USD 383.69 billion
Report ID:
SQMIG35I2228 |
Region:
Global |
Published Date: March, 2024
Pages:
219
|
Tables:
66 |
Figures:
75
Global Nutraceuticals Market size was valued at USD 383.69 billion in 2022 and is poised to grow from USD 420.14 billion in 2023 to USD 868.38 billion by 2031, growing at a CAGR of 9.50% during the forecast period (2024-2031).
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.
Global Market Size
USD 383.69 billion
Largest Segment
Dietary supplements
Fastest Growth
Dietary supplements
Growth Rate
9.50% CAGR
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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.
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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.
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Nutraceuticals Market Drivers
Growing health consciousness among consumers
Rising aging population
Nutraceuticals Market Restraints
Stringent regulatory environment
High product development costs
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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
Nutraceuticals Market Recent Developments
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 2023 | USD 383.69 billion |
Market size value in 2031 | USD 868.38 billion |
Growth Rate | 9.50% |
Forecast period | 2024-2031 |
Forecast Unit (Value) | USD Billion |
Segments covered |
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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 |
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Customization scope | Free report customization with purchase. Customization includes:-
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Executive Summary
Market overview
Parent Market Analysis
Market overview
Market size
KEY MARKET INSIGHTS
COVID IMPACT
MARKET DYNAMICS & OUTLOOK
Market Size by Region
KEY COMPANY PROFILES
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.
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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.
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Product ID: SQMIG35I2228