Nutraceutical Products Market Analysis, Key Company Profiles, Types, Applications and Forecast to 2032

Nutraceutical products are foods or fortified products that not only supplement the diet, but also help in treating or preventing the diseases. Nutraceutical products can be considered as nonspecific biological therapies used to promote general health, control symptoms, and prevent malignant processes. Nutraceuticals products help in restabilising a proper digestion, and absorption of minerals and vitamins to prevent their deficiency, detoxify cells, inhibit harmful biochemical reactions, facilitate the growth of beneficial microbiota, and excrete out. Nutraceuticals products offer antioxidant, anti-aging, and anti-cancerous properties, and enhance biochemical processes and structures.

The global market size of nutraceutical products is estimated at USD 454.55 billion in 2021 and is expected to grow at a compound annual growth rate (CAGR) of 9.0% from 2021-2030.

Nutraceutical products are also called medicated foods, designer foods, phytochemicals, functional foods. Nutraceutical products include foods fortified with probiotics, ionized salts, foods fortified with omega fatty acids, fruit and vegetable juices and beverages, dairy beverages, non-carbonated beverages, proteins and peptides, vitamins and minerals, herbs. Apart from that, major players emphasize the use of organic and non-GMO ingredients in the manufacture

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According to a report from the American National Standards Institute, the d. supplement market is large and growing rapidly. The global market, valued at US$133.1 billion in 2016, has grown tremendously and is expected to reach US$220 billion by 2021 and US$252 billion by 2025, with the largest contributor being the US, China and India. Sports supplements grew fastest (8.3%), followed by the natural remedy market (8%), herbal supplements (6.8%) and vitamins (4.6%).

Furthermore, increasing demand for nutraceutical products in nutritional supplements industry is primarily driving the market growth. An aging population and a focus on preventive healthcare solutions are increasing the demand for nutraceutical products. Technological innovations in the production of nutraceutical products are expected to create further opportunities in the market. Furthermore, increasing partnerships between major players leading to co-branding and co-marketing between raw material manufacturers and finished product suppliers are fuelling the growth of the market.

However, rising costs associated with fortified foods with healthier ingredients from natural sources hinder the market growth. Moreover, high cost of R&D activities and long pipelines to market are expected to restrain the market growth to some extent during the forecast period.

Source Insights
On the basis of products type, the nutraceutical products market has been further categorized into probiotics, proteins & amino acids, phytochemicals & plant extracts, fibers & specialty carbohydrates, omega-3 fatty acids, vitamins, prebiotics, carotenoids, minerals, and others (glucosamine, chondroitin, and polyols). Increasing trend of choosing high protein foods is expected to boost the market growth. Improvements in snack product quality, texture, nutritional value, and shelf life due to increased use of sources such as vitamins, minerals, proteins, dietary fiber, and fatty acids are driving the growth of the nutraceutical products market during the forecast period. According to the India Brand Equity Foundation, the Indian nutritional supplement market is expected to grow at a compound annual growth rate of 21%, reaching US$10 billion by 2022.

Type Insights
On the basis of type, the nutraceutical products market has been further categorized into food, beverage. Increasing demand for functional ingredients, including snack foods such as high-protein snack foods, dried nuts, grains, and bars, is primarily driving the market growth. Factors associated with food products, such as improved quality, texture, nutritional value, and shelf life, are expected to create potential demand during the forecast period. In various countries around the world, the number of people with metabolic disorders is increasing. According to the National Cholesterol Education Program and the International Diabetes Federation (IDF), more than 30% of the US population is estimated to have metabolic syndrome. This drives consumer preference, thereby driving market growth.

Distribution Channel Insights
On the basis of distribution channel, the nutraceutical products market has been further categorized into hypermarket & supermarket, convenience store, specialty retail store, online retail, and others. Conventional stores include wholesalers, grocery stores, warehouse clubs, and online retailers, and making products easily accessible to customers is a factor driving the growth of the segment. Moreover, these stores offer customers affordable products, which further fuels the growth of the segment.

Regional Insights
By region, the global nutraceutical products market is segmented into North America, Europe, Asia-Pacific, Central and South America, and the Middle East and Africa. Asia Pacific is expected to be the fastest growing regional market during the forecast period. The market is gaining momentum mainly due to population growth and increasing disposable income. Growing demand for ready-to-eat meals in emerging markets in the region is also supporting the growth of the market. Rapid urbanization, coupled with growing consumer awareness of nutritious and healthy products, is driving further demand in the regional market.

Asia Pacific is the leading regional segment, accounting for over 31% of revenue share and growing at a CAGR of 10.5%. Asia-Pacific is the fastest growing nutraceutical products market due to the increasing number of malnutrition-related diseases. The Asia-Pacific d. supplement industry is expected to be driven by rising consumer health concerns and increasing awareness of d. supplements. Factors such as broad product portfolio and government regulations on d. supplements are expected to restrain the market growth. However, in the next few years, the trend towards food fortification with d. supplements is expected to increase, creating great potential for entrants. Presence of numerous nutritional supplement manufacturers and ever-increasing demand for healthy takeaway food trends are expected to contribute to the growth of the market during the forecast period.

Key Companies Insights
Key players are focusing on technology collaborations, partnerships, mergers and acquisitions strategies to gain competitive advantage and expand product portfolios and business footprints. In addition, constant research and development bring innovative products to market. For example, in December 2020, Abbott introduced his new Pedialyte hydration solution. This product contains a variety of nutrients including probiotics, vitamin C, vitamin B12, vitamin E and zinc. Developed to support the consumer's immune system. Abbott expanded his Pedialyte product portfolio with new products and expanded his customer base.

Some of the key players operating in the global nutraceutical products market include:
• Ajinomoto CO. INC.
• Amway
• Archer Daniels Midland Company
• Arla Foods
• Associated British Foods plc
• Barilla Group
• BASF SE
• Cargill, Incorporated
• Chr. Hansen Holding A/S
• Conagra
• DuPont de Nemours, Inc.
• Fonterra Co-operative Group Limited
• Freedom Food Group Limited
• General Mills
• Glanbia PLC
• Ingredion Incorporated
• Kellogg's
• Kerry Inc.
• Koninklijke DSM N.V.
• Kraft Heinz Company
• Nestlé
• Pfizer Inc.
• Tate & Lyle PLC
• The Hain Celestial Group
• Other Players

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Segments
By Source
• Probiotics
• Proteins & amino acids
• Phytochemicals & plant extracts
• Fibers & Specialty carbohydrates
• Omega-3 fatty acids
• Vitamins
• Prebiotics
• Carotenoids
• Minerals
• Others (Glucosamine, chondroitin, and polyols)

By Type
• Food
o Snacks
o Confectionery products
o Bakery products
o Dairy products
o Infant products
o Others

• Beverages
o Health drinks
o Energy drinks
o Juices
o Others

• D. Supplements
o Tablets
o Liquid
o Powder
o Others (Soft gels and chewable products)

By Distribution Channel
• Hypermarket & Supermarket
• Convenience Store
• Specialty Retail Store
• Online Retail
• Others

By Geography
• North America
o U.S.
o Canada
o Mexico
• Europe
o U.K.
o Germany
o France
o Italy
o Spain
o Russia
• Asia-Pacific
o Japan
o China
o India
o Australia
o South Korea
o ASEAN
• Latin America
o Brazil
o Argentina
o Colombia
• MEA
o South Africa
o Saudi Arabia
o UAE
o Egypt

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