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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,
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
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:
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:
Based on Product Type:
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:
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
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.
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.
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.
