Worldwide Nutraceuticals Market Size, Share, Trend, Leading Players Review and Global Industry Analysis, 2023

Market Overview:
Global Nutraceuticals Market has witnessed constant demand during the last few years and is projected to reach USD 319.6 billion at a CAGR of 6.70% by 2023. Nutraceuticals are any food that provides health benefits including prevention and treatment of diseases. They include functional foods, beverages, and dietary supplements derived from natural food sources that impart various health benefits. They contain additional nutrients that are not found in conventional foods which is driving the market of nutraceuticals. They are available in different forms including powder, pills, liquid, capsule and others which helps in reducing the risks of chronic diseases and helps in further providing health benefits. Rising cases of obesity is boosting the growth of the nutraceuticals market.

North America will dominate the market and is estimated to reach the market share of USD 79.36 billion in the year 2017 based on busy work schedule of the consumers and their inclination towards functional foods for healthy diet. Consumption of nutraceuticals from Asia Pacific is projected to witness a high growth rate of 7.82% during the given period owing to increasing health issues among the growing population followed by increasing health awareness among the consumers.

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Based on the type, functional foods will dominate the market and is projected to hold a major share of 35% in the global market. North America is dominating the market in consumption of functional foods in which the U.S. is the major contributor. However, Asia Pacific is the fastest growing region in consumption of functional foods at a CAGR of 8.1% over the forecast period owing to increase in health conscious population in the developing countries.

On the basis of ingredients, vitamins and minerals is dominating the market holding a leading share of 47.40%. Vitamins deficiency identified among the growing population is driving the growth of this segment. Moreover, health benefits of vitamins include their ability to prevent and treat various diseases including heart problems, high cholesterol levels, and eye disorders. However, Omega-3 is the fastest growing segment as an active ingredient in nutraceuticals at a CAGR of 8.23% over the forecast period followed by probiotics. Omega-3 fatty acid is the most potent neutarceutical used against hardening of heart arteries and is used as an active ingredient in many industries.

On the basis of distribution channel, store based distribution channel dominates the market based on one stop shopping experience. However, non-store based distribution channel are projected to grow at the highest rate with a CAGR of 7.46% over the estimated period.

Major Key Players:
Some of the leading players in the global nutraceuticals market are: Archer-Daniels-Midland Company (U.S.), BASF SE (Germany), E. I. du Pont de Nemours and Company (U.S.), GlaxoSmithKline Plc (U.K), Abbott Nutrition Manufacturing Inc. (U.S.), DSM Nutritional Products, Inc. (the Netherlands), Cargill Inc. (U.S.)

Key Findings:
Global nutraceuticals market is projected to reach USD 319.6 billion by 2023 at a growth rate of 6.70%

Dietary supplement is witnessed to have the highest growth rate with CAGR of 6.88% over the forecast period 2017-2023

Functional foods is expected to grow at a CAGR of 8.1% in Asia Pacific followed by RoW over the forecast period.

Omega-3 is projected to witness the highest growth rate in active ingredients of nutraceuticals followed by probiotics over the estimated period.

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By Downstream Analysis:
On the basis of type of the nutraceuticals, functional foods is dominating the market holding a global market share of 35.14%. However, dietary supplements is expected to grow substantially over the forecast period followed by functional beverages.

Potential application of vitamins and minerals as an active ingredient of nutraceutical have a positive impact on its market growth with the major market share of 47.40% in the year 2017. However, Omega-3 is likely to witness the highest growth rate followed by probiotics over the coming years.

Based on the distribution channel, store based distribution channel is dominating the market with a leading share of 74.49% in the year 2017. However, non-store based distribution channel are projected to witness higher growth rate over the forecast period.

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This release was published on openPR.