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%.
What is the Global Nutraceuticals Market?
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.
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What drives the Global Nutraceuticals Market?
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.
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Global Nutraceuticals Market Segments
The global nutraceuticals market is segmented:
By Type: Vitamins and Minerals, Probiotics, Proteins and Peptides, Omega Fatty Acids, Others
By Source: Plant, Animal, Microbial
By Application: Functional Food, Functional Beverages, Dietary Supplements, Personal Care, Animal Nutrition, Others
By Product Form: Capsules, Tablets, Softgels, Powder, Liquid, Gummies
By Distribution Channel: Specialty Stores, Supermarkets/Hypermarkets, Convenience Stores, Drug Stores/Pharmacies, Online Retail Stores, Others
By Geography: The regions covered in the nutraceuticals market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, and Africa.
Nutraceuticals Global Market Report 2022provides market size and growth forecasts for the global nutraceuticals market, global nutraceuticals market share, nutraceuticals market segments and geographies, nutraceuticals market competitive landscape including leading competitors’ revenues, profiles and market shares. The nutraceuticals market report identifies top countries and segments for opportunities and strategies based on market trends and leading competitors’ approaches.
Global Nutraceuticals Industry Playersinclude 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. Based on industry trends and company analysis, the report explains a number of strategies for companies in the market.
