The global nutraceuticals market is experiencing significant growth, driven by increasing consumer awareness and concern for health. Valued at USD 418,080 million in 2023, the market is projected to exceed USD 703,122.075 million by 2033, with a steady CAGR of 5.3%. Key drivers include a focus on dietary health, the surge in demand for halal nutraceuticals, and the growing presence of nutraceutical companies in traditional and e-commerce retail channels.
Consumers are prioritizing investments in products that contribute to enhanced well-being, leading to increased expenditure on nutraceuticals. The market is witnessing a surge in demand for dietary supplements and functional foods, driven by the growing awareness of their health-enhancing properties and the shift towards consumer-centric healthcare.
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Growing Factors:
- Dietary Health Focus: Nutraceuticals are targeting specific health conditions and dietary needs, resonating with health-conscious consumers seeking preventive healthcare solutions.
- Functional Ingredients: Functional foods and dietary supplements containing functional ingredients are driving market growth, offering specific health benefits and addressing nutritional deficiencies.
- Pharmaceutical Integration: Pharmaceutical companies are embracing the trend of preventive healthcare and leveraging their brand identities to tap into the nutraceutical market, particularly through herbal supplements and natural alternatives.
- E-commerce Expansion: The nutraceutical e-commerce sector is experiencing significant growth, providing consumers with convenient access to a wide range of products and driving an enhanced online shopping experience through education and targeted marketing.
“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
Key Takeaways for Investors:
- Lucrative Growth Potential: With a projected market value exceeding USD 703 billion by 2033 and a steady CAGR of 5.3%, the nutraceuticals market offers promising investment opportunities for investors in the health and wellness sector.
- Consumer-Centric Approach: Investors should focus on companies that prioritize consumer-centric healthcare solutions and offer products tailored to specific dietary needs and preferences.
- Technological Innovation: Companies investing in research and development of innovative nutraceutical products, such as personalized nutrition and immune support supplements, are likely to gain a competitive edge in the market.
- Regional Opportunities: North America, Europe, and Asia Pacific are key regions driving market growth, with unique trends and demands. Investors should consider regional factors and market dynamics when evaluating investment opportunities.
- Retail Expansion: Retailers are expanding their presence in the nutraceutical market through traditional and e-commerce channels. Investors should monitor retailers’ strategies and partnerships to capitalize on emerging distribution trends.
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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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