Share & Analysis
      1. By Product Type
      2. By Source
      3. By Form
      4. By Sales Channel
      5. By Country
        1. Brazil
        2. Argentina
        3. Rest of South America
    3. Brazil Nutraceuticals Market Outlook, 2018-2028F
      1. Market Size & Analysis
        1. By Revenues (USD Million)
      2. Market Share & Analysis
        1. By Product Type
        2. By Source
    4. Argentina Nutraceuticals Market Outlook, 2018-2028F
      1. Market Size & Analysis
        1. By Revenues (USD Million)
      2. Market Share & Analysis
        1. By Product Type
        2. By Source
  12. Europe Nutraceuticals Market Outlook, 2018-2028F
    1. Market Size & Analysis
      1. By Revenues (USD Million)
    2. Market Share & Analysis
      1. By Product Type
      2. By Source
      3. By Form
      4. By Sales Channel
      5. By Country
        1. Germany
        2. The UK
        3. France
        4. Russia
        5. Spain
        6. Italy
        7. Rest of Europe
    3. Germany Nutraceuticals Market Outlook, 2018-2028F
      1. Market Size & Analysis
        1. By Revenues (USD Million)
      2. Market Share & Analysis
        1. By Product Type
        2. By Source
    4. The UK Nutraceuticals Market Outlook, 2018-2028F
      1. Market Size & Analysis
        1. By Revenues (USD Million)
      2. Market Share & Analysis
        1. By Product Type
        2. By Source
    5. France Nutraceuticals Market Outlook, 2018-2028F
      1. Market Size & Analysis
        1. By Revenues (USD Million)
      2. Market Share & Analysis
        1. By Product Type
        2. By Source
    6. Russia Nutraceuticals Market Outlook, 2018-2028F
      1. Market Size & Analysis
        1. By Revenues (USD Million)
      2. Market Share & Analysis
        1. By Product Type
        2. By Source
    7. Spain Nutraceuticals Market Outlook, 2018-2028F
      1. Market Size & Analysis
        1. By Revenues (USD Million)
      2. Market Share & Analysis
        1. By Product Type
        2. By Source
    8. Italy Nutraceuticals Market Outlook, 2018-2028F
      1. Market Size & Analysis
        1. By Revenues (USD Million)
      2. Market Share & Analysis
        1. By Product Type
        2. By Source
  13. The Middle East & Africa Nutraceuticals Market Outlook, 2018-2028F
    1. Market Size & Analysis
      1. By Revenues (USD Million)
    2. Market Share & Analysis
      1. By Product Type
      2. By Source
      3. By Form
      4. By Sales Channel
      5. By Country
        1. Saudi Arabia
        2. The UAE
        3. Egypt
        4. Turkey
        5. South Africa
        6. Rest of The Middle East & Africa
    3. Saudi Arabia Nutraceuticals Market Outlook, 2018-2028F
      1. Market Size & Analysis
        1. By Revenues (USD Million)
      2. Market Share & Analysis
        1. By Product Type
        2. By Source
    4. The UAE Nutraceuticals Market Outlook, 2018-2028F
      1. Market Size & Analysis
        1. By Revenues (USD Million)
      2. Market Share & Analysis
        1. By Product Type
        2. By Source
    5. Egypt Nutraceuticals Market Outlook, 2018-2028F
      1. Market Size & Analysis
        1. By Revenues (USD Million)
      2. Market Share & Analysis
        1. By Product Type
        2. By Source
    6. Turkey Nutraceuticals Market Outlook, 2018-2028F
      1. Market Size & Analysis
        1. By Revenues (USD Million)
      2. Market Share & Analysis
        1. By Product Type
        2. By Source
    7. South Africa Nutraceuticals Market Outlook, 2018-2028F
      1. Market Size & Analysis
        1. By Revenues (USD Million)
      2. Market Share & Analysis
        1. By Product Type
        2. By Source
  14. Asia Pacific Nutraceuticals Market Outlook, 2018-2028F
    1. Market Size & Analysis
      1. By Revenues (USD Million)
    2. Market Share & Analysis
      1. By Product Type
      2. By Source
      3. By Form
      4. By Sales Channel
      5. By Country
        1. China
        2. Japan
        3. India
        4. South Korea
        5. Australia
        6. Rest of Asia Pacific           
    3. China Nutraceuticals Market Outlook, 2018-2028F
      1. Market Size & Analysis
        1. By Revenues (USD Million)
      2. Market Share & Analysis
        1. By Product Type
        2. By Source
    4. Japan Nutraceuticals Market Outlook, 2018-2028F
      1. Market Size & Analysis
        1. By Revenues (USD Million)
      2. Market Share & Analysis
        1. By Product Type
        2. By Source
    5. India Nutraceuticals Market Outlook, 2018-2028F
      1. Market Size & Analysis
        1. By Revenues (USD Million)
      2. Market Share & Analysis
        1. By Product Type
        2. By Source
    6. South Korea Nutraceuticals Market Outlook, 2018-2028F
      1. Market Size & Analysis
        1. By Revenues (USD Million)
      2. Market Share & Analysis
        1. By Product Type
        2. By Source
    7. Australia Nutraceuticals Market Outlook, 2018-2028F
      1. Market Size & Analysis
        1. By Revenues (USD Million)
      2. Market Share & Analysis
        1. By Product Type
        2. By Source
    8. Company Profiles of Top Companies (Business Description, Product Segment, Business Segment, Financials, Strategic Alliances or Partnerships, Future Plans)
      1. Bayer AG
      2. Vitabiotics Ltd
      3. BASF SE
      4. Torrent Pharma
      5. Mead Johnson Nutrition Company
      6. Natrol Inc.
      7. Koninklijke Royal DSM N.V.
      8. Innophos
      9. Bactolac Pharmaceutical Inc.
      10. Matsun Nutrition
      11. Bionova Life Sciences
      12. Cargill Inc.
      13. DuPont de Nemours, Inc.
      14. ADM
      15. Ingredion GmbH
      16. Others
  15. Disclaimer
Nutraceuticals Market - Segmentation Slide