Nutraceuticals Market
Number of pages: 100 | Report Format: PDF | Published date: March 20, 2023
Historical Years – 2021 | Base Year – 2022 | Forecasted Years – 2023-2031
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Report Attribute |
Details |
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Market Size Value in 2022 |
US$ 388.0 billion |
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Revenue Forecast in 2031 |
US$ 689.3 billion |
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Growth Rate |
7.6% |
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Base Year for Estimation |
2022 |
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Forecast Period |
2023-2031 |
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Historical Year |
2021 |
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Segments Covered |
Type, Distribution Channel, and Region |
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Regional Scope |
North America, Europe, Asia Pacific, Latin America, and the Middle East & Africa |
According to the deep-dive market assessment study by Growth Plus Reports, the global nutraceuticals market was valued at US$ 388.0 billion in 2022 and is expected to register a revenue CAGR of 7.6% to reach US$ 689.3 billion by 2031.
Nutraceuticals Market Fundamentals
Nutraceuticals are food-derived products that give health benefits in addition to the basic nutritional content of the meal. Nutraceuticals are generally promoted as dietary supplements and come as pills, capsules, tablets, powders, or liquids. Nutraceuticals vary from pharmaceuticals in that they are not closely controlled by the Food and Drug Administration (FDA) and are not meant to treat, diagnose, or cure diseases. Nutraceuticals are designed to give various health advantages, including lowering the risk of certain conditions, enhancing general health and well-being, and supporting certain biological processes.
Nutraceuticals are becoming increasingly popular as people seek natural, non-pharmaceutical ways to enhance their health and prevent disease. Nutraceuticals contain vitamins, minerals, antioxidants, and other bioactive components that can improve general health and well-being. Omega-3 fatty acids and probiotics are the most effective nutraceuticals. Vitamin C, vitamin E, and beta-carotene in nutraceuticals act as antioxidants that help neutralize harmful free radicals in the body by reducing oxidative stress. These nutrients help improve the function of immune cells. Adaptogens are naturally occurring chemicals that assist the body in adapting to stress. They have been discovered to affect the immune system by modulating the levels of stress hormones, such as cortisol, which, when present in large concentrations, can decrease immunological activity. Several nutraceuticals have been demonstrated to assist in preventing or managing chronic diseases, such as heart disease, diabetes, and cancer.
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Nutraceuticals Market Dynamics
The increased adoption of nutraceuticals primarily drives the global nutraceuticals market. Consumers are increasing the adoption of nutraceuticals to boost their defense mechanisms, physical stamina, and overall health. Customers actively pursue items such as plant-based vitamins and minerals, which are believed to increase an individual’s intrinsic ability to fight disease and infection. There is also an increase in clean protein consumption as more individuals become aware of its value in daily diet for energy and weight control.
Plant-based nutraceuticals are becoming increasingly popular due to a rise in consumer interest in organic products. Clean and plant-based supplements are fully natural and free of dangerous ingredients, making them suitable for daily and long-term use. As a result, consumers are more likely to use plant-based nutraceuticals, free from additives, preservatives, and artificial agents. These newly developed nutraceuticals meet the body’s essential nutritional responsibilities by boosting immunity and benefiting gut health.
Nutraceuticals are becoming more popular because of the COVID-19 pandemic and a growing awareness that gut health is directly related to immune system function. Many nutraceuticals for gut health focus solely on probiotics, but more individuals are now taking prebiotics to promote friendly bacteria and enhance the immune system. Postbiotics, which are helpful substances generated by beneficial bacteria, are also used by businesses.
The global nutraceuticals market is also growing with the increased awareness about the benefits of nutraceuticals for women in menopause. The advantage of nutraceuticals in menopause is based on their capacity to ease common symptoms, enhance general health, and lower the risk of certain medical conditions usually linked with menopause. Nutraceuticals can be used instead of hormone replacement therapy to treat symptoms such as hot flashes, night sweats, mood swings, sleep difficulties, and bone loss. Nutraceuticals high in phytoestrogens, antioxidants, and critical minerals can help women in menopause to transition more smoothly and enhance their general quality of life.
However, the nutraceuticals market is not as tightly regulated as traditional pharmaceuticals, leading to quality, safety, and efficacy inconsistencies. Additionally, nutraceuticals can be expensive, making them unaffordable for many people or making consumers opt for unproven, low-quality alternatives.
