Global Nutraceuticals Market Size to Grow at a CAGR of 8.20% in the Forecast Period of 2023-2028
The report studies the latest updates in the market, along with their impact across the market. It also analyses the market demand, together with its price and demand indicators. The report also tracks the market on the bases of SWOT and Porter's Five Forces Models.
Nutraceuticals Market Size, Share, Trends, Industry Report, Key Player, Major Segments, and Forecast
The key highlights of the report include:
Market Overview (2018-2028)
• Historical Market Size (2022): Around USD 485.78 Billion
• Forecast CAGR (2023-2028): 8.20%
• Forecast Market Size (2028): Nearly USD 779.48 Billion
Nutraceutical products are general biological therapies employed to encourage and enhance general well-being and avert malignant developments. Nutraceutical term is a combination of the words "nutrient" that is a nourishing food element, and "pharmaceutical", which relates to a medical drug component.
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The role of the nutraceutical products in human nutrition is one of the most significant fields of investigation, with varying consequences for consumers, doctors, regulators, food manufacturers, and wholesalers.
These products may be categorised based on their natural sources, pharmacological conditions, and chemical constitution. Nutraceuticals are commonly classed into four groups including dietary supplements, functional food, medicinal food, and pharmaceuticals. Supplements is a product that comprises nutrients obtained from food items and is generally reduced into liquid, capsule powder, or pill form.
Nutraceuticals has been drawing considerable attention over the last many years owing to their possible nutritional, safety, and therapeutic impacts and this interest of the consumers is encouraging the nutraceuticals market to develop at a higher rate. These products may possibly support a variety of biological processes, involving cell proliferation, antioxidant defences, safeguarding of mitochondrial integrity, and gene expression.
Consequently, nutraceuticals can be utilised to boost health, inhibit chronic diseases, delay the ageing procedure, and as a result improve life expectancy, or simply strengthen the functions and reliability of the body. Besides, nutraceutical products are believed to be wholesome sources for restraining the life-threatening ailments like diabetes, renal and gastrointestinal conditions, and various infections. Therefore, the rising preference of customers towards living a healthy life is accelerating the consumption of nutraceutical products, resulting in the growth of the global nutraceuticals market.
In addition, a broad variety of nutraceuticals has displayed to enforce vital roles in resilient status and vulnerability to specific disease states. These products also demonstrate disease-controlling signs related to oxidative stress comprising allergies, Alzheimer's disease, cardiovascular diseases, cancer, eye conditions, Parkinson's diseases, and obesity.
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Nutraceuticals Industry Definition and Major Segments
Nutraceuticals can be defined as products that are obtained from food sources which are intended to offer additional health benefits along with generic nutritional value found in foods. Available in various types and forms, these products might appeal to avoid chronic diseases, enhance health, impede the ageing procedure, improve life expectancy, or just merely support the structure of the body.
Based on product type, the market can be segmented into:
• Functional Beverages
• Functional Food
• Dietary Supplements
On the basis of distribution channels, the market has been classified into:
• Hypermarkets and Supermarkets
• Speciality Stores
Based on forms, the market can be categorised into:
• Capsule and Tablets
On the basis of regions, the market is segmented into:
• North America
• Asia Pacific
• Latin America
• Middle East and Africa
Nutraceuticals Market Trends
The dietary supplements segment held the maximum share in the global nutraceuticals market. Vitamins, minerals, and protein are some of the dietary supplements that are most utilised nutraceuticals across the world. As a result of the health advantages, performance, and perceived wellness, there has been an increase in the interest of consumers in functional foods.
The demand for functional end-products like diary items, bakery and confectionery, snacks, cereals, fats and oils, meat, and baby food is increasing at a higher rate due to the ease of combining nutraceutical ingredients in these products.
Additionally, various reasons like low cost and easy accessibility (nutraceuticals is available over the counter and e-commerce sites) of the products has expanded the demand for dietary supplements worldwide, leading to the further progress of the nutraceuticals market. Also, the easy storage and consumption of nutraceuticals, their higher shelf-life and comfortable packaging are contributing to the soaring demand for nutraceuticals tablets and soft gels.
Based on region, North America is leading the nutraceuticals market primarily because of the existence of top manufacturers, high disposable income, and rising importance of physical appearance. In addition, Europe is expected to occupy a significant share of the nutraceuticals market, mainly supported by the anti-ageing issues among the elderly population. Such a market is primarily concentrated in France, Italy, Germany, the United Kingdom, and Spain. Besides, increasing pressure from the consumers along with the governing authorities in Europe, is also encouraging the demand for nutraceutical products. Likewise, the increasing obesity and related diseases as well as cardiovascular ailment are anticipated to further augment the demand for nutraceuticals.
Key Market Players
The major players in the nutraceuticals market report are
• General Mills Inc.
• Nestle SA
• Koninklijke DSM N.V.
• Innophos Holdings, Inc.
• W. R. Grace & C
The report covers the market shares, capacities, plant turnarounds, expansions, investments and mergers and acquisitions, among other latest developments of these market players.
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