Nutraceuticals Market Size, Share & Trends Report

Nutraceuticals Market Size, Share & Trends Analysis Report By Product (Dietary Supplements, Functional Foods, Functional Beverages), By Ingredient, By Application, By Region, And Segment Forecasts, 2024 - 2030

  • Report ID: GVR-2-68038-059-0
  • Number of Pages: 220
  • Format: Electronic (PDF)

Research Methodology

A three-pronged approach was followed for deducing the nutraceuticals market estimates and forecasts. The process has three steps: information procurement, analysis, and validation. The whole process is cyclical, and steps repeat until the estimates are validated. The three steps are explained in detail below:

Information procurement: Information procurement is one of the most extensive and important stages in our research process, and quality data is critical for accurate analysis. We followed a multi-channel data collection process for nutraceuticals market to gather the most reliable and current information possible.

  • We buy access to paid databases such as Hoover’s and Factiva for company financials, industry information, white papers, industry journals, SME journals, and more.
  • We tap into Grand View’s proprietary database of data points and insights from active and archived monitoring and reporting.
  • We conduct primary research with industry experts through questionnaires and one-on-one phone interviews.
  • We pull from reliable secondary sources such as white papers and government statistics, published by organizations like WHO, NGOs, World Bank, etc., Key Opinion Leaders (KoL) publications, company filings, investor documents, and more.
  • We purchase and review investor analyst reports, broker reports, academic commentary, government quotes, and wealth management publications for insightful third-party perspectives.

Analysis: We mine the data collected to establish baselines for forecasting, identify trends and opportunities, gain insight into consumer demographics and drivers, and so much more. We utilized different methods of nutraceuticals market data depending on the type of information we’re trying to uncover in our research.

  • Market Research Efforts: Bottom-up Approach for estimating and forecasting demand size and opportunity, top-down Approach for new product forecasting and penetration, and combined approach of both Bottom-up and Top-down for full coverage analysis.

  • Value-Chain-Based Sizing & Forecasting: Supply-side estimates for understanding potential revenue through competitive benchmarking, forecasting, and penetration modeling.

  • Demand-side estimates for identifying parent and ancillary markets, segment modeling, and heuristic forecasting.

  • Qualitative Functional Deployment (QFD) Modelling for market share assessment.

Market formulation and validation: We mine the data collected to establish baselines for forecasting, identify trends and opportunities, gain insight into consumer demographics and drivers, and so much more. We utilize different methods of data analysis depending on the type of information we’re trying to uncover in our research.

  • Market Formulation: This step involves the finalization of market numbers. This step on an internal level is designed to manage outputs from the Data Analysis step.

  • Data Normalization: The final market estimates and forecasts are then aligned and sent to industry experts, in-panel quality control managers for validation.

  • This step also entails the finalization of the report scope and data representation pattern.

  • Validation: The process entails multiple levels of validation. All these steps run in parallel, and the study is forwarded for publishing only if all three levels render validated results.

Nutraceuticals Market Categorization:

The nutraceuticals market was categorized into four segments, namely ingredient (Aloe vera, Amino acids, Botanical Ingredients, Cannabidiol, Carbohydrates, Carnitine, Food Color, Carotenoids, Spirulina, Collagen, Colostrum, Cultures and fermentation starters, Dairy ingredients, Emulsifiers, Enzymes, Essential oils, Fat replacers, Fats and oils, Fibers, Flavors, Fruit and vegetable products, Glucosamine / Chondroitin, Isoflavones, Juices and concentrates, Krill, Lipids / Fatty Acids, Marine ingredients, Minerals, Omega-3s, Prebiotics, Probiotics, Proteins, Sweeteners, Vitamins, Whey proteins), product (Dietary supplements, Functional foods, Functional beverages), application (Allergy & intolerance, Animal nutrition, Healthy ageing, Bone & joint health, Cancer prevention, Children's health, Cognitive health, Diabetes, Digestive / Gut health, Energy & endurance, Eye health, Heart health, Immune system, Infant health, Inflammation, Maternal health, Men's health, Nutricosmetics, Oral care, Personalized nutrition, Post Pregnancy and reproductive health, Sexual health, Skin health, Sports nutrition, Weight management & satiety, Women's health), and region (North America, Europe, Asia Pacific, Central & South America, and Middle East & Africa).

Segment Market Methodology:

The nutraceuticals market was segmented into ingredient, product, application, and region. The demand at a segment level was deduced using a funnel method. Concepts like the TAM, SAM, SOM, etc., were put into practice to understand the demand. We at GVR deploy three methods to deduce market estimates and determine forecasts. These methods are explained below:

Market research approaches: Bottom-up

  • Demand estimation of each product across countries/regions summed up to from the total market.

