Nutraceuticals Market

Global Nutraceuticals Market Size (2024 to 2032)

As per our analysis report, the global Nutraceuticals Market was worth USD 414.26 billion in 2023 and is expected to reach USD 849.04 billion by 2032 from USD 448.64 billion in 2024, growing at a compound annual growth rate (CAGR) of 8.30% during the forecast timeline.

The increasing demand for dietary supplement products for functional foods is expected to lead the market due to less use of genetically modified food and crops. Nutraceuticals are standardized food sources derived from food sources that further benefit the essential nutritional value found in food. They are derived from food sources that have additional health benefits along with the fundamental dietary value of foods. It can be considered a non-specific biological therapy used to promote safety, control symptoms, and avoid destructive processes. Nutraceuticals are products that provide additional health benefits and nutrition for the human body. It is made up of fortified nutrients such as taurine, CoQ10, omega-3, calcium, zinc, and antioxidants to improve consumer health. This nutrient helps prevent medical conditions like high blood pressure, diabetes, heart disease, and allergies.

Current Scenario of the Global Nutraceuticals Market

In general, nutraceuticals are used to promote the well-being that is obtained from plant or animal-based elements, which has huge medical benefits. These are helpful to control or prevent the symptoms of many diseases. Nutraceuticals can be considered a natural alternative in promoting healthcare. These are manufactured by concentrating biologically active components of food with a non-matrix food element. With the rapid adoption of advanced technologies, the prominence of the use of nutraceuticals has shifted to treat many chronic illnesses. The promising results in improving health by maintaining the human body's functioning are establishing an interest in research and development activities. The growing demand for nutraceuticals for various health benefits is ascribed to boost the market growth rate at a constant level. Healthcare providers suggest consuming dietary supplements to reduce the risk of cardiovascular diseases and lead a healthy lifestyle. Research studies claim that nutraceuticals can show positive results in slowing down the symptoms of Alzheimer’s disease. There is no accurate treatment for this disease where nutraceuticals can help in reducing the high-risk symptoms and promote the life expectancy of the patient. By 2050, 1 in 85 people will be diagnosed with Alzheimer’s disease, and the prominence of nutraceuticals is growing in every aspect globally.

MARKET DRIVERS

The growing awareness among consumers regarding health and wellness and the expansion of the dietary supplements industry is majorly driving the nutraceuticals market growth.

As the number of nutrition care professionals or service providers such as nutritionists and dietitians increases, awareness of nutraceutical products and dietary supplements also increases. In light of the increased application for the treatment of cardiovascular disease and malnutrition, a favorable prospect for medical nutrition appears to stimulate the growth of dietary supplements. Rising healthcare costs, coupled with an increase in the elderly population worldwide, are expected to support the growth of the global nutraceuticals market during the outlook period. As consumer interest in healthy foods has increased, the food and beverage market has recently blossomed, and the trend is expected to continue throughout the forecast period. The demand for functional foods is believed to provide excellent health benefits due to the nutrient content and is increasing. This is anticipated to promote the growth of the global nutraceutical market further.

As the demand for milk and meat has increased, animal feed manufacturers have added functional feed to animal feed. This is strengthening the nutraceuticals market. In addition to this, the high level of awareness among consumers in developed countries about the benefits of a nutritional diet and the growing demand for natural beauty products is helping the growth of the worldwide market. Consumers in developed countries have a high level of knowledge of the side effects of pharmaceuticals and are increasingly choosing healthier foods and dietary supplements derived from products derived from natural ingredients.

Positive consumer attitudes toward functional foods are accelerating target market growth due to the additional health and wellness benefits of these healthy food products. Expectations of an increase in the elderly population, rising healthcare costs, lifestyle changes, food innovation, and rising prices helped the overall growth of the functional food industry. The global nutraceuticals industry has witnessed significant advances in product innovation and portfolio expansion in recent years. State-owned companies are actively involved in launching strategies to gain a competitive advantage in the health food industry. In the short term, open market participants are foreseen to do the same. The integration of functional foods and personal care has benefited the nutraceuticals market with cosmetics due to its anti-aging properties. The increased risk of chronic diseases such as diabetes, high blood pressure, obesity, and cholesterol is expected to increase the demand for these nutraceuticals during the forecast period. Functional foods provide medicinal and health benefits and improve the nutritional value of foods. Expensive treatments have paved the way for nutraceuticals as an alternative to expensive drugs which are assumed to increase soon.

MARKET RESTRAINTS

The rise in the price of functional foods, in particular, limits consumption in underdeveloped countries. Functional food prices are generally higher than pharmaceuticals. The substantial difference between nutraceuticals and drug prices is forcing consumers to choose low-cost drugs. Low awareness of functional foods is another factor that challenges growth. A large population around the world has yet to realize the benefits of these nutraceuticals.

However, lack of standardization is one of the major factors hampering the growth rate of the nutraceuticals market. The disruptions in the supply chain of raw materials are likely to lower the production rate of the nutraceuticals. The manufacturing units need proper supply chain management, and the lack of this procedure in the food and beverage industry can merely impede the growth rate of the market. In addition, the rising prices of raw materials due to supply chain disruptions are impacting leveraging the prices of the final products, further limiting the market’s growth rate. Failure to manufacture dietary supplements in accordance with government standards can result in a negative impact on the growth rate of nutraceuticals. Few industries do not have support from the public or private sector through investments where the launch of local brand supplements without any appropriate approvals from the higher authorities can merely degrade the market’s growth rate. Local brands do face difficulty in ensuring the quality of their products due to cost factors. Small-scale industries do not usually have the investments to launch high-quality products, which is why the demand for nutraceuticals is hindering, especially in undeveloped countries.

