Global Nutraceuticals Market Size, Share, Growth Analysis, By Product Type(Functional food, unctional beverages), By Distribution Channel(Online channels, retail stores) - Industry Forecast 2024-2031

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).

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.