Nutraceutical Products Market Poised to Reach $691.87 Billion by 2030: Meticulous Research® Reveals

[Redding, California , 27-02-2024] - Meticulous Research®, a leading provider of comprehensive market intelligence, has unveiled its latest report titled "Nutraceutical Products Market by Type, Source, Distribution Channel-Global Forecast to 2030." The report forecasts a substantial growth trajectory for the global nutraceutical products market, with projections reaching $691.87 billion by 2030, demonstrating a robust CAGR of 7.8% from 2023 to 2030.

The proliferation of the nutraceutical products market is propelled by various factors, including the escalating demand for nutrition-enriched products, surging popularity of functional beverages, increasing geriatric population coupled with a rise in chronic diseases, and continuous innovations and product developments. However, the market growth is anticipated to face some restraint due to the high cost associated with nutraceutical products. Nonetheless, technological advancements in the sector and burgeoning investments and expansions in the functional food and beverages industry offer promising growth avenues for nutraceutical product manufacturers in the foreseeable future.

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Rising Demand for Nutrition-Enriched Products

In recent years, consumers have exhibited a growing inclination towards health-conscious lifestyles, leading to increased scrutiny of dietary habits. Many countries are undergoing a nutritional transition, grappling with the dual burden of nutritional deficiencies and health-related issues. In response, manufacturers and brands are developing and promoting nutrition-enriched products, offering clear labeling and transparent information about their nutritional content and health benefits.

Global awareness regarding health, nutrition, calorie reduction, and food safety has witnessed a significant uptick, transforming the food & beverage sector and propelling the nutraceutical products market. The World Health Organization (WHO) has highlighted the escalating incidence of chronic diseases and imbalanced diets, forecasting more than 50 million premature deaths globally by 2030 due to lifestyle-related diseases such as cardiovascular disease (CVD), cancer, and diabetes. Consequently, the demand for functional food is expected to surge, driven by factors such as obesity, the aging population, sedentary lifestyles, and heightened consumer interest in health and nutrition.

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Segmentation Insights and Geographical Outlook

The global nutraceutical products market is segmented by type into functional food, functional beverages, and dietary supplements. Notably, the functional beverages segment is poised to register the highest CAGR during the forecast period, fueled by increasing demand in emerging economies, rising popularity of sports drinks, and growing health expenditure.

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In terms of source, the vitamins segment is expected to dominate the market in 2023, attributed to the growing prevalence of vitamin deficiency cases among various demographics, coupled with increasing attention to health and disease prevention.

Geographically, North America is anticipated to hold the largest market share in 2023, driven by a well-established food & beverage industry, heightened health awareness, growing popularity of protein-based products among millennials, and advancements in nutrition and technology. However, Asia-Pacific is projected to witness the highest CAGR during the forecast period, propelled by rising demand for dietary supplements, increasing disposable incomes, rapid urbanization, and growing health wellness trends.

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Key Players and Report Scope

Leading players in the global nutraceutical products market include Abbott Laboratories, Amway Corporation, Danone S.A., Nestle S.A., The Coca Cola Company, and others.

The report provides a comprehensive assessment of the nutraceutical products market, covering segments such as type, source, distribution channel, and geography. Additionally, it offers insights into related market segments and geographical regions.

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This release was published on openPR.