Global Nutraceuticals Market

Global Nutraceuticals Market Size, Share, Growth Analysis, By Product Type(Functional food, unctional beverages), By Distribution Channel(Online channels, retail stores) - Industry Forecast 2023-2030


Report ID: SQMIG35I2228 | Region: Global | Published Date: February, 2024 | Pages: 157 | Tables: 66 | Figures: 75

Global Nutraceuticals Market Insights

Nutraceuticals Market size was valued at USD 350.40 billion in 2021 and is poised to grow from USD 383.69 billion in 2022 to USD 793.03 billion by 2030, at a CAGR of 9.5% during the forecast period (2023-2030).

The global nutraceuticals market is a rapidly growing industry that is driven by the rising demand for functional foods and supplements that provide health benefits beyond basic nutrition. Nutraceuticals are products derived from food sources that offer additional health benefits, such as improving digestion, boosting immunity, and reducing the risk of chronic diseases. The purpose of the nutraceuticals market is to provide consumers with products that can improve their overall health and well-being, with a focus on natural and sustainable ingredients. This market is expected to continue to grow in the coming years, driven by the increasing awareness of the benefits of nutraceuticals, as well as advancements in research and technology. One of the key drivers of the market is the growing demand for functional foods and supplements. Consumers are becoming more health-conscious and are willing to pay a premium for products that offer additional health benefits. In addition, the aging population is also driving demand for nutraceuticals, as they look for ways to maintain their health and prevent age-related diseases. However, there are also some restraints that could impact the growth of the nutraceuticals market. One of the main challenges is the lack of regulations governing the production and labeling of nutraceuticals, which could lead to inconsistent quality and safety standards.

Additionally, the high cost of production and research and development can also be a hindrance to market growth. Despite these challenges, the market is expected to experience significant growth in the coming years, with key trends including the use of plant-based and sustainable ingredients, as well as the increasing popularity of personalized nutrition. There are also numerous opportunities in the market, such as the growing demand for nutraceuticals in developing countries, as well as the potential for partnerships and collaborations between manufacturers and healthcare providers.

US Nutraceuticals Market is poised to grow at a sustainable CAGR for the next forecast year.

Market snapshot - 2023-2030

Global Market Size

USD 350.40 billion

Largest Segment

Dietary supplements

Fastest Growth

Dietary supplements

Growth Rate

9.5% CAGR

Global Nutraceuticals Market 2022-2030 ($ Bn)
Country Share for North America Region- 2022 (%)
Global Nutraceuticals Market Size By Product Type 2022-2030 ($ Bn)
Global Nutraceuticals Market Size By Product Type 2022-2030 (%)

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Global Nutraceuticals Market Segmental Analysis

Global Nutraceuticals Market is segmented on the basis of product type, distribution channel, and region. By product type, the market is segmented into functional food, functional beverages, dietary supplements, personal care, and pharmaceuticals. By distribution channel, the market is segmented into online channels, retail stores, supermarkets/hypermarkets, and others. By region, the market is segmented into North America, Europe, Asia Pacific, Middle East and Africa, and Latin America.

Nutraceuticals Market Analysis By Product Type

The dietary supplements segment dominated the global market, which include vitamins, minerals, and herbal supplements. These supplements are widely used by consumers for various health benefits, including improving overall health and immunity, reducing the risk of chronic diseases, and enhancing athletic performance. The increasing demand for dietary supplements can be attributed to factors such as rising consumer awareness regarding preventive healthcare, the growing aging population, and the increasing prevalence of chronic diseases.

Functional food is the fastest-growing segment in the global nutraceuticals market, which includes food products fortified with vitamins, minerals, and other bioactive compounds. The growing interest of consumers in functional foods, owing to their health-promoting properties, is driving the growth of this segment. Functional foods are considered to be an alternative to conventional medicines, as they offer preventive and therapeutic benefits. Additionally, the increasing trend of clean-label and organic products is further boosting the demand for functional foods.

