The nutraceutical market consists of sales of nutraceutical products by entities (organizations, sole traders, and partnerships) that are classified as food, but they are also used for medical purposes. Nutraceuticals are specially designed consumable products from various food sources that contain a high concentration of bioactive compounds that have several nutritional, health, and medicinal benefits. Nutraceutical products and supplements can be taken by an individual along with a normal daily diet to get additional nutrients to promote good health and wellbeing. Nutraceutical products are used to improve health, prevent chronic diseases, increase life expectancy, and support the physical and mental health of an individual. They are also proven to have a potentially positive effect on health conditions like cardiovascular disease, hypertension, diabetes, inflammation, cancer, and others.
The main types of nutraceuticals are vitamins and minerals, probiotics, proteins and peptides, omega fatty acids, and others. Vitamins and minerals are nutrients required for the body's daily functioning. Vitamins and minerals are added into food products to increase the nutritional value of food to improve the health of an individual and provide them with high immunity. These are classified according to their source, which can be plant, animal, or microbial. These nutraceutical products are used in various applications, such as functional food, functional beverages, dietary supplements, personal care, animal nutrition, and others. They have various product forms which are capsules, tablets, softgels, powder, liquids, and gummies. The various distribution channels through which nutraceuticals are available are: specialty stores, supermarkets and hypermarkets, convenience stores, drug stores and pharmacies, online retail stores, and other distribution channels.
The global nutraceutical market size is expected to grow from $341.14 billion in 2021 to $370.98 billion in 2022 at a compound annual growth rate (CAGR) of 8.75%. The growth in the market is mainly due to the companies' rearranging their operations and recovering from the COVID-19 impact, which had earlier led to restrictive containment measures involving social distancing, remote working, and the closure of commercial activities that resulted in operational challenges. The global nutraceuticals market size is expected to reach $531.55 billion in 2026 at a CAGR of 9.41%.
The rise in the geriatric population is significantly contributing to the growth of the nutraceutical market. Nutraceuticals are products that can be taken by an individual along with a normal daily diet to get additional nutrients to promote good health and immunity. After a certain age, especially after 65 years or above, an individual requires additional nutrients to build immunity to fight against a number of diseases like diabetes, cholesterol, blood pressure, and other ageing issues. Nutraceuticals are used as daily supplements to meet the daily requirements of nutrients. For instance, in 2020, according to the United Nations, there were approximately 727 million people aged 65 and above worldwide, and that number is expected to reach approximately 1.5 billion by 2050. Therefore, the rise in the geriatric population is driving the growth of the nutraceutical market.
New product development is the key trend being followed by the companies operating in the nutraceutical market. This is due to the presence of a large number of nutraceutical companies operating in the market and their desire to extend their growth in new areas to be a leader in the market. For instance, in December 2021, Nestlé Health Science, a Switzerland-based nutrition company, developed a product named Reducose with the use of the plant-based ingredient mulberry leaf extract powder as an artificial sweetener for prediabetic patients, which helps to maintain a normal blood glucose response. The Reducose by Nestle Health Science has proven to have a positive effect on postprandial blood glucose levels by reducing them by 40%. It can be added to meals or drinks to sweeten them without altering the original taste and texture of the food.
In November 2021, ADM, a US-based multinational food processing company, acquired Deerland Probiotics & Enzymes for an undisclosed amount. Through this acquisition, ADM aims to enhance its prebiotics, probiotics, and postbiotics supplement portfolio in customised food and beverage products to meet growing demands from consumers across the globe for a wide variety of dietary supplements, functional foods, beverages, and pet nutrition that enhance health and wellbeing. Deerland Probiotics & Enzymes, Inc. is a US-based dietary supplement manufacturing company. The company specialises in the development of science-backed solutions that benefit health using probiotic, prebiotic, and enzyme technology.
Major players in the nutraceutical market are Cargill Incorporated., Abbott, ADM, BASF SE, Nestle, PepsiCo, General Mills, DuPont, DSM, Herbalife International of America Inc, Kellogg Co., Amway Corp., Innophos, W. R. Grace & Co.-Conn., and Bactolac Pharmaceutical Inc.
In 2021, North America will be the largest region in the nutraceutical market. Asia-Pacific is expected to be the fastest-growing region in the forecast period in the global nutraceuticals market. The regions covered in the global nutraceutical market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, the Middle East, and Africa.
Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, the United Kingdom, and the United States are among the countries covered in the nutraceuticals market report.
The global nutraceuticals market is segmented -
1) By Type: Vitamins and Minerals, Probiotics, Proteins and Peptides, Omega Fatty Acids, Others
2) By Source: Plant, Animal, Microbial
3) By Application: Functional Food, Functional Beverages, Dietary Supplements, Personal Care, Animal Nutrition, Others
4) By Product Form: Capsules, Tablets, Softgels, Powder, Liquid, Gummies
5) By Distribution Channel: Specialty Stores, Supermarkets/Hypermarkets, Convenience Stores, Drug Stores/Pharmacies, Online Retail Stores, Others