The nutraceuticals market size has grown significantly, from $415.47 billion in 2023 to $460.18 billion in 2024, at a CAGR of 10.8%. This expansion is driven by increased health consciousness, regulatory support, and scientific research. By 2028, the market is expected to reach $696.13 billion at a CAGR of 10.9%, fueled by global economic trends, advancements in digital health, and the rise of personalized nutrition. Key trends include the popularity of functional beverages, mental wellness solutions, and a focus on gut health.
Major Driver In The Nutraceuticals Market
The increase in the geriatric population significantly contributes to the expansion of the nutraceutical market. Nutraceuticals encompass products consumed alongside regular diets to supplement nutrients, promoting overall health and immunity. Beyond a certain age, typically 65 years and above, individuals require additional nutrients to bolster immunity against various age-related ailments such as diabetes, cholesterol issues, and hypertension. Nutraceuticals serve as daily supplements to fulfill nutritional requirements. Data from the World Health Organization suggests that globally, one in six individuals would be 60 or older by 2030, expected to reach 2.1 billion elderly individuals by 2050. Consequently, the burgeoning geriatric population acts as a driving force behind the growth of the nutraceutical market. Understanding market sizes for 2023, 2024, and 2028 is crucial for strategic planning and market analysis.
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Nutraceuticals Market Competitive Landscape
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
Key Nutraceuticals Market Trend
New product development is the key trend being followed by the companies operating in the nutraceutical market. This is due to the presence of many 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 been 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.
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Nutraceuticals Market Segmentation
The nutraceuticals market covered in this report is segmented –
1) By Type: Vitamins and Minerals, Probiotics, Proteins and Peptides, Omega Fatty Acids, Other Types
2) By Source: Plant, Animal, Microbial
3) By Application: Functional Food, Functional Beverages, Dietary Supplements, Personal Care, Animal Nutrition, Other Applications
4) By Product Forms: Capsules, Tablets, Softgels, Powder, Liquid, Gummies
5) By Distribution Channel: Specialty Stores, Supermarkets/Hypermarkets, Convenience Stores, Drug Stores/Pharmacies, Online Retail Stores, Other Distribution Channels
By Geography:The regions covered in the nutraceuticals market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA, Canada, Italy, Spain.
North America was the largest region in the nutraceuticals market in 2023.
The Nutraceuticals Global Market Report 2024 furnishes information about the global nutraceuticals market, encompassing details like market size, projections for growth, segmentation across various sectors and regions, and an overview of competitors, including their revenues, profiles, and market shares. Furthermore, the report pinpoints potential opportunities and strategic directions derived from market trends and the strategies adopted by key competitors. The report also offers an assessment of how the COVID-19 pandemic, the Russia-Ukraine conflict, and increasing inflation have affected both global and regional markets, furnishing valuable strategic insights for businesses.
