Nutraceuticals Market Size is Expanding Around US$ 1025 BN by 2030

The Nutraceuticals Market was valued at US$ 498.86 billion in 2021 and is anticipated to reach US$ 1025 billion by 2030, growing at an estimated CAGR of 8.33% from 2022 to 2030.

Nutraceutical is a broad term used to describe any product obtained from food sources that offer additional health benefits over and above the fundamental nutritional value included in foods. Nutraceuticals are non-specific biological treatments intended to improve overall health, control symptoms, and prevent cancerous growth. The origin is frequently used to explain the production of nutraceuticals and related products. On the basis of their natural origins, pharmacological conditions, and chemical makeup, nutraceuticals can be divided into different categories. Functional food, dietary supplements, medicines, and medicinal food are the four categories in which nutraceuticals are most frequently classified.

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Market Growth

Over the course of the forecast period, the market is anticipated to be driven primarily by the rising demand for functional foods and dietary supplements. A positive view of medical nutrition in light of its growing use to treat cardiovascular disease and malnutrition is predicted to stimulate the market for dietary supplements.

Over the projection period, it is anticipated that the growing senior population and rising healthcare costs would support the expansion of the worldwide functional food business. Functional meals are seen as having a very favorable reputation with consumers, largely because of the additional health and wellness advantages these products provide. The general populace has benefited from the growing elderly population, increased healthcare costs, changing lifestyles, food innovation, and expectations surrounding higher prices.

Product Insight

With a revenue share of almost 40.0% in 2021, the functional food segment took the top spot in the entire market. Dietary supplements and functional beverages were next. The dietary supplements market is expected to grow over the next few years as a result of technological advancement and advancements in product development. The consumption of sports beverages is rising among athletes and other people who engage in strenuous physical activity. Due to its high purchasing power, willingness to spend money on health products, keen interest in sports, and growing propensity toward fitness activities, the millennial generation exponentially pushes the sports drink market.

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Market Report Scope

Market Dynamics of the Nutraceuticals Market

Market Drivers

Consumer awareness of the health advantages of nutraceutical goods is growing, which is a major market driver. Since they include the necessary amounts of proteins, fiber, vitamins, and minerals, nutraceuticals are extensively taken by people of all ages. The market is also expected to increase as a result of the rising consumer demand for a variety of functional food items, including meat, dairy products, fats and oils, cereals, snacks, and meat. There is an increasing need for ready-to-consume nutraceutical goods because of the hectic lifestyles and busy schedules of customers. The move is also made easier by the growing middle class, rapid urbanization, the increasing influence of the west, and the rising purchasing power of consumers.

Market Restraints

The industry faces significant obstacles because of the complicated policies and strict regulatory framework that apply to the commercialization of nutraceutical products. A stringent set of rules has been established to make sure that only secure and superior nutraceuticals are introduced to the market. This forces manufacturer of nutraceutical products to offer sufficient supporting data for the products' health claims.

Market Opportunities

Future market trends for nutraceuticals demonstrate how consumers are becoming more conscious of their health and taking preventative actions to heal and ward off illness. The demand for "superfoods," or food supplements useful for achieving aesthetic objectives or boosting performance, is rising as fitness, muscular building, and specialist sports become more and more popular among those between the ages of 20 and 40. The need for nutraceuticals is increasing in new markets due to the fact that customer needs vary, particularly depending on the age and gender of the individual consuming vitamin supplements or food supplements.

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Recent Development of the Nutraceuticals Market

• In May 2021, Good Measure is a new type of snack food introduced by General Mills that is specifically made to prevent blood sugar spikes in snackers. There are now two items available under the Good Measure brand: crisp almond chips and rich nut butter bars. A few of the flavors of the bars include Blueberry & Almond, Peanut & Dark Chocolate, and Almond & Dark Chocolate.
• In October 2020, Nestle China introduced its first functional food for adults and increased its selection of foods for toddlers. For boosting bone density, it has introduced a milk powder that contains glucosamine sulfate.
• In March 2018, Amway India introduced a line of indigenous herbs under its Nutrilite nutritional supplement brand. Nutrilite Tulsi, Nutrilite Brahmi, Nutrilite Ashwagandha, and Nutrilite Amalaki, Vibhitaki, and Haritak are the four items that make up the Nutrilite Traditional Herbs line. The goods are produced in Amway's factory in the Indian Tamil Nadu province's Dindigul region.

Major Market Segments Covered:

By Type

• Dietary Supplements
  • Vitamins
  • Botanicals
  • Minerals
  • Proteins & Amino Acids
  • Fibers & Specialty Carbohydrates
  • Omega Fatty Acids
  • Others
• Functional Beverages
  • Energy Drinks
  • Sports Drinks
  • Functional Juices
  • Others
• Functional Food
  • Carotenoids
  • Dietary Fibers
  • Fatty Acids
  • Minerals
  • Prebiotics & Probiotics
  • Vitamins
  • Others
• Personal Care

By Form

• Capsules
• Liquid & Gummies
• Tablets & Soft Gels
• Powder
• Others

By Sales Channel

• Specialty Stores
• Supermarkets/Hypermarkets
• Convenience Stores
• Drug Stores/Pharmacies
• Online Retail Stores
• Other

Regional Segmentation

• North America (U.S., Canada, Mexico)
• Europe (Germany, France, U.K., Italy, Spain, Rest of Europe)
• Asia-Pacific (China, Japan, India, Southeast Asia and Rest of APAC)
• Latin America (Brazil and Rest of Latin America)
• Middle East and Africa (GCC, North Africa, South Africa, Rest of MEA)

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