Nutraceuticals Market Report and Forecast 2023-2028

According to the report, the global nutraceuticals market reached a value of USD 485.78 billion in 2022. Aided by the heightened awareness about preventive healthcare and the multifaceted benefits of dietary supplements, the market is projected to further grow at a CAGR of 8.20% between 2023 and 2028 to reach a value of USD 779.48 billion by 2028.

Nutraceuticals are products derived from food sources with extra health benefits in addition to their fundamental nutritional value. These encompass fortified foods, dietary supplements, functional foods, and medicinal foods. Their value proposition revolves around enhanced health, delayed aging, the prevention of chronic diseases, and improving life quality. From antioxidants to probiotics, nutraceuticals are pivotal in promoting health and wellness.

The momentum for the global nutraceuticals market growth arises predominantly from the escalating inclination towards natural products for health enhancement. As the lines blur between pharmaceuticals and food products, consumers are showing a marked preference for these nutrient-laden offerings. This pivot can be attributed to the rising prevalence of lifestyle diseases, spiralling healthcare costs, and the persistent drive towards a holistic approach to health.

This dynamism is complemented by robust scientific validations that shed light on the efficacies of various nutraceuticals, reinforcing their indispensability in daily regimens. With cutting-edge research opening new horizons, previously uncharted territories like marine nutraceuticals are now taking centre stage, enriching the nutraceuticals market outlook.

Parallelly, there's a surge in demand for functional foods and beverages that integrate these beneficial compounds. Green tea extracts, omega-3 fatty acids, and probiotics are making headways in everyday food products. Their omnipresence, from breakfast cereals to energy bars, exemplifies the mainstreaming of nutraceuticals.

Moreover, the personal care and cosmetics industry is not immune to the allure of nutraceuticals. The integration of vitamins, antioxidants, and other vital compounds in skincare and haircare products is becoming commonplace. Recognising their potential in skin rejuvenation, anti-aging, and overall wellness, the beauty industry is keenly infusing these elements, thus widening the nutraceuticals market size.

One cannot overlook the digital wave that has democratised information, enabling consumers to make informed choices. With an influx of health blogs, forums, and digital platforms espousing the merits of specific nutraceuticals, there's a heightened awareness and resultant demand. E-commerce platforms, with their promise of convenience and choice, further amplify the outreach and accessibility of these products.

Market Segmentation

The market can be divided based on product type, distribution channel, form, and region.

Market Breakup by Product Type

• Functional Beverages
• Functional Food
• Dietary Supplements

Market Breakup by Distribution Channel

• Hypermarkets and Supermarkets
• Pharmacies
• Online
• Speciality Stores
• Others

Market Breakup by Form

• Powder
• Capsule and Tablets
• Liquid
• Others

Market Breakup by Region

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

Competitive Landscape

The report looks into the market shares, plant turnarounds, capacities, investments, and mergers and acquisitions, among other major developments, of the leading companies operating in the global nutraceuticals market. Some of the major players explored in the report are as follows:

• General Mills Inc.
• Nestle SA
• Koninklijke DSM N.V.
• Innophos Holdings, Inc.
• W. R. Grace & Co.
• Others

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*The publisher always strives to provide you with the latest information. The numbers in the article are only indicative and may be different from the actual report.