REPORT COVERAGE

SEGMENTAL ANALYSIS

Global Nutraceuticals Market Analysis By Type

The Probiotics segment is leading with the dominant share of the nutraceuticals market with the growing demand to introduce new drugs in the pharmaceutical industry. Probiotics are vital in manufacturing supplements as they can improve the health of patients suffering from various chronic diseases. Probiotics are essential to improve the immune system and fight pathogens to restore the digestive system. Therefore, the rising prominence of maintaining good health and boosting the immune system through dietary supplements can drive the growth rate of the market. The plant extracts segment is likely to show up with huge growth opportunities during the forecast period.

Global Nutraceuticals Market Analysis By Form

The dry segment is ruling with the largest share of the market, whereas the liquid segment is attributed to holding the largest growth rate during the forecast period. The dry form of nutraceuticals has excellent properties in eliminating the possibility of spoilage and decomposition. The greater stability of the nutraceuticals with freeze-drying option can eventually gear up the growth rate of the nutraceuticals market. Also, enabling new research activities in manufacturing nutraceuticals can amplify the growth rate of the market. Liquid form is expected to grow at a steady pace throughout the forecast period. The liquid form of nutraceuticals can be taken using a dropper or small cups, which is more convenient than the dry form.

REGIONAL ANALYSIS

The Europe nutraceuticals market is likely to show up with the highest CAGR by the end of 2029. Growing disposable income in urban areas and a rising focus on health and wellness are major factors that will help the market grow in this region. Creating awareness of the use of nutraceuticals on a regular basis, especially through social media platforms, substantially promotes the market’s growth. Regular use of nutraceuticals can improve overall health, which can further reduce the risk of various life-threatening diseases like heart attacks, cancer, diabetes, and others. The lack of physical activities due to the adoption of sedentary lifestyle changes can lead to a number of people suffering from various diseases. Therefore, leading a healthy and balanced lifestyle in these modern days is subjected to lucrative growth opportunities in this region

The Asia-Pacific region became a crucial region in the global nutraceutical market in 2023 as consumer health issues increased and awareness of dietary supplements increased. In addition, the growth of the aging population, changes in spending patterns for medical devices, and changes in lifestyle have enhanced the growth of the functional food industry in the Asia Pacific region. The broad product portfolio and government regulations for useful food products are some of the factors that inhibit the growth of the nutraceuticals industry. However, as the trend to strengthen foods into functional foods increases, the need for nutraceuticals is also foreseen to create growth opportunities. The increasing awareness of China and India about nutritional strengthening is estimated to continue to be a factor in the growth of the functional food industry.

Furthermore, in terms of regulatory support to promote investment, the expansion of the retail market in countries such as China, Indonesia, Malaysia, and India is expected to lead the nutraceuticals market by increasing access to buyers during the forecast period. The consumption of dietary supplements in North America is expected to accelerate in the coming years as awareness of nutritional improvement increases among American and Canadian experts. Moreover, as concerns about the adverse effects associated with existing pharmaceutical drugs increase, the high adoption of medicinal herbs among people in the United States and Canada is deemed to expand the size of the nutraceutical industry during the projection period.

KEY PLAYERS IN THE GLOBAL NUTRACEUTICALS MARKET

Companies playing a significant role in the global Nutraceuticals Market include Archer Daniels Midland Company, Cargill, Incorporated, Royal DSM N.V, BASF SE, Nestle S.A, Groupe Danone S.A, E. I. du Pont de Nemours and Company, PepsiCo Inc, Aland (Jiangsu) Nutraceutical Co., Ltd, General Mills, Inc, Blytheco, Gamajet, Pharmachem Laboratories, Balchem Corp, Alpha Packaging, Aker BioMarine, Barrington Nutritionals, Premier Nutraceutical Pvt Ltd, Sydler India, Marlyn Nutraceuticals.

RECENT HAPPENINGS IN THE MARKET

• In May 2020, Kemon Industry (US) launched the new immunity-boosting Nutraceutical Ingredients products made by algae source beta-glucan ingredients and European Authorities permitted production.
• The global EPA AND DHA, as well as Omega-3 products, have increased revenue during the COVID-19 pandemic period. Also, the market growth is on a steady state because of mounting immunity-boosting products.
• In December 2017, Arla Foods and PT Indofood CBP SuksesMakmurTbk (Indonesia) will launch a new joint venture to expand Arla Foods' presence in the Indonesian market.
• In August 2018, ADM announced that it would add Onavita algae DHA powder to its line of Omega-3 product solutions. The new Omega-3 powder is part of ADM's portfolio of health and wellness ingredients, including probiotics, vitamins, plant extracts, and nourishing oils.
• In October 2018, Cargill launched Latitude, a plant-based, sustainable alternative omega-3 source for fish-feeding applications. Latitude reduces dependence on marine ingredients, including feed fish, and provides environmental degradation and guarantees for marine fish.

DETAILED SEGMENTATION OF THE GLOBAL NUTRACEUTICALS MARKET INCLUDED IN THIS REPORT

This research report on the global nutraceuticals market has been segmented and sub-segmented based on types, form, and region.

By Type

• Prebiotics
• Probiotics
• Protein
• Amino Acid
• Vitamins Omega-3 Fatty Acids
• Fibers
• Carbohydrates
• Phytochemicals
• Plant Extracts

By Form

• Dry
• Liquid

By Region

• North America
• Europe
• Asia-Pacific
• Latin America
• Middle East and Africa