Nutraceuticals Market

The Global Nutraceuticals Market is valued at USD 490.24 Billion in 2022 and is projected to reach a value of USD 955.52 Billion by 2030 at a CAGR of 8.70% over the forecast period.

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Nutraceuticals are often categorized into food but can also be used for various medicinal products. They are also referred to as bioceuticals made from food materials and extracts. A wide range of Nutraceuticals is available for numerous applications. A primary driver for the global Nutraceuticals market can be attributed to rising awareness regarding health benefits with the increased consumption of Nutraceuticals and nutraceutical supplements. Additionally, an increasing number of participants in sports on the national and international stage and growing urbanization will fuel the extended market growth during the forecast period.

Rising spending on healthcare supplements and the increasing prevalence of cardiovascular diseases such as obesity and heart-related disorders will increase the footprint of the Nutraceuticals market. Functional foods are among the richest sources of omega fatty acids, which often help maintain weight and control the body's blood circulation. Consumer awareness regarding the increased utilization of herbal products and supplements has surged during the past decade. Consumers are also avoiding chemical ingredients within their food products. The increasing availability of newer Nutraceuticals in jellies, gummies, and soft gels, will further widen the Nutraceuticals market during the forecast period.

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1. Rising Disposable Income to Supplement Growth: Increased per-capita income among consumers on a global scale is expected to widen the scope of the global Nutraceuticals market during the forecast period. Rising disposable income will prompt sales of Nutraceuticals and nutraceutical supplements to solidify their health.

2. Personalized Nutrition Market: The Nutraceuticals market is expected to witness an upscale in consumption due to an emerging trend of the personalized nutrition market in the upcoming years. A robust potential within this market, combined with evidence-based health benefits and clean-labeled traits, will increase the market's footprint.

3. Viable Market Opportunities: Increasing healthcare costs and the rising geriatric population worldwide will further assist the global Nutraceuticals market during the forecast period. The working population's changing lifestyle and innovations in the food industry will expand the market growth.

4. Effect of COVID-19 Pandemic: The United States is one of the leading innovators in adopting the latest trends in the Nutraceuticals market. The region is one of the leading consumers of preventive healthcare supplements. Multivitamins are one of the food sources that have become an integral part of the lifestyle within the region. This trend witnessed a surge in consumption and sales during the COVID-19 pandemic.

5. Increased Consumption of Functional Foods & Beverages: Increasing consumer interest is witnessed for functional foods & beverages owing to rising health benefits, improved performance, and a well-perceived view of better health. Additionally, the increased incorporation of nutraceutical ingredients in baking and confectionary products will further propel market growth.

6. Wider Competitive Scope for Nutraceuticals Market: The prominent market leaders are differentiating by creating a robust product portfolio and changing their delivery strategies. These companies have evolved beyond the tablets and pills forms and choose to include chewing gums, gummy bears, patches, lollipops, and quick-dissolving strips.

Market Segmentation

The global Nutraceuticals market can be categorized into the following segments: Products, Dietary Supplement Products, Functional Food Products, Functional Beverage Products, and Region. Based on Products, the market can be categorized into Dietary Supplements, Functional Food, and Functional Beverages. By Dietary Supplement Product outlook, the market can be segmented across Vitamins, Botanicals, Minerals, Proteins & Amino Acids, Fibers & Specialty Carbohydrates, Omega Fatty Acids, and Other Dietary Supplement Products. Regarding Functional Food Products outlook, the market can be fragmented across Carotenoids, Dietary Fibers, Fatty Acids, Minerals, Prebiotics & Probiotics, Vitamins, and Other Functional Food Products. The market can be segmented by Functional Beverages Product outlook into Energy Drinks, Sports Drinks, Functional Juices, and Other Functional Beverages Products. Likewise, based on region, the market is segmented into North America, Europe, Asia Pacific, Latin America, and Middle East & Africa.

Based on Product Outlook

Functional Foods to Exert its Dominance Owing to Technical Upgradation

The Functional Foods segment is expected to witness the largest market share during the forecast period owing to a rising progressive spirit in development. Additionally, the segment is expected to witness heavy technical upgradation. These factors will lead to an increase in the intake of Functional Foods. Functional foods contain a wide range of vitamins and minerals, which increase their viability. The sports drinks category will grow with the fastest growing CAGR owing to the rising spending category of millennials and their increasing willingness to pay for health products.

