Nutraceuticals Market Size was predicted at USD 250.58 billion in 2023. The nutraceuticals industry is projected to grow from USD 257.01 billion in 2024 to USD 504.22 billion by 2032, showing a 8.79% compound annual growth rate (CAGR) throughout the predicted period (2024 - 2032). The growing demand for functional foods and dietary supplements is the key market driver enhancing market growth. As seen by its expanding use in treating cardiovascular disease and malnutrition, a positive view toward medical nutrition is anticipated to fuel the expansion of dietary supplements.
Source: Secondary Research, Primary Research, MRFR Database and Analyst Review
The growing geriatric population is contributing considerably to the growth of the market. After a certain age, particularly after age 65, a human requires additional nutrients to build immunity to fight various ailments such as diabetes, cholesterol, blood pressure, and other age-related concerns. Nutraceuticals are used as daily supplements to meet nutrient requirements. According to United Nations, in 2020, around 727 million persons worldwide were 65 or older, which is predicted to increase to approximately 1.5 billion by 2050. As a result, the growing geriatric population propels the nutraceuticals industry forward. The expanding geriatric population base industry is another factor driving the nutraceuticals industry revenue.
Figure1: Proportion of selected age groups of the world population and in regions in 2022
Source: Secondary Research, Primary Research, MRFR Database and Analyst Review
The expansion of healthcare options, lower death rates, and consumer willingness to spend on health and well-being have increased the regional population. As per the International Food Information Council research, approximately two-thirds of U.S. adults consider healthfulness when purchasing food and beverages. During the pandemic, awareness of its importance in aiding immune and physical health has grown rapidly, which will benefit the market of nutraceuticals growth in the next years. Therefore, the trend of functional food has enhanced the market CAGR in recent years.
The nutraceuticals market segmentation, based on type, includes vitamins & minerals, probiotics, proteins & peptides, omega fatty acids, and others. In 2021, probiotics dominated the market. The growing consumer preference pushes the sector for preventative healthcare and the discovery of effective probiotic strains. Probiotics are important in preventive healthcare since they improve the immune system and help prevent disease. As a result, increased awareness about preventive healthcare will likely drive market growth throughout the forecast period. Additionally, the vitamins and minerals sector witnessed significant growth in the nutraceuticals industry revenue. The segment is expected to be driven by increased demand for vitamins in daily diets and a growth in the number of health-conscious clients.
However, in 2021, the plant-based protein was the fastest-growing segment. The growing popularity of veganism is mostly driving this segment. Rising consumer interest in healthy products and food safety is expected to boost sector growth. Plant-based diets are regarded to be safer and healthier than animal-based ones.
September 2020: ADM (US) introduced Prolite MeatTEX and Prolite MeatXT, a line of textured and non-textured wheat proteins that improve the texture and density of meat replacements. With the introduction of this product, ADM completed its portfolio of textured soy, wheat, and pea proteins. This creation has further broadened the growth opportunity for the nutraceuticals industry.
The nutraceuticals market data has been bifurcated by surgery into capsules, tablets & soft gels, powder, and liquid & gummies. As the tablet form of vitamins is frequently eaten by adults worldwide, the tablets segment led the market and accounted for more than 39.0% of revenue in 2021. Although the tablet's natural coating improves dissolving, other factors, such as efficacy and quality, influence absorption. Hence, rising applications of tablets positively impact market growth.
Figure 2: Nutraceuticals Market, by Form, 2021& 2030 (USD Billion)
Source: Secondary Research, Primary Research, MRFR Database and Analyst Review
The second fastest-growing segment in the nutraceuticals industry is the liquid form. The liquid form makes creating blends easier, increasing usage in yogurt, smoothies, and other energy beverages.
The nutraceuticals market segmentation, based on distribution channels, includes store-based and non-store-based. The non-store-based sector dominated the market during the forecast period. The online retail marketplace has become a digital platform for customers and merchants. Several elements, including cheap product costs, discounts, shopping ease, free shipping, and a large product range, are expected to sustain the non-store-based segment's consistent expansion. However, the store-based sector experienced considerable growth in 2021. This is due to factors such as retailers becoming significant distributors of the product due to increased consumer dependency on purchasing various food products and healthful foods and beverages.
Further, the major countries studied in the market report are The U.S, Canada, Germany, France, UK, Italy, Spain, China, Japan, India, Australia, South Korea, and Brazil.
Figure 3: NUTRACEUTICALS MARKET SHARE BY REGION 2021 (%)
Source: Secondary Research, Primary Research, MRFR Database and Analyst Review
Europe's nutraceuticals market accounts for the second-largest market share. Older consumers' concerns about aging fuel the market in Europe. During the projection period, the nutraceuticals industry is driven by the rise in obesity, cardiovascular disease, and obesity. According to the data unveiled at a press conference on May 2021 and presented at the European Congress on Obesity, nearly one in three youngsters in the European Region (29% of boys and 27% of girls) and 59% of adults are overweight or obese. Further, the German nutraceuticals held the largest market share, and the UK nutraceuticals industry was the fastest-growing market in the European region.
Asia Pacific’s nutraceuticals market is predicted to have significant market growth. The expansion of the regional market has been aided by the rising popularity of functional foods and drinks in several Asia Pacific nations. For instance, the China Food Information Center (CFIC) released a poll report in June 2020, finding that 70% of Chinese people agreed that probiotics provide health advantages. Moreover, China's nutraceuticals industry held the largest market share, and the Indian nutraceuticals was the fastest-growing market in the Asia-Pacific region.