  • Variable analysis for demand forecast.

  • Demand estimation via analyzing paid database, and company financials either via annual reports or paid database.

  • Primary interviews for data revalidation and insight collection.

Market research approaches: Top-down

  • Used extensively for new product forecasting or analyzing penetration levels.

  • Tool used invoice product flow and penetration models Use of regression multi-variant analysis for forecasting Involves extensive use of paid and public databases.

  • Primary interviews and vendor-based primary research for variable impact analysis.

Market research approaches: Combined

  • This is the most common method. We apply concepts from both the top-down and bottom-up approaches to arrive at a viable conclusion.

Regional Market Methodology:

The nutraceuticals market was analyzed at a regional level. The globe was divided into North America, Europe, Asia Pacific, Central & South America, and Middle East & Africa, keeping in focus variables like consumption patterns, export-import regulations, consumer expectations, etc. These regions were further divided into eighteen countries, namely, the U.S., Canada, Mexico, Germany, France, Italy, the UK, Spain, Netherlands, China, Japan, India, Australia & New Zealand, South Korea, Brazil, Argentina, UAE, South Africa.

All three above-mentioned market research methodologies were applied to arrive at regional-level conclusions. The regions were then summed up to form the global market.

Nutraceuticals market companies & financials:

The nutraceuticals market was analyzed via companies operating in the sector. Analyzing these companies and cross-referencing them to the demand equation helped us validate our assumptions and conclusions. Key market players analyzed include:

  • Cargill, Inc. - Cargill, Incorporated was established in 1865 and is headquartered in Minnesota, U.S. It is a food production company providing agriculture, industrial, financial, and food services & products globally. The company has a strong market presence in 70 countries. As of 2018, it had an employee strength of 160,000 people. Food ingredients & bio-industrial, animal nutrition, protein & salt, agriculture supply chain, and metal & shipping are the key business segments of the company. The company offers various products including oilseeds, grains, animal nutrition, and additives for poultry, aquaculture, dairy, swine, and beef. It also offers vegetable waxes, industrial & specialty vegetable oils, derivatives & starches, dielectric fluids, polyols & polymers, epoxy additives, epoxy curing agents, coalescing agents, and industrial hydrocolloids. The company’s food & beverage product offerings include cocoa & chocolate, malt, flour, food salt, acidulants, custom texturizing systems, sweeteners, alcohol, lecithin, proteins, edible oils, and dry corn ingredients.

  • ADM - ADM was established in 1902 and is headquartered in Illinois, U.S. The company processes agriculture products and provides food ingredients in the U.S. It is a public company and trades under the symbol ADM on the New York Stock Exchange (NYSE). The company operates through its four reportable segments, namely origination, carbohydrate solutions, oilseeds, and nutrition. Through its origination segment, the company procures, stores, processes, and transports agricultural commodities including corn, oilseeds, milo, wheat, rice, barley, and oats. The company then resells these commodities mainly as food and feed ingredients and as raw materials to agricultural processing industry. It processes oilseeds such as soybeans and soft seeds into protein meals and vegetable oils through its oilseeds segment. These products are further sold as ingredients to food, feed, energy, and other companies. Furthermore, carbohydrate solutions segment converts wheat and corn into wheat and corn starches, wheat flour, sweeteners, and bioproducts.

  • DuPont de Nemours, Inc. - DuPont de Nemours, Inc. was established in 2019 after its separation from DowDuPont, Inc. In 2019, DowDuPont, Inc. split into three companies that focus on specialty products, material sciences, and agricultural businesses. The specialty products division is known as DuPont de Nemours, Inc.; the material science division is known as Dow, Inc., and the division focusing on agricultural business is known as Corteva, Inc. DuPont de Nemours, Inc. is now headquartered in Delaware, U.S. It is a multinational conglomerate delivering a wide range of products and services to diverse industries with subsidiaries in over 70 countries and manufacturing units in around 40 countries. The company operates via five business segments, namely Nutrition & Biosciences, Electronics & Imaging, Transportation & Industrial, Safety & Construction, and Non-Core. It serves various end-use sectors such as food & beverage, agriculture, electronics & communications, home & construction, safety & protection, packaging & printing, chemical, marine, mining, energy, apparel, and automotive.

  • Nestlé - Nestlé, established in 1922 and headquartered in Michigan, U.S., is among the largest food & beverage companies worldwide. The company has a well-positioned product portfolio with over 2,000 globally renowned brands. It has 447 factories designed for producing quality products and serving the widespread customer base. The company has manufacturing facilities in 86 countries and performs business in 196 countries. The global footprint and presence of its manufacturing & distribution facilities worldwide are the key factors for the sizable market position in the breakfast cereal market. The company operates its business through seven operating segments, namely Zone EMENA, Zone AMS, Zone AOA, Nestlé waters, Nestlé nutrition, other businesses, and unallocated items. Zone AMS emerged as the highest revenue-generating segment for the company in 2019, accounting for a revenue of USD 34,323.2 million.

