The global nutraceuticals market is set to witness growth at a CAGR of 12.9% between 2022 and 2032, reaching to an evaluation of USD 1,354.2 Bn by 2032, while it is valued at US$ 402.5 Bn in 2022.
Nutraceuticals market survey explains that functional quality can be described as any food product that has an added functionality as a result of the addition of ingredients. Sales of functional foods have been steadily increasing since more customers search out diversified and nutritional food products with unique and healthy ingredients. The above demand could also be likened to consumers seeking healthier versions of commonly consumed food products as a result of an overall poor nutrition in many of these diets, pushing the sales of Nutraceuticals.
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Most of the recent product releases or improvements by producers were aimed at adding more functionality to traditional food products with latest supplementary food market trends. This demand has also resulted in the development of several new product categories, which is shaping future growth to a considerable extent while fueling the demand for Nutraceuticals.
Key Takeaways from Market Study
- The nutraceuticals market is estimated to expand at CAGRs of 12.9% over the forecasted period (2022-2032)
- In Asian countries China, India and Japan holds dominant position Asia’s nutraceuticals market
- The European nutraceuticals market is currently holds around 30% of value share in 2022.
- Among the product type segment of the nutraceuticals market, the functional foods hold leading market share followed by dietary supplements
- North America is foremost revenue generating region for nutraceuticals and is anticipated to grow with CAGR of 8.9% over forecasted period.
“Manufacturers of Nutraceuticals products would achieve substantial revenues by targeting the functional food and beverages industry. Immunity boosting products due to the in covid era are playing crucial role in one’s life, hence targeting that segment of functionality will impact the market positively”, says a Future Market Insights analyst.
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Competitive Landscape.
- Bicodex declared the unveiling of novel probiotic supplements—Florastor Baby. The supplement is aiming to maintaining digestive health and also in order to boost immunity, pushing the competition while increasing the demand for Nutraceuticals.
- Lately, Archer Daniels Midland Company stated the purchase of Probiotic International Limited to expand their sales channels and fuel the sales of Nutraceuticals.
- Royal DSM declared that it has purchase Bio care Copenhagen for the development of its gut health range include probiotics, increasing the product availability.
Explore More Valuable Insights
Future Market Insights, in its new report, offers an impartial analysis of the global Nutraceuticals market, presenting historical data (2017-2021) and estimation statistics for the forecast period of 2022-2032.
The study offers compelling insights based on product type (functional food, functional beverages and dietary supplement), form (Soft-Gels, Capsules, Liquids, Tablets, Powder & Granules), and sales channel (On Direct Sales/B2B and Indirect Sales/B2C) across seven major regions of the world.
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Future Market Insights, Inc. (ESOMAR certified, Stevie Award – recipient market research organization and a member of Greater New York Chamber of Commerce) provides in-depth insights into governing factors elevating the demand in the market. It discloses opportunities that will favor the market growth in various segments on the basis of Source, Application, Sales Channel and End Use over the next 10-years.
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