The market will expand as major market players make significant R&D investments to diversify their product portfolios. Market participants take part in several strategic initiatives to improve their positions in addition to significant market developments such as new product releases, contractual agreements, mergers and acquisitions, greater investments, and collaboration with other organizations. The competitors in the nutraceuticals industry must set competitive prices for their goods if they hope to grow and succeed in a field that is becoming more cutthroat.
Local production to cut operating costs is one of the main business methods utilized by the nutraceuticals industry to serve customers and expand the market sector. The nutraceuticals industry has recently enabled some of the most significant medical advancements. Nutraceutical’s market major players, such as GlaxoSmithKline Plc, Glanbia Plc, Perrigo Company Plc, and Daflorn Ltd, are investing in R&D activities to boost demand.
Alpine Start Foods is a high-quality instant coffee brand for everyday excursions. It was inspired by a desire to create a great-tasting, cheap cup of coffee that could be prepared anywhere. By providing a creative answer to an old problem, the brand has swiftly obtained national distribution in important grocery and sports goods retailers such as REI, HEB, and Whole Foods. For instance, in January 2021, Alpine Start, a Boulder-based maker of premium instant coffee, announced its second Kickstarter campaign for functional beverages dubbed 'With Benefits.' Alpine Start worked with professional Mount Everest climbers Adrian Ballinger and Cory Richards to help design the company's newest range of instant beverages packed with vitamins, adaptogens, and MCTs.
NuLiv Science USA has deliberately obtained, researched, and produced a proprietary ingredient portfolio in the nutraceuticals business. Their objective is to serve as the recognized leader in creating evidence-based health therapy interventions and a commercial platform that promotes the nutraceutical market between the East and the West. For instance, in September 2020, Nuliv Science announced the release of Senactiv. This newly rebranded sports nutraceuticals ingredient stimulates muscle energy and regeneration, providing numerous potentials for dietary supplement producers to develop novel solutions.
Nutraceuticals Industry Development
June 2022: Kellogg's Special K has introduced new Protein Snack Bars with 6 grams of protein and 90 calories. The new 90-calorie Special K Protein Snack Bars, with 6 grams of protein and two exquisite flavors, sweet Berry Vanilla and rich chocolaty Brownie Sundae, provide a simple on-the-go protein pick-me-up without sacrificing excellent taste. Special K Protein Snack Bars are sold in grocery stores around the country for USD 4.29 for a five-count package.
February 2022: PepsiCo's Rockstar Energy brand introduced a hemp-infused drink in the United States. The "Rockstar Unplugged" energy drink contains hemp seed oil, B vitamins, spearmint, and lemon balm. The caffeine amount of the beverage is only 80 mg, which is much lower than the caffeine concentration of other Rockstar Energy drinks. The hemp-infused drink will be offered in three flavors: blueberry, passionfruit, and raspberry cucumber, and it will include no sugar or calories.
| Report Attribute/Metric | Details |
| Market Size 2023 | USD 250.58 billion |
| Market Size 2024 | USD 257.01 billion |
| Market Size 2032 | USD 504.22 billion |
| Compound Annual Growth Rate (CAGR) | 8.79% (2024-2032) |
| Base Year | 2023 |
| Market Forecast Period | 2024-2032 |
| Historical Data | 2019 & 2021 |
| Market Forecast Units | Value (USD Billion) |
| Report Coverage | Revenue Forecast, Market Competitive Landscape, Growth Factors, and Trends |
| Segments Covered | Type, Source, Form and Distribution Channel |
| Geographies Covered | Europe, North America, Asia Pacific, and the Rest of the World |
| Countries Covered | The U.S, Canada, Germany, France, UK, Italy, Spain, China, Japan, India, Australia, South Korea, and Brazil |
| Key Companies Profiled | GlaxoSmithKline Plc, Glanbia Plc, Perrigo Company Plc, and Daflorn Ltd. |
| Key Market Opportunities | Expansion of the organized retail sector in emerging economies |
| Key Market Dynamics | Rise in obesity among people The rise in medical services costs |
Nutraceuticals Market Highlights:
Frequently Asked Questions (FAQ) :
The size of the market for nutraceuticals size was estimated at USD 250.58 billion in 2023.
The market is expected to expand at a CAGR of 8.79% during the forecast period 2024-2032.
The largest portion of the market was in North America.
The key players in the market are GlaxoSmithKline Plc, Glanbia Plc, Perrigo Company Plc, and Daflorn Ltd.
The probiotics category dominated the market in 2023.
An animal-based source had the largest share of the market.
Research Analyst Level II I have about two years of experience working in the consumer goods and retail industries and i am a biotech graduate.a tech-savvy analytically focused professional with a strong capabilities in identification, concept generation, and strategy evaluation. i can produce data-driven solutions while fusing unusual viewpoints with original concepts. i have been extensively working on business case studies, competitive & comparative analyses, and strategic reports. my primary areas of experience include client management, financial analysis, supply chain evaluation, market entry strategy evaluation, and estimating and forecasting market size.
Get in Touch
© 2024 Market Research Future ® (Part of WantStats Reasearch And Media Pvt. Ltd.)