Based on Dietary Supplement Product Outlook

Vitamins to Register Largest Market Share while Dietary Fibers Grow with the Fastest Growing CAGR

The vitamins segment will register the largest revenue in terms of market share owing to its counterparts. A rising working population and rising energy demands from the millennial and the gen-Z population are expected to widen the segmental growth during the forecast period. Changing lifestyles in terms of pace and a growing inclination towards a sedentary lifestyle will increase the demand for these products, fuelling a surge in sales. Dietary fibers are expected to grow with the fastest growing CAGR during the forecast period owing to the increasing need for consuming fibrous components. These fibers are primarily integrated within breakfast-based meals.

Based on Functional Food Product Outlook

Prebiotics & Probiotics to Occupy Largest Market Share Owing to Rising Awareness Regarding Preventive Measures

Sales for prebiotics and probiotics products are expected to propel the growth of the global Nutraceuticals market during the forecast period. An ongoing trend of preventive healthcare measures witnessed a surge in many parts of the world due to the ongoing pandemic. The COVID-19 pandemic instills fears among a wider range of consumers of weakened immunity. This prompted a widening scope for the preventive healthcare market, fuelling the sales of prebiotics and probiotics supplements. The dietary fibers segment will grow with the fastest growing CAGR during the forecast period owing to various uses in sports and candy bars and increasing utilization in bakery and confectionery products.

Based on Functional Beverages Product Outlook

Sports Drinks to Reign Dominance During Forecast Owing to Rising Sports Athletes Population

The sports drinks segment is expected to contribute the maximum revenue compared to its counterpart during the forecast period. A budding sports sector is rising in terms of casual and professional players. An increasing number of sports athletes, along with widening infrastructure, will prompt the growth of the sports sector in developing economies, including China, India, Australia, South Korea, Germany, France, Spain, and Canada, among others. These factors will contribute to the sports energy segment. The energy drinks segment will grow with the fastest growing CAGR during the forecast period owing to rising demand for increased energy owing to a fast-paced lifestyle among millennials and the working population.

Based on Region

Asia Pacific to Witness a Surge in Nutraceuticals Owing to Growing Health Concerns

The region of Asia Pacific is expected to register the highest sales in the Nutraceuticals market during the forecast period. The region is home to numerous health concerns, a rising senior population, an increasing number of old aged people, and surging spending patterns on healthcare products. Additionally, changing lifestyles among most of the working population will widen the market scope. Companies in the region further possess a vast product portfolio along with supportive government regulations. These factors are expected to increase the footprint of the Nutraceuticals market in the Asia Pacific.

North America is expected to grow with the fastest growing CAGR during the forecast period owing to rising consumer inclination towards healthy dietary options. Vitamins and minerals are consumed regularly to maintain the human body's functioning within the region. These factors will enable healthy and sustainable market growth.

Competitive Landscape

Many international players characterize the prominent leaders in the Nutraceuticals market. Companies in the market are constantly engaging in mergers & acquisitions along with launching new products on a regular time basis. Acquisitions and mergers often facilitate expanding their product lines and improving their existing product qualities. New products are also expected to be launched in line with the ever-changing consumer demands.

The key players in the global Nutraceuticals market are Cargill Incorporated (U.S.), Archer Daniels Midland Company (U.S.), DuPont (U.S.), Nestle S.A. (Switzerland), Danone (France), Royal DSM N.V (Netherlands), General Mills (U.S.), Innophos (U.S.), WR Grace (U.S.), Amway Corporation (U.S.), AOR Canada (Canada), Arkopharma Laboratories S.A (France), Bactolac Pharmaceuticals Inc (New York), E.I.D Parry Ltd (India), Valensa International (U.S.), Matsun Nutrition (U.S.), Mead Johnson Nutrition Company (U.S.), Natrol Inc (U.S.), The Hain Celestial Group Inc (U.S.), Herbalife Ltd (U.S.) among others.

Recent Market Developments

· February 2021: TopGum Industries Ltd, an Israeli functional gummy supplement manufacturer, announced that they were expanding their operations in the U.S. by establishing a new subsidiary, TopGum, Inc. This expansion aims to expand their production capacity and marketing activities for functional gummy bears in North America and Europe.

· January 2021: Alpine Start, Inc., a manufacturer of premium instant coffee, announced launching their functional beverages, With Benefits, with the help of American public benefit company Kickstarter. The new product is expected to contain vitamins, minerals, and MCTs. They will be made using clean-label and natural ingredients focusing on immunity-boosting properties.

· September 2020: Nuliv Science announced they would launch their newly rebranded sports Nutraceuticals compounds, Senactiv. This compound is expected to provide ample opportunities for providing a dietary supplement to the sector.

Segmentation of the Global Nutraceuticals Market