Nutraceuticals Market Analysis By Distribution Channel

Retail stores dominated the global nutraceuticals market. This is due to the easy accessibility of retail stores, particularly in developing economies where e-commerce is still in its nascent stage. Additionally, customers prefer to purchase nutraceutical products through retail stores, as it allows them to physically inspect the product before purchasing.

Online channel is the fastest growing segment. With the increasing penetration of the internet and smartphones, consumers are becoming more comfortable with making online purchases. Online channels offer the convenience of ordering products from home and often provide a wider variety of products to choose from. The COVID-19 pandemic has further accelerated the growth of online channels, as many consumers have turned to online shopping due to social distancing measures and lockdowns.

Global Nutraceuticals Market Size By Product Type 2022(%), 2021 (%)

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Global Nutraceuticals Market Regional Insights

North America has emerged as the dominant region in the global nutraceuticals market, accounting for a significant revenue share in 2021. The market growth is primarily attributed to the increasing health concerns among consumers, which has led to greater awareness and demand for nutraceuticals in the region. The rise in the aging population, changing lifestyles, and increased spending patterns on healthcare products have further fueled the growth of the nutraceutical industry in North America. However, the market growth is also hindered by factors such as a vast product portfolio and government regulations related to nutraceutical products. Nevertheless, the growing trend of food fortification with nutraceutical products is expected to provide a significant growth opportunity for the market in the region. In the United States, increasing healthcare costs, recent regulations on functional food, and increased research and development on functional food are the key factors that are driving the growth of the market. Poor dietary habits, long working hours, and sedentary lifestyles are contributing to poor health and associated healthcare costs, which account for approximately 14% of the gross national product (GNP) in the US economy. As a result, the US population is increasingly shifting towards preventive healthcare, leading to greater demand for dietary supplements and functional foods.

The Asia-Pacific region is the fastest-growing market in the global nutraceuticals industry. The market growth in the region is driven by several factors, including the rising health consciousness among consumers, increasing disposable incomes, and growing demand for functional foods and supplements. Additionally, the region's large and rapidly growing population, particularly in countries such as China and India, presents a significant growth opportunity for the nutraceuticals market. In recent years, there has been a growing trend towards natural and organic products in the Asia-Pacific region, which has further fueled the growth of the market. Consumers in the region are increasingly seeking products that are free from synthetic ingredients and harmful chemicals and are willing to pay a premium for products that are perceived to be healthier and more sustainable. Moreover, the increasing prevalence of chronic diseases such as obesity, diabetes, and cardiovascular diseases in the Asia-Pacific region is driving demand for nutraceutical products that can help prevent and manage these conditions. Governments in the region are also taking steps to promote healthy lifestyles and preventive healthcare, which is expected to further boost demand for nutraceutical products in the coming years.

Global Nutraceuticals Market Size By Geography, 2022-2030, 2023-2030
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  • Fastest

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Global Nutraceuticals Market Dynamics

Nutraceuticals Market Drivers

Growing health consciousness among consumers

  • The increasing awareness and concern for health and wellness among consumers is a significant driver of the global nutraceuticals market. Consumers are becoming more informed about the benefits of nutraceutical products in maintaining and improving their health, which is driving demand for such products. For example, the increasing demand for omega-3 fatty acid supplements is driven by the growing awareness of the health benefits of these supplements in reducing the risk of heart disease.

Rising aging population

  • The growing aging population worldwide is a major driver of the nutraceuticals market. With age, the body's ability to absorb essential nutrients decreases, making it more challenging to maintain optimal health. Nutraceutical products, including dietary supplements and functional foods, help meet the nutritional needs of the aging population, promoting healthy aging. For instance, the growing demand for calcium supplements is driven by the aging population's need to maintain bone health and prevent osteoporosis.

Nutraceuticals Market Restraints

Stringent regulatory environment

  • The nutraceuticals industry is highly regulated, with strict regulations governing the safety, efficacy, and labeling of these products. The regulatory environment can be a significant restraint on the growth of the market, as it can be challenging and costly for companies to comply with these regulations. For example, the EU's strict regulations on health claims for nutraceutical products have made it difficult for companies to launch new products in the region.

