The global nutraceuticals market value is experiencing a meteoric rise, driven by a growing consumer focus on health and preventive wellness. Fueled by this surge in health consciousness, the market is projected to reach a staggering US$703.122 billion by 2033, reflecting a steady CAGR of 5.3%. This presents a compelling investment opportunity for B2B investors seeking to capitalize on a thriving and dynamic industry.
Demand on the Rise: Consumers Prioritize Well-being
A defining characteristic of the nutraceuticals market is the ever-increasing consumer demand for products that promote well-being. This shift in focus is evident in the rising popularity of dietary supplements and functional foods, as individuals actively seek solutions to enhance their health and prevent chronic diseases. This trend is further amplified by a growing emphasis on natural and organic ingredients, as consumers gravitate towards products perceived as safe and effective.
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Several key factors are propelling the nutraceuticals market towards significant growth:
- Rising Healthcare Costs: With conventional healthcare costs escalating, consumers are increasingly turning to nutraceuticals as a preventive and cost-effective approach to maintaining good health.
- Aging Population: The global population is aging at an unprecedented rate, leading to a surge in chronic health conditions. Nutraceuticals offer a promising solution for managing these conditions and promoting healthy aging.
- Evolving Dietary Needs: Consumers are embracing personalized nutrition, seeking products tailored to their specific dietary requirements and preferences. This trend presents a lucrative opportunity for nutraceutical companies to develop innovative and targeted offerings.
- Technological Advancements: Breakthroughs in biotechnology and nutraceutical science are paving the way for the development of more efficacious and targeted nutraceutical products.
Key Highlights
- Dietary health is a primary focus of the nutraceuticals market, with products targeting specific health conditions and dietary needs.
- The global market is also witnessing a surge in demand for halal nutraceuticals & vaccines.
- More than 90% of the global nutraceuticals market is attributed to developed nations, including the United States, Europe, and Japan.
- The United States has been a leader in the global nutraceuticals market and is projected to maintain its dominance. Its strong pharmaceutical and dietary supplement industry and high demand for functional foods and beverages support this domination.
- Nutraceutical companies are expanding their presence in traditional retail channels and the growing e-commerce sector.
“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.
More people are living in cities, spending money on health stuff, and dealing with heart, chronic, and obesity problems. This is why the nutraceuticals market is growing rapidly. Functional foods have omega fatty acids that help individuals keep a healthy weight and improve blood circulation.
Many people have become aware of herbal products and natural foods lately. They prefer these over foods with chemicals. This trend is especially strong in North America and Europe. In these two regions, people are willing to spend more on natural products.
There are also new types of nutraceuticals like gummies, jellies, and soft gels coming into the market. Preference for these variants is growing because they come in various shapes, sizes, flavors, and strengths. Kids are also getting into these kinds of nutraceuticals, which is making the market develop.
New technology in the nutraceutical industry is making people want these products more. They are utilizing contemporary technologies like AI to give people personalized advice based on their diet and health. Consequently, AI is going to be really important for the nutraceutical industry to grow all around the world during the forecast period.
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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.
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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