Nutraceuticals Market Ecosystem
The global nutraceuticals market is analyzed from three perspectives: type, distribution channel, and region.
Nutraceuticals Market by Type
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Based on the type, the global nutraceuticals market is segmented into dietary supplements, functional foods & beverages.
The functional foods & beverages segment has dominated the global nutraceuticals market. The functional foods and beverages segment is sub-segmented into carotenoids, dietary fibers, fatty acids, minerals, prebiotics & probiotics, vitamins, and others. Functional foods and beverages that contain nutraceuticals offer several health benefits, such as improved digestion, enhanced immune function, and reduced risk of chronic diseases. Additionally, they provide a convenient way to incorporate essential nutrients into the daily diet without needing supplements or medication.
The dietary supplements segment is anticipated to show lucrative growth in the forecast years. The dietary supplement segment is sub-segmented into vitamins, proteins & amino acids, botanicals, minerals, fibers & specialty carbohydrates, omega fatty acids, and others. Nutraceuticals in dietary supplements offer several advantages, including improved absorption and bioavailability of nutrients, convenience, and targeted delivery of specific nutrients to address individual health needs. Additionally, dietary supplements can be cost-effective for a healthy diet and lifestyle.
Nutraceuticals Market by Distribution Channel
Based on the distribution channel, the global nutraceuticals market is segmented into conventional stores, specialty stores, and online retailers.
The conventional stores segment accounted majority of market revenue share in 2022. Nutraceuticals from conventional stores offer several advantages, including convenience and accessibility. They are readily available in most grocery stores and pharmacies, making it easy for consumers to incorporate them into their daily routines.
The online store segment is expected to grow higher in the forecast years. Online stores offer a wide range of nutraceutical products that are not easily available in physical stores. Additionally, purchasing nutraceuticals online can save time and money as they often provide home delivery and competitive prices.
Specialty stores offer a wider range of nutraceuticals not commonly found in regular stores, allowing for more personalized and targeted supplementation. Additionally, these stores often have experienced staff who can guide them in selecting the most effective nutraceuticals for specific health concerns.
Nutraceuticals Market by Region
Based on the region, the global nutraceuticals market is segmented into North America, Europe, Asia Pacific, Latin America, and the Middle East & Africa.
North America dominated the nutraceuticals market with the largest revenue share. Some current trends for nutraceuticals in North America include a focus on natural and organic ingredients, increased interest in plant-based supplements, and growth in demand for personalized nutrition solutions. Additionally, there is a growing awareness of the potential health benefits of nutraceuticals, leading to increased consumer demand for these products.
Many top players in the region characterize the Europe nutraceuticals market. Nutraceuticals are gaining popularity in Europe owing to their potential nutritional and therapeutic benefits. They are used to prevent chronic diseases, such as cancer, diabetes, allergies, Alzheimer’s, cardiovascular, ocular, immunological, inflammatory, and Parkinson’s disorders, as well as obesity. Nutraceuticals are also an alternate treatment for arthritic illness and Alzheimer’s disease pathological symptoms.
Over the forecast period, Asia Pacific is predicted to be the fastest-growing region in the nutraceuticals market. This growth can be attributed to the increased demand for nutraceuticals, such as functional foods and beverages, in the region. People in the region are increasing adoption of dietary supplements to improve their overall health. Due to the higher percentage of older adults in countries like China and Japan, functional foods and nutritional supplements with therapeutic advantages are increasingly consumed.
Nutraceuticals Market Competitive Landscape
The prominent companies with the largest revenue share in the global nutraceuticals market are:
Nutraceuticals Market Strategic Developments
The global nutraceuticals market is expected to grow at a revenue CAGR of 7.6% during the forecast period.
Nestle S.A., Arkopharma Laboratories S.A., Bactolac Pharmaceuticals, Inc., and E.I.D Parry Ltd. are among the key players in the global nutraceuticals market.
The functional foods & beverages segment accounts for the largest revenue share in the global nutraceuticals market.
Asia Pacific is expected to observe the highest revenue growth in the global nutraceuticals market during the forecast period.
Nutraceuticals are becoming increasingly popular due to the increase in consumer interest in organic products and the rise in awareness of nutraceuticals after the COVID-19 pandemic.
*Insights on financial performance are subject to the availability of information in the public domain