High product development costs

  • Developing new nutraceutical products can be a costly and time-consuming process. Companies need to invest in research and development to ensure the safety, efficacy, and quality of their products. The high costs of product development can be a significant restraint on the growth of the market, particularly for small and medium-sized companies. For instance, developing new probiotic strains requires extensive research and development, making it a costly process.

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Global Nutraceuticals Market Competitive Landscape

Global Nutraceuticals Market is highly competitive, with several key players operating in the industry. These companies are continually innovating and developing new products to maintain their market share and meet changing consumer needs. Some of the major players in the market are focused on developing new products, expanding their distribution channels, and engaging in strategic partnerships to maintain their market position and drive growth in the industry.

Nutraceuticals Market Top Player’s Company Profiles

  • Archer Daniels Midland Company (US)
  • DuPont de Nemours, Inc (US)
  • BASF SE (Germany)
  • Cargill, Inc. (US)
  • Royal DSM (Netherlands)
  • Ingredion Incorporated (US)
  • Lonza Group AG (Switzerland)
  • PepsiCo, Inc. (US)
  • Glanbia plc (Ireland)
  • Ajinomoto Co., Inc. (Japan)
  • Kerry Group plc (Ireland)
  • Suntory Holdings Limited (Japan)
  • ADM Protexin Limited (UK)
  • Groupe Danone SA (France)
  • Abbott Laboratories (US)
  • Yakult Honsha Co., Ltd. (Japan)
  • Nature's Sunshine Products, Inc. (US)

Nutraceuticals Market Recent Developments

  • In August 2022, Youtheory, a prominent brand in the dietary supplement industry, unveiled a new line of liquid dietary supplements after being acquired by Jamieson Wellness Inc. This new product line includes a combination of various ingredients, including B12B6, K2D3, and ashwagandha, which are available in both liquid and capsule forms. The launch of this new line of dietary supplements is a significant milestone for the brand, as it showcases its commitment to providing innovative and high-quality products to its customers.
  • In June 2022, Kellogg's Special K launched its new Protein Snack Bars, available in two flavors, Berry Vanilla, and Brownie Sundae. These bars provide 6 grams of protein and only 90 calories, making them a convenient and tasty on-the-go snack option.
  • In February 2022, Rockstar Energy, a brand owned by PepsiCo, introduced a new hemp-infused beverage in the U.S. market called "Rockstar Unplugged". The drink contains hemp seed oil, B vitamins, spearmint, and lemon balm, and is available in three flavors: blueberry, passionfruit, and raspberry cucumber. With only 80 mg of caffeine, the beverage has a lower caffeine content than most of Rockstar Energy's other drinks.

Global Nutraceuticals Key Market Trends

  • Rising demand for plant-based nutraceuticals: There is a growing trend towards plant-based and natural products in the nutraceuticals industry. Consumers are increasingly seeking products that are free from synthetic ingredients and are perceived to be healthier and more sustainable. Plant-based nutraceuticals, including herbal supplements and plant-based proteins, are gaining popularity, driven by the growing demand for vegan and vegetarian products.
  • Increasing popularity of personalized nutrition: Personalized nutrition, also known as nutrigenomics, is gaining popularity in the nutraceuticals industry. The concept of personalized nutrition involves using genetic information to tailor nutritional recommendations to an individual's specific needs. The increasing availability of genetic testing services and advances in technology are making personalized nutrition more accessible, and companies are developing personalized nutraceutical products to meet this growing demand. For example, Nestle Health Science launched a personalized vitamin subscription service, Persona, in the US, which offers tailored nutritional recommendations based on genetic and lifestyle factors.

Global Nutraceuticals Market SkyQuest Analysis

SkyQuest’s ABIRAW (Advanced Business Intelligence, Research & Analysis Wing) is our Business Information Services team that Collects, Collates, Co-relates, and Analyses the Data collected by means of Primary Exploratory Research backed by robust Secondary Desk research.

