The nutraceuticals market size is projected to reach US$ 500.77 billion in 2023 to US$ 895.76 billion by 2031; it is estimated to register a CAGR of 7.5% from 2023 to 2031.
Nutraceuticals are associated with various medicinal and health benefits, which is increasing its popularity among consumers. Rising healthcare costs, coupled with the increasing geriatric population across the globe propelling the adoption of various nutraceuticals such as dietary supplements, functional food and beverages, sports nutrition products, etc.
Growing consumer focus on preventive health, increasing instances of lifestyle-related disorders, and rising consumer focus on health-promoting diets boost the demand for nutraceuticals. Moreover, Consumers’ attitude is observed to be very positive towards functional foods mainly on account of the added health and wellness benefits offered by these products. Thus, the nutraceutical market is significantly growing across the globe.
Awareness regarding health and nutrition has increased significantly in the past few years. With busy lifestyles and hectic work schedules, people fail to concentrate on their health, fitness, and nutrition. This has led to an increase in the prevalence of diseases such as obesity, diabetes, high blood pressure, skin problems, and digestive issues. The World Health Organization (WHO) refers to cardiovascular diseases as a leading cause of death across the world. According to a report from the World Heart Federation (WHF), the number of death cases from cardiovascular diseases rose from 12.1 million in 1990 to 20.5 million in 2021. Such a high prevalence of cardiovascular diseases drives consumer focus toward preventive health.
As a result, the demand for nutraceuticals such as dietary supplements, and functional food and beverages with nutritional benefits has increased among the masses as they focus on preventive health. Nutraceuticals support the healthy functioning of the digestive tract, spanning from mouth to gut, along with controlling the growth of harmful microorganisms inside these organs. Consumers preferably opt for self-directed care while receiving treatment for lifestyle illnesses such as malnutrition and cardiovascular disorders, which is further contributing to the surging demand for dietary supplements and nutraceuticals.
After the COVID-19 pandemic, there has been a sharp rise in the popularity of functional foods and dietary supplements, as people have been prioritizing their health and actively searching for healthy alternatives and fitness activities to prevent lifestyle-related illnesses. Thus, immunity-boosting supplements have gained significant popularity in the last few years due to altered consumer behavior and purchasing habits. Thus, the rising consumer focus on preventive health bolsters the growth of the nutraceuticals market.
Based on type, the nutraceuticals market is segmented into functional foods, functional beverages, and dietary supplements. Further, the nutraceuticals market is sub-segmented into general wellness, sports nutrition, weight management, immune health, and others. The functional food segment held a larger share of the market in 2023. Functional food products are formulated in such a way that they contain substances or ingredients that add a health-enhancing or disease-preventing value to them; these functional ingredients are incorporated at concentrations that are sufficiently high to achieve the intended benefits but are safe for consumption. Foods enriched and fortified with nutritional ingredients are part of the functional food.
These food products are fortified with specific components or nutritional additives such as omega-3 fatty acids, vitamins, fibers, and minerals to promote optimal health by reinforcing the body's immune systems and reducing the risk of certain diseases. For example, breakfast cereals are usually fortified with nutrients such as vitamins, iron, calcium, and probiotics.
Functional food products go beyond standard daily nutrient intake to provide targeted health benefits. They can aid in cholesterol management, improved bone health, and improved heart health, among other benefits. Major brands are increasingly focused on introducing low-sugar and no-sugar functional food, which helps them to stay competitive in the market.
The overall nutraceuticals market size has been derived using both primary and secondary sources. To begin the research process, exhaustive secondary research has been conducted using internal and external sources to obtain qualitative and quantitative information related to the market. Also, multiple primary interviews have been conducted with industry participants to validate the data and gain more analytical insights into the topic. The participants of this process include industry experts such as VPs, business development managers, market intelligence managers, and national sales managers-along with external consultants such as valuation experts, research analysts, and key opinion leaders-specializing in the nutraceuticals market.
Reasons to buy:
Nutraceuticals are associated with various medicinal and health benefits, which is increasing its popularity among consumers. Rising healthcare costs, coupled with the increasing geriatric population across the globe propelling the adoption of various nutraceuticals such as dietary supplements, functional food and beverages, sports nutrition products, etc.
Growing consumer focus on preventive health, increasing instances of lifestyle-related disorders, and rising consumer focus on health-promoting diets boost the demand for nutraceuticals. Moreover, Consumers’ attitude is observed to be very positive towards functional foods mainly on account of the added health and wellness benefits offered by these products. Thus, the nutraceutical market is significantly growing across the globe.