  • DANONE S.A. - DANONE S.A., a multinational food-products corporation, was founded in Barcelona, Spain, in 1919 and is headquartered in Paris, France. As of 2019, the company had 100,000 employees working across 57 countries. The products offered by the company are sold in over 120 countries. Its brand portfolio consists of both local and international brands. Its international brands include Activia, Alpro, Danio, Dannon, Actimel, Aptamil, Danette, Evian, Nutricia, Volvic, Danonino, and Nutrilon. The local or regional brands of the company comprise Damavand, AQUA, Vega, Bledina, Silk, Bonafont, Prostokvashino, Cow & Gate, Oikos, Horizon Organic, and Mizone. As of 2019, the top three brands of DANONE in terms of sales are Aptamil, Activia, and Danone. In April 2019, the company launched a flavored water brand called Aqua d'Or Sparkles in Denmark and Sweden. It was produced through 99% water and natural fruit flavor, which is a healthy alternative to traditional carbonated drinks.

  • DSM - DSM is a Dutch multinational company active in the fields of nutrition, health, and materials. It is headquartered in Heerlen, Netherlands, and was founded in 1902. As of 2019, the company had a total workforce of 22,174 working across 50 countries. It has a broad product portfolio from nutritional products, animal & human health products, food specialists, and hydrocolloids to personal care & aroma ingredients, pharmaceutical solutions, engineering plastics, biomedical materials, and additive manufacturing. The company's activities are divided into three segments: Nutrition, Innovation Center, and Materials. Nutrition segment comprises DSM Nutritional Products and DSM Food Specialties. DSM Nutritional Products manufactures carotenoids, synthetic vitamins, natural lipids, and ingredients for pharmaceutical, food, and personal care industries. DSM Food Specialties produces yeasts, food enzymes, savory flavors, and hydrocolloids. The company's activities are divided into three segments: Nutrition, Innovation Center, and Materials. Nutrition segment comprises DSM Nutritional Products and DSM Food Specialties.

  • General Mills, Inc. - General Mills, Inc. is a multinational producer and marketer of branded consumer products. It was incorporated in 1928 and is headquartered in Minnesota, U.S. As of 2019, the company manufactures its products in over 13 countries and markets them in more than 100 countries. The brand portfolio of the company comprises over 100 leading brands of the U.S. The company’s major brands include Cocoa Puffs, Cheerios, Trix, Betty Crocker, Annie’s Homegrown, Colombo, Lucky Charms, Yoplait, Pillsbury, Haagen-Dazs, Totino’s, and Old El Paso. Its business focuses majorly on eight categories, which include snacks (grains, frozen food, nutrition bars, and fruit & savory snacks), ready-to-eat cereal, yogurt, pet food, convenient meals, super-premium icecream, baking ingredients, and frozen dough. The company’s end users are retail stores, membership stores, discount chains, e-commerce retailers, restaurants, and pet specialty stores. As of May 2019, it had a total of 40,000 full- and part-time employees across the globe.

  • Innophos, Inc. - Innophos, Inc. offers specialty ingredient solutions for health, food, nutrition, and industrial markets. It was founded in 2004 and has its headquarters in New Jersey, U.S. The company has its manufacturing operations across the U.S., Mexico, China, and Canada. It has its expertise in technology and science and formulates mineral, phosphate, botanical, and enzyme-based ingredients to offer affordable, tasty, and healthy food products to consumers. As of 2019 the company had a total of 1,485 employees worldwide. It caters its offerings majorly to three application categories, namely food & beverage, health & nutrition, and industrial specialties. The company has three major product lines, which include specialty ingredients, core ingredients, and co-products. Specialty ingredients product line includes specialty phosphate products, enzymes, specialty phosphoric products, and botanical based specialty ingredients. Core ingredients product line consists of food-grade purified phosphoric acid (PPA), sodium tripolyphosphate, technical-grade PPA, and detergent-grade PPA.

  • W.R. Grace & Co. - W.R. Grace & Co. manufactures and sells specialty materials and chemicals at a global level via two major business segments: Grace Catalysts Technologies and Grace Material Technologies. Grace Catalysts Technologies segment includes catalyst-related products and technologies used in refining, petrochemicals, and chemical manufacturing. Grace Material Technologies segment consists of specialty materials such as silica-based and silica-alumina-based materials that are used in coatings, pharma, and chemical processing. The company offers innovative products, services, and technologies that improve the products across the globe. It was founded in 1854 and is headquartered in Columbia, U.S. As of 2018, the company had approximately 4,000 employees working across 30 countries. The end users of the company are spread across 70 countries, and it has production facilities in approximately 30 countries. It caters to various industries, such as plastics, catalysts, pharmaceutical, chemical processing, personal care, coatings & inks, nutraceuticals, industrial, and food & beverage.