According to our Global Nutraceuticals Market analysis, the market is expected to grow significantly due to factors such as the increasing demand for functional food and dietary supplements, rising health concerns among consumers, and increasing awareness regarding preventive healthcare. The aging population and changing lifestyles are also contributing to the growth of the market. However, strict government regulations regarding the safety and efficacy of nutraceuticals products and the high cost of research and development may restrain market growth. The market is also witnessing trends such as the growing popularity of plant-based and vegan nutraceuticals products and the use of blockchain technology for supply chain management.

Report Metric Details
Market size value in 2021 USD 350.40 billion
Market size value in 2030 USD 793.03 billion
Growth Rate 9.5%
Base year 2021
Forecast period 2023-2030
Forecast Unit (Value) USD Billion
Segments covered
  • Product Type
    • Functional food, unctional beverages, dietary supplements, personal care, and pharmaceuticals
  • Distribution Channel
    • Online channels, retail stores, supermarkets/hypermarkets, and others
Regions covered North America (US, Canada), Europe (Germany, France, United Kingdom, Italy, Spain, Rest of Europe), Asia Pacific (China, India, Japan, Rest of Asia-Pacific), Latin America (Brazil, Rest of Latin America), Middle East & Africa (South Africa, GCC Countries, Rest of MEA)
Companies covered
  • Archer Daniels Midland Company (US)
  • DuPont de Nemours, Inc (US)
  • BASF SE (Germany)
  • Cargill, Inc. (US)
  • Royal DSM (Netherlands)
  • Ingredion Incorporated (US)
  • Lonza Group AG (Switzerland)
  • PepsiCo, Inc. (US)
  • Glanbia plc (Ireland)
  • Ajinomoto Co., Inc. (Japan)
  • Kerry Group plc (Ireland)
  • Suntory Holdings Limited (Japan)
  • ADM Protexin Limited (UK)
  • Groupe Danone SA (France)
  • Abbott Laboratories (US)
  • Yakult Honsha Co., Ltd. (Japan)
  • Nature's Sunshine Products, Inc. (US)
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Table Of Content

Executive Summary

Market overview

  • Exhibit: Executive Summary – Chart on Market Overview
  • Exhibit: Executive Summary – Data Table on Market Overview
  • Exhibit: Executive Summary – Chart on Global Nutraceuticals Market Characteristics
  • Exhibit: Executive Summary – Chart on Market by Geography
  • Exhibit: Executive Summary – Chart on Market Segmentation
  • Exhibit: Executive Summary – Chart on Incremental Growth
  • Exhibit: Executive Summary – Data Table on Incremental Growth
  • Exhibit: Executive Summary – Chart on Vendor Market Positioning

Parent Market Analysis

Market overview

Market size

  • Market Dynamics
    • Exhibit: Impact analysis of DROC, 2021
      • Drivers
      • Opportunities
      • Restraints
      • Challenges
  • SWOT Analysis

KEY MARKET INSIGHTS

  • Technology Analysis
    • (Exhibit: Data Table: Name of technology and details)
  • Pricing Analysis
    • (Exhibit: Data Table: Name of technology and pricing details)
  • Supply Chain Analysis
    • (Exhibit: Detailed Supply Chain Presentation)
  • Value Chain Analysis
    • (Exhibit: Detailed Value Chain Presentation)
  • Ecosystem Of the Market
    • Exhibit: Parent Market Ecosystem Market Analysis
    • Exhibit: Market Characteristics of Parent Market
  • IP Analysis
    • (Exhibit: Data Table: Name of product/technology, patents filed, inventor/company name, acquiring firm)
  • Trade Analysis
    • (Exhibit: Data Table: Import and Export data details)
  • Startup Analysis
    • (Exhibit: Data Table: Emerging startups details)
  • Raw Material Analysis
    • (Exhibit: Data Table: Mapping of key raw materials)
  • Innovation Matrix
    • (Exhibit: Positioning Matrix: Mapping of new and existing technologies)
  • Pipeline product Analysis
    • (Exhibit: Data Table: Name of companies and pipeline products, regional mapping)
  • Macroeconomic Indicators

