Nutraceuticals Global Market Report 2024

The nutraceuticals market size has grown rapidly in recent years. It will grow from $415.47 billion in 2023 to $460.18 billion in 2024 at a compound annual growth rate (CAGR) of 10.8%. Historical growth can be attributed to increased health consciousness, consumer education, supportive regulations, scientific research, and an aging population.

The nutraceuticals market size is expected to see rapid growth in the next few years. It will grow to $696.13 billion in 2028 at a compound annual growth rate (CAGR) of 10.9%. Anticipated growth in the forecast period is fueled by sustained health consciousness, global economic shifts, changing dietary patterns, the surge of digital health and e-commerce, and the emergence of personalized nutrition. Key trends expected during this period encompass functional beverages, sports nutrition, mental wellness solutions, immune system support, and an increased focus on gut health.

The increasing geriatric population is a significant factor contributing to the expansion of the nutraceutical market. Nutraceuticals, designed to be consumed as supplements alongside a regular daily diet, play a crucial role in promoting good health and immunity. Beyond a certain age, particularly 65 years and above, individuals require additional nutrients to bolster their immune systems against diseases such as diabetes, cholesterol, blood pressure, and other age-related issues. Nutraceuticals serve as daily supplements to fulfill the increased nutritional needs during this stage of life. As highlighted in October 2022 by the World Health Organization, a specialized health agency based in the United States, global projections indicate that by 2030, 1 in 6 individuals will be aged 60 or older. This demographic is anticipated to further increase to 2.1 billion elderly people by 2050. The growing geriatric population is thus a key driver fueling the expansion of the nutraceutical market, as these products become essential for addressing the specific health needs of an aging demographic.

The growing demand for healthy and functional foods is anticipated to be a key driver in propelling the nutraceutical market's expansion. Healthy and functional foods, characterized by their ability to provide nutritional benefits beyond basic sustenance, play a pivotal role in promoting overall well-being and supporting specific bodily functions or health outcomes. Leveraging nutraceuticals, these foods incorporate bioactive compounds or ingredients with health benefits, addressing areas such as cognitive function, energy levels, gut health, and immunity. As reported in February 2022 by Agriculture and Agri-Food Canada, a department of the Government of Canada, the retail sales value of fortified or functional foods and beverages in the United States witnessed growth, reaching $68.9 billion in 2021 compared to $67.9 billion in 2020. Projections indicate a further increase to $79.1 billion in 2025, reflecting a 3.5% rise compared to 2021. This data underscores the escalating demand for healthy and functional foods, thus substantiating their role as a driving force in the growth of the nutraceutical market.

The prevailing trend among companies in the nutraceutical market is a focused emphasis on new product development. This strategic direction is driven by the competitive landscape, marked by the presence of numerous nutraceutical firms aiming to expand their footprint and establish leadership positions in the market. A case in point is Nestlé Health Science, a Switzerland-based nutrition company, which, in December 2021, introduced a new product named Reducose. Leveraging plant-based mulberry leaf extract powder as an artificial sweetener, Reducose is specifically designed for prediabetic patients to maintain normal blood glucose responses. Nestlé Health Science's innovative product has demonstrated a significant impact on postprandial blood glucose levels, achieving a reduction of 40%. This product can be seamlessly incorporated into meals or beverages to provide sweetness without compromising the original taste and texture of the food. Such instances underscore the industry's commitment to ongoing innovation in pursuit of market leadership.

Leading companies in the nutraceutical market are strategically focusing on the development of next-generation synbiotic solutions to meet the evolving health needs of consumers. These advanced solutions represent a combination of prebiotics and probiotics meticulously formulated to optimize gut health and overall well-being, delivering synergistic benefits beyond conventional formulations. Illustrating this trend, in January 2023, Evonik Industries AG, a Germany-based chemical company, introduced a groundbreaking category of nutraceuticals named INVIVO BIOTICS. These synbiotics seamlessly merge probiotics with other health-enhancing ingredients, drawing from extensive scientific knowledge of human health and a deep understanding of the food ingredients and dietary supplements market. Evonik provides nutraceutical companies with a comprehensive range of INVIVO BIOTICS solutions, encompassing formulations that foster intrinsic butyrate production, support resolvin, and enhance gluten tolerance. Clients benefit not only from innovative product offerings but also from Evonik's unique market insights, facilitating swift consumer adoption through support in product positioning, heightened consumer awareness, and strategic packaging design.

