The global nutraceuticals market size is expected to reach USD 599.71 billion by 2030, according to a new report by Grand View Research, Inc. It is expected to expand at a CAGR of 9.4% from 2023 to 2030. Rising awareness regarding calorie reduction and weight loss in the major markets including the U.S., China, and India is expected to promote the application of the health and wellness segment and thus, in turn, will have a substantial impact on the industry.
Nutraceuticals are products that provide health advantages and additional nutrition to the human body. It comprises fortified nutrients, such as taurine, CoQ10, omega-3, calcium, zinc, and antioxidants, that develop the complete health of consumers. These nutrients further benefit in averting medical conditions such as hypertension, diabetes, heart diseases, and allergies. As nutraceuticals develop the digestive and immune systems and enhance the cognitive behavior of consumers, their demand is witnessing a surge at the global level.
The increasing trend among consumers to alter dietary habits is likely to boost the demand for nutraceuticals. The consumer belief that improper diet results in an increase in costs on pharmaceuticals is anticipated to boost the demand for nutraceuticals. This would also help the government as it would result in lesser expenditure on healthcare and low social security costs.
A rise in disposable income, increasing consumer awareness concerning health issues, and rapid urbanization are likely to boost the market growth over the forecast years. A positive outlook towards medical nutrition owing to the high prevalence of weight management programs, along with cardiovascular diseases, is anticipated to propel the product demand.
The rise and evolution of wellness-focused diets such as keto and paleo are driving food producers to cater their products in this direction. Functional food products such as probiotics and omega-3 are highly used in yogurt and fish oils in order to reduce the risk of cardiovascular diseases and develop the quality of intestinal microflora, which is further projected to fuel the growth of the functional food segment over the coming years.
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In the functional food product segment, the prebiotics and probiotics segment is projected to witness significant growth over the forecast period owing to the majority of food manufacturing companies using probiotics as a primary ingredient to provide better nourishment and reduce health problems caused by harmful bacteria
Based on ingredients, in 2022, probiotics held a dominant position in the market; accounting for a share of 26.47%.
In the dietary supplement product segment, vitamins emerged as the largest segment in 2021. The segment is expected to witness significant growth in the coming years
In terms of product, the functional foods segment dominated the market with a revenue share of 37.78% in 2022. Rising healthcare costs, coupled with the increasing geriatric population across the world, is anticipated to assist the segment growth over the forecast period
North America accounted for the largest revenue share of over 35.50% in 2022. The growing health concerns amongst consumers and increasing awareness regarding nutraceuticals are likely to be the major drivers of the North America market.
The market represents a highly competitive landscape. Key market players dominate the market space and have been focusing on various strategic initiatives including mergers & acquisitions, product innovation, and portfolio expansion
Grand View Research has segmented the nutraceuticals market based on ingredient, product, application, and region:
Nutraceuticals Ingredient Outlook (Revenue, USD Million, 2017 - 2030)
Aloe vera
Amino acids
Botanical Ingredients
Ashwagandha
Curcumin
Ginseng
Hemp
Others
Cannabidiol (CBD)
Carbohydrates
Carnitine
Food Color
Carotenoids
Astaxanthin
Lutein
Lycopene
Other carotenoids (Zeaxanthin, Betacarotene)
Spirulina
Collagen
Colostrum
Cultures and fermentation starters
Dairy ingredients
Emulsifiers
Enzymes
Essential oils
Fat replacers
Fats and oils
Fibres
Flavours
Fruit and vegetable products
Glucosamine / Chondroitin
Isoflavones
Juices and concentrates
Krill
Lipids / Fatty Acids
Marine ingredients
Minerals
Calcium
Iron
Magnesium
Selenium
Others
Omega-3s
Marine Derived
Plant-derived
Prebiotics
Probiotics
Proteins
Sweeteners
Stevia
Monkfruit
Others (Honey, sucrose, fructose, etc.)
Vitamins
Vitamin A
Vitamin B
Vitamin C
Vitamin D
Vitamin E
Vitamin K
Whey proteins
Other
Nutraceuticals Product Outlook (Revenue, USD Million, 2017 - 2030)
Dietary supplements
Functional foods
Functional beverages
Nutraceuticals Application Outlook (Revenue, USD Million, 2017 - 2030)
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
Personalised nutrition
Post Pregnancy and reproductive health
Sexual health
Skin health
Sports nutrition
Weight management & satiety
Women's health
Other
Nutraceuticals Regional Outlook (Revenue, USD Million, 2017 - 2030)
North America
U.S.
Canada
Mexico
Europe
Germany
France
Italy
U.K.
Spain
The Netherlands
Asia Pacific
China
Japan
India
Australia & New Zealand
South Korea
Central & South America
Brazil
Argentina
Middle East & Africa
UAE
South Africa
List of Key Players of Nutraceuticals Market
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.
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