Awareness regarding health and nutrition has increased significantly in the past few years. With busy lifestyles and hectic work schedules, people fail to concentrate on their health, fitness, and nutrition. This has led to an increase in the prevalence of diseases such as obesity, diabetes, high blood pressure, skin problems, and digestive issues. The World Health Organization (WHO) refers to cardiovascular diseases as a leading cause of death across the world. According to a report from the World Heart Federation (WHF), the number of death cases from cardiovascular diseases rose from 12.1 million in 1990 to 20.5 million in 2021. Such a high prevalence of cardiovascular diseases drives consumer focus toward preventive health.
As a result, the demand for nutraceuticals such as dietary supplements, and functional food and beverages with nutritional benefits has increased among the masses as they focus on preventive health. Nutraceuticals support the healthy functioning of the digestive tract, spanning from mouth to gut, along with controlling the growth of harmful microorganisms inside these organs. Consumers preferably opt for self-directed care while receiving treatment for lifestyle illnesses such as malnutrition and cardiovascular disorders, which is further contributing to the surging demand for dietary supplements and nutraceuticals.
After the COVID-19 pandemic, there has been a sharp rise in the popularity of functional foods and dietary supplements, as people have been prioritizing their health and actively searching for healthy alternatives and fitness activities to prevent lifestyle-related illnesses. Thus, immunity-boosting supplements have gained significant popularity in the last few years due to altered consumer behavior and purchasing habits. Thus, the rising consumer focus on preventive health bolsters the growth of the nutraceuticals market.
Based on type, the nutraceuticals market is segmented into functional foods, functional beverages, and dietary supplements. Further, the nutraceuticals market is sub-segmented into general wellness, sports nutrition, weight management, immune health, and others. The functional food segment held a larger share of the market in 2023. Functional food products are formulated in such a way that they contain substances or ingredients that add a health-enhancing or disease-preventing value to them; these functional ingredients are incorporated at concentrations that are sufficiently high to achieve the intended benefits but are safe for consumption. Foods enriched and fortified with nutritional ingredients are part of the functional food.
These food products are fortified with specific components or nutritional additives such as omega-3 fatty acids, vitamins, fibers, and minerals to promote optimal health by reinforcing the body's immune systems and reducing the risk of certain diseases. For example, breakfast cereals are usually fortified with nutrients such as vitamins, iron, calcium, and probiotics.
Functional food products go beyond standard daily nutrient intake to provide targeted health benefits. They can aid in cholesterol management, improved bone health, and improved heart health, among other benefits. Major brands are increasingly focused on introducing low-sugar and no-sugar functional food, which helps them to stay competitive in the market.
The overall nutraceuticals market size has been derived using both primary and secondary sources. To begin the research process, exhaustive secondary research has been conducted using internal and external sources to obtain qualitative and quantitative information related to the market. Also, multiple primary interviews have been conducted with industry participants to validate the data and gain more analytical insights into the topic. The participants of this process include industry experts such as VPs, business development managers, market intelligence managers, and national sales managers-along with external consultants such as valuation experts, research analysts, and key opinion leaders-specializing in the nutraceuticals market.
Reasons to buy:
- Highlights key business priorities in order to assist companies to realign their business strategies.
- The key findings and recommendations highlight crucial progressive industry trends in the global nutraceuticals market, thereby allowing players to develop effective long-term strategies.
- Develop/modify business expansion plans by using substantial growth offering developed and emerging markets.
- Scrutinize in-depth the market trends and outlook coupled with the factors driving the market, as well as those hindering it.
- Enhance the decision-making process by understanding the strategies that underpin commercial interest with respect to products, segmentation, and industry verticals.
Table of Contents
1. Introduction
2. Executive Summary
3. Research Methodology
4. Nutraceuticals Market Landscape
5. Nutraceuticals Market - Key Market Dynamics
6. Nutraceuticals Market - Global Market Analysis
7. Nutraceuticals Market Analysis - by Type
8. Nutraceuticals Market Analysis - by Distribution Channel
9. Nutraceuticals Market - Geographical Analysis
10. Competitive Landscape
11. Industry Landscape
12. Company Profiles
13. Appendix
Companies Mentioned
The List of Companies in the Nutraceuticals Market include:- Glanbia Plc
- NOW Health Group Inc
- Amway Corp
- Nature's Bounty
- Garden of Life LLC
- Danone SA
- GNC Holdings, LLC
- Quest Nutrition LLC
- Kellanova
- Chobani LLC
Table Information
Report Attribute | Details |
---|---|
No. of Pages | 175 |
Published | September 2024 |
Forecast Period | 2023 - 2031 |
Estimated Market Value ( USD | $ 500.77 Billion |
Forecasted Market Value ( USD | $ 895.76 Billion |
Compound Annual Growth Rate | 7.5% |
Regions Covered | Global |
No. of Companies Mentioned | 11 |