COVID IMPACT

  • Introduction
  • Impact On Economy—scenario Assessment
    • Exhibit: Data on GDP - Year-over-year growth 2016-2022 (%)
  • Revised Market Size
    • Exhibit: Data Table on Global Nutraceuticals Market size and forecast 2021-2027 ($ million)
  • Impact Of COVID On Key Segments
    • Exhibit: Data Table on Segment Market size and forecast 2021-2027 ($ million)
  • COVID Strategies By Company
    • Exhibit: Analysis on key strategies adopted by companies

MARKET DYNAMICS & OUTLOOK

  • Market Dynamics
    • Exhibit: Impact analysis of DROC, 2021
      • Drivers
      • Opportunities
      • Restraints
      • Challenges
  • Regulatory Landscape
    • Exhibit: Data Table on regulation from different region
  • SWOT Analysis
  • Porters Analysis
    • Competitive rivalry
      • Exhibit: Competitive rivalry Impact of key factors, 2021
    • Threat of substitute products
      • Exhibit: Threat of Substitute Products Impact of key factors, 2021
    • Bargaining power of buyers
      • Exhibit: buyers bargaining power Impact of key factors, 2021
    • Threat of new entrants
      • Exhibit: Threat of new entrants Impact of key factors, 2021
    • Bargaining power of suppliers
      • Exhibit: Threat of suppliers bargaining power Impact of key factors, 2021
  • Skyquest special insights on future disruptions
    • Political Impact
    • Economic impact
    • Social Impact
    • Technical Impact
    • Environmental Impact
    • Legal Impact

Market Size by Region

  • Chart on Market share by geography 2021-2027 (%)
  • Data Table on Market share by geography 2021-2027(%)
  • North America
    • Chart on Market share by country 2021-2027 (%)
    • Data Table on Market share by country 2021-2027(%)
    • USA
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
    • Canada
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
  • Europe
    • Chart on Market share by country 2021-2027 (%)
    • Data Table on Market share by country 2021-2027(%)
    • Germany
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
    • Spain
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
    • France
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
    • UK
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
    • Rest of Europe
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
  • Asia Pacific
    • Chart on Market share by country 2021-2027 (%)
    • Data Table on Market share by country 2021-2027(%)
    • China
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
    • India
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
    • Japan
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
    • South Korea
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
    • Rest of Asia Pacific
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
  • Latin America
    • Chart on Market share by country 2021-2027 (%)
    • Data Table on Market share by country 2021-2027(%)
    • Brazil
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
    • Rest of South America
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
  • Middle East & Africa (MEA)
    • Chart on Market share by country 2021-2027 (%)
    • Data Table on Market share by country 2021-2027(%)
    • GCC Countries
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
    • South Africa
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
    • Rest of MEA
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)

KEY COMPANY PROFILES

  • Competitive Landscape
    • Total number of companies covered
      • Exhibit: companies covered in the report, 2021
    • Top companies market positioning
      • Exhibit: company positioning matrix, 2021
    • Top companies market Share
      • Exhibit: Pie chart analysis on company market share, 2021(%)

Methodology

For the Global Nutraceuticals Market, our research methodology involved a mixture of primary and secondary data sources. Key steps involved in the research process are listed below:

1. Information Procurement: This stage involved the procurement of Market data or related information via primary and secondary sources. The various secondary sources used included various company websites, annual reports, trade databases, and paid databases such as Hoover's, Bloomberg Business, Factiva, and Avention. Our team did 45 primary interactions Globally which included several stakeholders such as manufacturers, customers, key opinion leaders, etc. Overall, information procurement was one of the most extensive stages in our research process.

2. Information Analysis: This step involved triangulation of data through bottom-up and top-down approaches to estimate and validate the total size and future estimate of the Global Nutraceuticals Market.

3. Report Formulation: The final step entailed the placement of data points in appropriate Market spaces in an attempt to deduce viable conclusions.

4. Validation & Publishing: Validation is the most important step in the process. Validation & re-validation via an intricately designed process helped us finalize data points to be used for final calculations. The final Market estimates and forecasts were then aligned and sent to our panel of industry experts for validation of data. Once the validation was done the report was sent to our Quality Assurance team to ensure adherence to style guides, consistency & design.

