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Nutraceuticals Market Report Size, Share, Research Factors And Forecast To 2033
Nutraceuticals Market
The Business Research Company offers in-depth market insights through Nutraceuticals Global Market Report 2024, providing businesses with a competitive advantage by thoroughly analyzing the market structure, including estimates for numerous segments and sub-segments.
Market Size And Growth Forecast:
The nutraceuticals market size has grown rapidly in recent years. It will grow from $415.47 billion in 2023 to $460.18 billion in 2024 at a compound annual growth rate (CAGR) of 10.8%. The growth in the historic period can be attributed to health consciousness, consumer education, regulatory support, scientific research, aging population.
The nutraceuticals market size is expected to see rapid growth in the next few years. It will grow to $696.13 billion in 2028 at a compound annual growth rate (CAGR) of 10.9%. The growth in the forecast period can be attributed to continue health consciousness, global economic trends, shift in dietary patterns, digital health and e-commerce, rise of personalized nutrition. Major trends in the forecast period include functional beverages, sports nutrition and performance, mental wellness solutions, immune system support, gut health focus.
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Market Segmentation:
The nutraceuticals market covered in this report is segmented -
1) By Type: Vitamins and Minerals, Probiotics, Proteins and Peptides, Omega Fatty Acids, Other Types
2) By Source: Plant, Animal, Microbial
3) By Application: Functional Food, Functional Beverages, Dietary Supplements, Personal Care, Animal Nutrition, Other Applications
4) By Product Forms: Capsules, Tablets, Softgels, Powder, Liquid, G*ummies
5) By Distribution Channel: Specialty Stores, Supermarkets/Hypermarkets, Convenience Stores, Drug Stores/Pharmacies, Online Retail Stores, Other Distribution Channels
Major Driver - Geriatric Population Surge Fuels Nutraceutical Market Growth By Addressing Health And Immunity Needs
The rise in the geriatric population is significantly contributing to the growth of the nutraceutical market. Nutraceuticals are products that can be taken by an individual along with a normal daily diet to get additional nutrients to promote good health and immunity. After a certain age, especially after 65 years or above, an individual requires additional nutrients to build immunity to fight against several diseases such as diabetes, cholesterol, blood pressure, and other age-related issues. Nutraceuticals are used as daily supplements to meet the daily requirements of nutrients. For instance, in October 2022, according to the World Health Organization, a US-based specialized health agency, globally, 1 in 6 individuals would be 60 or older by 2030 and is expected to reach 2.1 billion elderly people by 2050. Therefore, the rise in the geriatric population is driving the growth of the nutraceutical market.
Competitive Landscape:
Major companies operating in the nutraceuticals market report are Cargill Incorporated, Archer Daniels Midland Company, Nestle SA, BASF SE, PepsiCo Inc., Abbott Laboratories, Groupe Danone, Evonik Industries AG, General Mills Inc., Arla Foods amba, Kellogg Company, E. I. du Pont de Nemours and Company (DuPont), Ajinomoto Co Inc., Kerry Group plc, Royal DSM NV (Royal DSM), Amway Corporation, Ingredion Incorporated, Glanbia plc, Herbalife International of America Inc., Lesaffre, W. R. Grace & Co-Conn, Chr. Hansen Holding A/S, Innophos Holdings Inc., Nature's Sunshine Products Inc., Nutraceutical Corporation, NOW Foods, OmniActive Health Technologies, Bactolac Pharmaceutical Inc., ChromaDex, DSM Nutritional Products AG, Lonza Group AG, Tate & Lyle plc
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Top Trend - Companies Redefine The Nutraceutical Market With Next-Generation Solutions
Major companies operating in the nutraceutical market are focusing on developing next generation synbiotic solutions to address evolving consumer health needs. Next generation synbiotics solutions are advanced combinations of prebiotics and probiotics tailored to optimize gut health and overall well-being, offering synergistic benefits beyond traditional formulations. For instance, in January 2023, Evonik Industries AG, a Germany-based chemical company, introduced a novel category of nutraceuticals known as INVIVO BIOTICS, comprising synbiotics merging probiotics and other health-enhancing ingredients, built upon extensive scientific comprehension of human health and a profound grasp of the food ingredients and dietary supplements market. Evonik provides nutraceutical firms with a spectrum of INVIVO BIOTICS solutions, including butyrate-fostering intrinsic production, resolvin, and gluten tolerance formulations. Clients also gain from Evonik's unique market insights, aiding in swift consumer adoption through support in product positioning, consumer awareness, and packaging design.
The Table Of Content For The Market Report Include:
1. Executive Summary
2. Nutraceuticals Market Characteristics
3. Nutraceuticals Market Trends And Strategies
4. Nutraceuticals Market - Macro Economic Scenario
5. Nutraceuticals Market Size And Growth
…..
27. Nutraceuticals Market Competitor Landscape And Company Profiles
28. Key Mergers And Acquisitions
29. Future Outlook and Potential Analysis
30. Appendix
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