In November 2021, ADM, a leading US-based multinational food processing company, successfully acquired Deerland Probiotics & Enzymes for an undisclosed sum. This strategic move by ADM is geared towards strengthening its position in the market for prebiotics, probiotics, and postbiotics supplements. The acquisition enables ADM to enhance its portfolio of customized food and beverage products, meeting the rising global demand for diverse dietary supplements, functional foods, beverages, and pet nutrition aimed at improving health and well-being. Deerland Probiotics & Enzymes Inc., a US-based company specializing in dietary supplement manufacturing, brings valuable expertise in science-backed solutions utilizing probiotic, prebiotic, and enzyme technology, complementing ADM's commitment to providing innovative and health-enhancing products.

Major companies operating in the nutraceuticals market report are Cargill Incorporated, Archer Daniels Midland Company, Nestle SA, BASF SE, PepsiCo Inc., Abbott Laboratories, Groupe Danone, Evonik Industries AG, General Mills Inc., Arla Foods amba, Kellogg Company, E. I. du Pont de Nemours and Company (DuPont), Ajinomoto Co. Inc., Kerry Group plc, Royal DSM NV (Royal DSM), Amway Corporation, Ingredion Incorporated, Glanbia plc, Herbalife International of America Inc., Lesaffre, W. R. Grace & Co.-Conn, Chr. Hansen Holding A/S, Innophos Holdings Inc., Nature's Sunshine Products Inc., Nutraceutical Corporation, NOW Foods, OmniActive Health Technologies, Bactolac Pharmaceutical Inc., ChromaDex, DSM Nutritional Products AG, Lonza Group AG, Tate & Lyle plc.

North America was the largest region in the nutraceuticals market in 2023. Asia-Pacific is expected to be the fastest-growing region in the forecast period. The regions covered in the nutraceuticals market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa. The countries covered in the nutraceuticals market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA, Canada, Italy, Spain.

Nutraceuticals encompass diverse types, including vitamins and minerals, probiotics, proteins and peptides, and omega fatty acids, among others. Essential for the body's daily functioning, vitamins and minerals are incorporated into food products to enhance nutritional value, promote individual health, and fortify immunity. These nutraceuticals, classified based on their source - plant, animal, or microbial - are utilized in various applications, such as functional food, functional beverages, dietary supplements, personal care, and animal nutrition. They manifest in multiple product forms, including capsules, tablets, softgels, powder, liquids, and gummies. The availability of nutraceuticals is facilitated through various distribution channels, including specialty stores, supermarkets, hypermarkets, convenience stores, drug stores, pharmacies, online retail platforms, and other distribution channels. This diverse range of distribution channels ensures widespread access to nutraceutical products, catering to the varied preferences and needs of consumers.

The nutraceuticals research report is one of a series of new reports that provides nutraceuticals statistics, including nutraceuticals industry global market size, regional shares, competitors with nutraceuticals share, detailed nutraceuticals segments, market trends and opportunities, and any further data you may need to thrive in the nutraceuticals industry. This nutraceuticals research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenarios of the industry.

The nutraceuticals market consists of sales of dietary supplements, functional food, medicinal food, and farmaceuticals. Values in this market are ‘factory gate’ values, that is the value of goods sold by the manufacturers or creators of the goods, whether to other entities (including downstream manufacturers, wholesalers, distributors and retailers) or directly to end customers. The value of goods in this market includes related services sold by the creators of the goods.

The market value is defined as the revenues that enterprises gain from the sale of goods and/or services within the specified market and geography through sales, grants, or donations in terms of the currency (in USD, unless otherwise specified).

The revenues for a specified geography are consumption values that are revenues generated by organizations in the specified geography within the market, irrespective of where they are produced. It does not include revenues from resales along the supply chain, either further along the supply chain or as part of other products.


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