Analyst Support

Customization Options

With the given market data, our dedicated team of analysts can offer you the following customization options are available for the Global Nutraceuticals Market:

Product Analysis: Product matrix, which offers a detailed comparison of the product portfolio of companies.

Regional Analysis: Further analysis of the Global Nutraceuticals Market for additional countries.

Competitive Analysis: Detailed analysis and profiling of additional Market players & comparative analysis of competitive products.

Go to Market Strategy: Find the high-growth channels to invest your marketing efforts and increase your customer base.

Innovation Mapping: Identify racial solutions and innovation, connected to deep ecosystems of innovators, start-ups, academics, and strategic partners.

Category Intelligence: Customized intelligence that is relevant to their supply Markets will enable them to make smarter sourcing decisions and improve their category management.

Public Company Transcript Analysis: To improve the investment performance by generating new alpha and making better-informed decisions.

Social Media Listening: To analyze the conversations and trends happening not just around your brand, but around your industry as a whole, and use those insights to make better Marketing decisions.

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FAQ's

Nutraceuticals Market size was valued at USD 350.40 billion in 2021 and is poised to grow from USD 383.69 billion in 2022 to USD 793.03 billion by 2030, at a CAGR of 9.5% during the forecast period (2023-2030).

Global Nutraceuticals Market is highly competitive, with several key players operating in the industry. These companies are continually innovating and developing new products to maintain their market share and meet changing consumer needs. Some of the major players in the market are focused on developing new products, expanding their distribution channels, and engaging in strategic partnerships to maintain their market position and drive growth in the industry. 'Amway Corporation (US)', 'Nestle Health Science (Switzerland)', 'Herbalife Nutrition Ltd (US)', 'Archer Daniels Midland Company (US)', 'DuPont de Nemours, Inc (US)', 'BASF SE (Germany)', 'Cargill, Inc. (US)', 'Royal DSM (Netherlands)', 'Ingredion Incorporated (US)', 'Lonza Group AG (Switzerland)', 'PepsiCo, Inc. (US)', 'Glanbia plc (Ireland)', 'Ajinomoto Co., Inc. (Japan)', 'Kerry Group plc (Ireland)', 'Suntory Holdings Limited (Japan)', 'ADM Protexin Limited (UK)', 'Groupe Danone SA (France)', 'Abbott Laboratories (US)', 'Yakult Honsha Co., Ltd. (Japan)', 'Nature's Sunshine Products, Inc. (US)'

The increasing awareness and concern for health and wellness among consumers is a significant driver of the global nutraceuticals market. Consumers are becoming more informed about the benefits of nutraceutical products in maintaining and improving their health, which is driving demand for such products. For example, the increasing demand for omega-3 fatty acid supplements is driven by the growing awareness of the health benefits of these supplements in reducing the risk of heart disease.

Rising demand for plant-based nutraceuticals: There is a growing trend towards plant-based and natural products in the nutraceuticals industry. Consumers are increasingly seeking products that are free from synthetic ingredients and are perceived to be healthier and more sustainable. Plant-based nutraceuticals, including herbal supplements and plant-based proteins, are gaining popularity, driven by the growing demand for vegan and vegetarian products.

North America has emerged as the dominant region in the global nutraceuticals market, accounting for a significant revenue share in 2021. The market growth is primarily attributed to the increasing health concerns among consumers, which has led to greater awareness and demand for nutraceuticals in the region. The rise in the aging population, changing lifestyles, and increased spending patterns on healthcare products have further fueled the growth of the nutraceutical industry in North America. However, the market growth is also hindered by factors such as a vast product portfolio and government regulations related to nutraceutical products. Nevertheless, the growing trend of food fortification with nutraceutical products is expected to provide a significant growth opportunity for the market in the region. In the United States, increasing healthcare costs, recent regulations on functional food, and increased research and development on functional food are the key factors that are driving the growth of the market. Poor dietary habits, long working hours, and sedentary lifestyles are contributing to poor health and associated healthcare costs, which account for approximately 14% of the gross national product (GNP) in the US economy. As a result, the US population is increasingly shifting towards preventive healthcare, leading to greater demand for dietary supplements and functional foods.

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Global Nutraceuticals Market

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