  • Amway Corp. - Amway Corp. was established in 1959 and is headquartered in Ada Township, U.S. It is a multi-level marketing (MLM) company providing healthcare, beauty, and home care products. The company has a strong market presence in 100 countries. As of 2018, it had an employee strength of 17,000. The company manages its business through more than 10 million Amway Business Owners (ABOs) located across the world and various distribution agencies for proper customer reach. It offers healthcare, beauty, and homecare products under various brands such as Artistry, Atmosphere, Body Blends, Bodykey, Body Works, Clear Now, eSpring, Glister, iCook, Legacy of Clean, Nutrilite, Peter Island, Perfect Empowered Drinking Water, Personal Accents, Ribbon, Satinique, Artistry Men, and XS. The company offers various nutraceutical products under its largest brand Nutrilite, which contributes to over 50% of the company’s annual revenue. It manufactures over 450 products with manufacturing facilities in China, India, and the U.S. and organic farms in Brazil, the U.S., and Mexico.

Value chain-based sizing & forecasting

Supply Side Estimates

  • Company revenue estimation via referring to annual reports, investor presentations, and Hoover’s.

  • Segment revenue determination via variable analysis and penetration modeling.

  • Competitive benchmarking to identify market leaders and their collective revenue shares.

  • Forecasting via analyzing commercialization rates, pipelines, market initiatives, distribution networks, etc.

Demand side estimates

  • Identifying parent markets and ancillary markets

  • Segment penetration analysis to obtain pertinent

  • revenue/volume

  • Heuristic forecasting with the help of subject matter experts

  • Forecasting via variable analysis

Nutraceuticals Market Report Objectives:

  • Understanding market dynamics (in terms of drivers, restraints, & opportunities) in the countries.

  • Understanding trends & variables in the individual countries & their impact on growth and using analytical tools to provide high-level insights into the market dynamics and the associated growth pattern.

  • Understanding market estimates and forecasts (with the base year as 2023, historic information from 2018 to 2022, and forecast from 2024 to 2030). Regional estimates & forecasts for each category are available and are summed up to form the global market estimates.

Nutraceuticals Market Report Assumptions:

  • The report provides market value for the base year 2023 and a yearly forecast till 2030 in terms of revenue/volume or both. The market for each of the segment outlooks has been provided on region & country basis for the above-mentioned forecast period.

  • The key industry dynamics, major technological trends, and application markets are evaluated to understand their impact on the demand for the forecast period. The growth rates were estimated using correlation, regression, and time-series analysis.

  • We have used the bottom-up approach for market sizing, analyzing key regional markets, dynamics, & trends for various products and end-users. The total market has been estimated by integrating the country markets.

  • All market estimates and forecasts have been validated through primary interviews with the key industry participants.

  • Inflation has not been accounted for to estimate and forecast the market.

  • Numbers may not add up due to rounding off.

  • Europe consists of EU-8, Central & Eastern Europe, along with the Commonwealth of Independent States (CIS).

  • Asia Pacific includes South Asia, East Asia, Southeast Asia, and Oceania (Australia & New Zealand).

  • Latin America includes Central American countries and the South American continent

  • Middle East includes Western Asia (as assigned by the UN Statistics Division) and the African continent.

Primary Research

GVR strives to procure the latest and unique information for reports directly from industry experts, which gives it a competitive edge. Quality is of utmost importance to us, therefore every year we focus on increasing our experts’ panel. Primary interviews are one of the critical steps in identifying recent market trends and scenarios. This process enables us to justify and validate our market estimates and forecasts to our clients. With more than 8,000 reports in our database, we have connected with some key opinion leaders across various domains, including healthcare, technology, consumer goods, and the chemical sector. Our process starts with identifying the right platform for a particular type of report, i.e., emails, LinkedIn, seminars, or telephonic conversation, as every report is unique and requires a differentiated approach.

We send out questionnaires to different experts from various regions/ countries, which is dependent on the following factors:

  • Report/Market scope: If the market study is global, we send questionnaires to industry experts across various regions, including North America, Europe, Asia Pacific, Latin America, and MEA.

  • Market Penetration: If the market is driven by technological advancements, population density, disease prevalence, or other factors, we identify experts and send out questionnaires based on region or country dominance.

The time to start receiving responses from industry experts varies based on how niche or well-penetrated the market is. Our reports include a detailed chapter on the KoL opinion section, which helps our clients understand the perspective of experts already in the market space.

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