The global nutraceuticals market is anticipated to experience significant growth over the next decade, with its value expected to surge from US$ 418.1 billion in 2023 to a remarkable US$ 703.1 billion by 2033. This growth trajectory is attributed to a steady Compound Annual Growth Rate (CAGR) of 5.3% in nutraceutical sales during the forecast period.
Nutraceutical products, known for their multifaceted health benefits, convenience, and ease of storage, have witnessed a surge in popularity among consumers. As people become more aware of the positive impact of nutraceuticals and supplements on various health conditions, the demand for these products continues to rise. Nutraceuticals play a crucial role in addressing health issues such as obesity, heart disease, cancer, high cholesterol, arthritis, and diabetes.
Key Highlights:
- Dietary Health Focus: The nutraceuticals market is primarily focused on dietary health, offering products tailored to address specific health conditions and dietary needs.
- Rise of Halal Nutraceuticals: There is a growing demand for halal nutraceuticals and vaccines worldwide, reflecting the increasing preference for products that adhere to specific dietary and religious requirements.
- Dominance of Developed Nations: Developed nations, including the United States, Europe, and Japan, account for over 90% of the global nutraceuticals market. The United States, in particular, leads the market due to its robust pharmaceutical and dietary supplement industry, as well as high demand for functional foods and beverages.
- Expansion in Retail Channels: Nutraceutical companies are expanding their presence in both traditional retail channels and the rapidly growing e-commerce sector, aiming to reach a wider consumer base and capitalize on the increasing demand for health-oriented products.
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As consumers increasingly prioritize natural and herbal products, there is a growing preference for nutraceuticals over chemically processed foods. This trend is particularly strong in North America and Europe, where consumers are willing to invest more in natural products.
Furthermore, the introduction of new nutraceutical variants such as gummies, jellies, and soft gels, along with advancements in technology such as Artificial Intelligence (AI), is expected to drive further growth in the market. AI-powered personalized advice based on diet and health is poised to play a significant role in shaping the future of the nutraceutical industry worldwide.
“In the Nutraceuticals Market, probiotics play a transformative role in enhancing mental and physical health. These beneficial microorganisms are reshaping the industry by promoting better digestion, immune support, and improved overall well-being through nutraceutical products.” Says Nandini Roy Choudhury (Client Partner for Food & Beverages at Future Market Insights, Inc.
Key Takeaways from the Nutraceuticals Market:
- In 2022, the United States asserted its dominance in the nutraceuticals industry, boasting a commanding 23.4% global market share, underpinned by its robust research and development capabilities.
- The nutraceuticals industry in the United Kingdom is poised for substantial growth, with a projected CAGR of 7.8% through 2033, driven by increasing consumer awareness of health and wellness.
- Japan’s 2.4% share of the nutraceuticals industry in 2022 was bolstered by its reputation for producing high-quality and innovative health and wellness products.
- India’s rapid development in the nutraceuticals industry, with a CAGR of 4.4% over the forecast period, is driven by a growing trend towards natural and organic products.
- Germany’s significant 12.9% share of the global nutraceuticals industry in 2022 can be attributed to its reputation for high-quality manufacturing standards
- China’s anticipated rise in the nutraceuticals industry, with a projected CAGR of 6.5% over the forecast period, is propelled by a surge in demand for dietary supplements.
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Key Players and Strategies for Success in the Nutraceuticals Market
In recent years, the nutraceuticals industry has emerged as a dynamic and rapidly expanding sector within the global market. In this dynamic landscape, key players employ multiple strategies to meet the evolving needs of consumers and establish their foothold in an increasingly competitive market. Here are key points about key players and strategies for success in the nutraceuticals market:
- Invest in research to develop innovative and effective nutraceutical products.
- Create strong branding and marketing campaigns to stand out in a competitive market.
- Stay up-to-date with regulations and ensure products meet compliance standards.
- Collaborate with healthcare professionals, fitness influencers, or retail chains to expand distribution.
- Stay adaptable to changing consumer preferences and health trends in the market.
Recent Developments the Nutraceuticals Market
In June 2022, Kellogg’s Special K introduced new Protein Snack Bars. These bars have 6 grams of protein and only 90 calories. They come in sweet berry vanilla and rich chocolaty brownie sundae flavors.
In April 2021, Nestlé NIDO 3+ unveiled a better recipe designed specifically for kids aged three to five. This new and improved recipe has just the right amount of Vitamin A, Zinc, and Iron, the nutrients young children need.
Key Companies Profiled in the Nutraceuticals Market
- General Mills Inc.
- The Natures Bounty Co. (NBTY)
- Amway Enterprises
- Herbalife International, Inc.
- Royal DSM NV
- Pepsi Co.
- Yakult Honsha Co., Ltd.
- Groupe Danone
- Bayer AG
- BASF SE
- Abbott Laboratories
- Chobani LLC
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Nutraceuticals Market by Category
By Product Type:
- Functional Foods
- Probiotics fortified foods
- Omega fatty acid fortified foods
- Branded Iodized salt
- Branded Flours
- Functional Beverages
- Energy Drinks
- Sports Drinks
- Fortified Juices
- Fortified Dairy Beverages
- Others Functional Beverages
- Dietary Supplements
- Protein Supplements
- Vitamins and Minerals
- Herbal Supplements
- Other Dietary Supplements
By Form:
- Soft-Gels
- Capsules
- Liquids
- Tablets
- Powder & Granules
By Sales Channel:
- On Direct Sales/B2B
- Indirect Sales/B2C
- Health & Beauty Store
- Pharmacies/Drugstores
- Modern Trade Channel
- Online Retailing
By Region:
- North America
- Latin America
- Europe
- East Asia
- South Asia
- Oceania
- Middle east and Africa
About Future Market Insights (FMI)
Future Market Insights, Inc. (ESOMAR certified, recipient of the Stevie Award, and a member of the Greater New York Chamber of Commerce) offers profound insights into the driving factors that are boosting demand in the market. FMI stands as the leading global provider of market intelligence, advisory services, consulting, and events for the Packaging, Food and Beverage, Consumer Technology, Healthcare, Industrial, and Chemicals markets. With a vast team of over 400 analysts worldwide, FMI provides global, regional, and local expertise on diverse domains and industry trends across more than 110 countries.
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