Nutraceuticals Market Size, Share & Trends Analysis Report By Product (Dietary Supplements, Functional Food, Functional Beverages), By Region (North America, Europe, APAC, CSA, MEA), And Segment Forecasts, 2021 - 2030

Report Overview

The global nutraceuticals market size was valued at USD 454.55 billion in 2021 and is expected to expand at a compound annual growth rate (CAGR) of 9.0% from 2021 to 2030. The growing demand for dietary supplements and functional food is expected to be a key driving factor for the market over the forecast period. A favorable outlook towards medical nutrition in light of the increasing application for the treatment of cardiovascular disorder and malnutrition is likely to stimulate the growth of dietary supplements.

Rising healthcare costs, coupled with the increasing geriatric population across the world, are anticipated to assist the global functional food industry growth over the forecast period. Consumers’ attitude is observed to be very positive towards functional foods mainly on account of the added health and wellness benefits offered by these products. The rising geriatric population, increasing healthcare costs, changing lifestyle, food innovation, and expectations regarding the higher prices have aided the overall growth.

The U.S. has witnessed an increasing demand for dietary supplements over the past few years owing to the growing importance of preventive health care among consumers. Consumers have been preferring multivitamins that provide the essential nutrients to the human body. Multivitamins are becoming an integral part of the lifestyle among consumers in the U.S., and this trend has surged during the COVID-19 pandemic in the U.S.

Dietary fibers and minerals are likely to grow owing to the high awareness regarding their benefits in overall health and bodily maintenance. Fibers tend to foster easier bowel movements while providing critical cleansing of internal organs, while minerals contribute to higher retention and passage of nutrients into cells and promote blood clotting among other functions. Furthermore, high adoption rates of herbal medicines among individuals across the globe on account of the rising concerns over hazardous effects associated with conventional pharma drugs are expected to expand the market size over the forecast period.

In the wake of the COVID-19 pandemic, the demand for dietary supplements and functional foods has soared. Immunity boosting supplements have become mainstream over the past year and this has led to a significant change in buying patterns and consumer behavior. Moreover, after the COVID-19 pandemic, preventive healthcare measures such as dietary supplements will become a part of people’s everyday lives. Thus, the COVID-19 pandemic across the globe has paved the way for nutraceuticals to build a strong presence in the global market.

Product Insights

The functional food segment led the overall market in 2021 with a revenue share of over 40.0%, followed by dietary supplements and functional beverages. Technological upgradation, coupled with progression in product development, is projected to drive the dietary supplements industry over the coming years. Sports drinks are gaining popularity among athletes and other individuals involved in energetic physical activities. The millennial generation exponentially drives the sports drinks market due to its high buying capacity, willingness to pay for health products, acute interest in sports, and growing inclination toward fitness activities.

In the functional food segment, the prebiotics and probiotics segment is anticipated to register the highest growth rate of 11.4% from 2021 to 2030. This can be attributed to the rising demand for diet food and shifting preference toward weight management solutions. The prebiotics and probiotics segment is anticipated to grow owing to its promising role in supporting the immune system and acting as major preventive health supplements during the COVID-19 pandemic.

Regional Insights

Asia Pacific accounted for the largest revenue share of over 30.0% in 2021. The growing health concerns amongst consumers and increasing awareness regarding nutraceuticals are likely to be the major drivers of the APAC market. Additionally, an increase in the aging population, spending patterns on healthcare products, and changing lifestyles have enhanced the growth of the nutraceutical industry in Asia Pacific. Vast product portfolio and government regulations regarding nutraceutical products are a few factors that suppress this market. However, the growing trend of food fortification with nutraceutical products is anticipated to create a significant growth opportunity for this market.

Rising awareness regarding nutritional enrichment in China and India is expected to remain a favorable factor for market growth. Furthermore, the expansion in the retail sector in emerging markets including China, Indonesia, Malaysia, and India in light of regulatory support to promote investments is expected to increase the accessibility to buyers over the forecast period.

Varying lifestyles along with rapid urbanization have also led to consumers’ inclination towards healthy diet options. Vitamins are considered to be vital for the proper functioning of the human body and they help in the prevention of various diseases and wound healing. On the back of these factors, the Asia Pacific region is anticipated to witness significant growth from 2021 to 2030.

Key Companies & Market Share Insights

The competitive landscape is characterized by the presence of key international players. Companies have implemented mergers & acquisitions and new product launches as key strategies to compete in the market. Acquisitions and mergers facilitated the companies to expand their product reach and improve product quality. Moreover, introducing new products to the market has supported the companies to offer better quality products, meeting the changing consumer trends across the industry. Some prominent players in the global nutraceuticals market include:

• Cargill, Incorporated

• Archer Daniels Midland Company

• DuPont

• Nestle S.A.

• Danone

• Royal DSM N.V.

• General Mills

• Innophos

• WR Grace

• Amway Corporation

• AOR Canada

• Arkopharma Laboratories S.A.

• Bactolac Pharmaceuticals, Inc.

• E.I.D Parry Ltd.

• Valensa International

• Matsun Nutrition

• Mead Johnson Nutrition Company

• Natrol Inc.

• The Hain Celestial Group, Inc.

• Herbalife Ltd.

Nutraceuticals Market Report Scope

Segments Covered in the Report

This report forecasts revenue growth at the global, regional, and country levels and provides an analysis of the latest industry trends and opportunities in each of the sub-segments from 2017 to 2030. For the purpose of this study, Grand View Research has segmented the global nutraceuticals market report on the basis of product and region:

• Product Outlook (Revenue, USD Million, 2017 - 2030)

  • Dietary Supplements

  • Functional Food

  • Functional Beverages

• Dietary Supplements Product Outlook (Revenue, USD Million, 2017 - 2030)

  • Vitamins

  • Botanicals

  • Minerals

  • Proteins & Amino Acids

  • Fibers & Specialty Carbohydrates

  • Omega Fatty Acids

  • Others

• Functional Food Product Outlook (Revenue, USD Million, 2017 - 2030)

  • Carotenoids

  • Dietary Fibers

  • Fatty Acids

  • Minerals

  • Prebiotics & Probiotics

  • Vitamins

  • Others

• Functional Beverages Product Outlook (Revenue, USD Million, 2017 - 2030)

  • Energy Drinks

  • Sports Drinks

  • Functional Juices

  • Others

• Regional Outlook (Revenue, USD Million, 2017 - 2030)

  • North America

    • U.S.

    • Canada

    • Mexico

  • Europe

    • U.K.

    • Germany

    • France

    • Italy

    • Spain

    • Russia

  • Asia Pacific

    • China

    • Japan

    • India

    • Australia & New Zealand

  • Central & South America

    • Brazil

    • Argentina

  • Middle East & Africa

    • South Africa