Nutraceuticals Market Size, Trends, Share Analysis, And Outlook Report 2024 To 2033

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.

Market Overview -
The nutraceuticals are classified as food but are also used for medical purposes. Nutraceuticals are specially designed consumable products from various food sources that contain a high concentration of bioactive compounds that have several nutritional, health, and medicinal benefits. Nutraceutical products and supplements can be taken by an individual along with a normal daily diet to get additional nutrients to promote good health and wellbeing. Nutraceutical products are used to improve health, prevent chronic diseases, increase life expectancy, and support the physical and mental health of an individual. They are also proven to have a potentially positive effect on health conditions such as cardiovascular disease, hypertension, diabetes, inflammation, cancer, and others.

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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

Product Innovation Enhanced Health Solutions In The Nutraceutical Market
New product development is the key trend being followed by the companies operating in the nutraceutical market. This is due to the presence of many nutraceutical companies operating in the market and their desire to extend their growth in new areas to be a leader in the market. For instance, in December 2021, Nestlé Health Science, a Switzerland-based nutrition company, developed a product named Reducose with the use of the plant-based ingredient mulberry leaf extract powder as an artificial sweetener for prediabetic patients, which helps to maintain a normal blood glucose response. The Reducose by Nestle Health Science has been proven to have a positive effect on postprandial blood glucose levels by reducing them by 40%. It can be added to meals or drinks to sweeten them without altering the original taste and texture of the food.

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Key Segments -

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
5) By Distribution Channel: Specialty Stores, Supermarkets/Hypermarkets, Convenience Stores, Drug Stores/Pharmacies, Online Retail Stores, Other Distribution Channels

Key highlights covered in the report -
1. Detailed market size forecast and historical data analysis
2. Key drivers influencing market growth
3. Identification of upcoming trends and potential opportunities in the market
4. Analysis of major players strategies, to understand competitive dynamics and market positioning
5. Evaluation of regional dynamics

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