Nutraceutical & Vaccine Market Size, Share, Growth Analysis, By Type(Nutraceutical and Vaccine), By End-User(Adult and Children) - Industry Forecast 2024-2031

Global Nutraceutical & Vaccine Market size was valued at USD 53.01 billion in 2022 and is poised to grow from USD 57.04 billion in 2023 to USD 102.49 billion by 2031, growing at a CAGR of 7.60% during the forecast period (2024-2031).

The global nutraceutical and vaccine market has witnessed significant growth in recent years. Nutraceuticals, which encompass functional foods, dietary supplements, and herbal products, are gaining popularity due to their potential health benefits and preventive properties. Rising consumer awareness regarding the importance of nutrition and wellness has fueled the demand for nutraceutical products. On the other hand, the vaccine market has experienced a surge in demand, driven by increased emphasis on disease prevention, advancements in vaccine technology, and expanding immunization programs worldwide. Governments worldwide are committed to ensuring universal access to immunization, regardless of social or economic status. In May 2012, the World Health Organization (WHO) introduced the 'Global Vaccine Action Plan (GVAP),' which received authorization from 194 member states of the World Health Assembly. This plan focuses on strengthening routine immunization to prevent the spread of communicable diseases. Regular assessments are conducted to evaluate progress in meeting national vaccination coverage goals. The involvement of government and non-governmental organizations has become increasingly important in this field, providing a significant boost to the sector. UNICEF and the WHO have published guidelines, such as the comprehensive Multi-Year Plan (cMYP), which aims to ensure equal access to vaccination and increase stakeholder participation. Financial strategies are developed to assess program costs and enhance accountability. The global immunization coverage has steadily increased, leading to a thriving market. In 2014, 115 million infants worldwide received the Diphtheria, Pertussis, and Tetanus (DPT3) vaccine, with approximately 129 countries achieving nearly 90% vaccination coverage for DPT3. Nutraceuticals are products that offer additional nutrition and health benefits to the body. They include fortified nutrients like taurine, CoQ10, omega-3, calcium, zinc, and antioxidants, which contribute to overall well-being. Nutraceuticals are known to prevent various medical conditions, including hypertension, diabetes, heart diseases, and allergies. As consumers increasingly prioritize their health and well-being, the demand for nutraceuticals is rising globally. Consumers believe that proper nutrition can reduce healthcare expenses and social security costs, thereby benefiting governments and promoting a healthier population.