The global nutraceuticals market value is likely to jump from US$ 418,080 million in 2023 to US$ 703,122.075 million by 2033. This anticipated growth is expected to be driven by a steady CAGR of 5.3% in nutraceutical sales over the next decade.
Top 5 Dynamics Shaping the Nutraceutical Market Growth Trajectory
- Consumers Prioritize Well-being Investments in 2023: Consumers are increasingly focusing on products and services that enhance their well-being. Significant expenditures now come from individuals who prioritize health and wellness, viewing themselves as socially responsible citizens. This shift has led to a heightened interest in a range of health-related offerings.
- Dietary Supplements Propel Nutraceutical Market Growth: The growing demand for dietary supplements and functional foods is a key driver of the nutraceutical ingredients sector. Today’s market boasts a vast array of functional consumer packaged goods (CPGs), including foods, beverages, and supplements. These products are enriched with functional ingredients known for their health benefits. The broader shift toward consumer-centric healthcare underscores the value of these functional foods and nutraceuticals.
- Essential Nutrients at the Core of Nutraceutical Industry Surge: Nutrient-rich foods are a major driving force in the nutraceutical market, playing a crucial role in supporting overall health and well-being. Vitamins and minerals, essential components of the nutraceutical market, address specific nutritional deficiencies. This targeted supplementation approach resonates with health-conscious consumers, with vitamins and dietary supplements comprising over one-fourth of the global nutraceutical market.
- Pharmaceutical Giants Embrace Preventive Healthcare Trend: Pharmaceutical companies are keenly aware of the growing preference for preventive healthcare. They leverage their trusted brand identities to explore new market opportunities. Herbal supplements have become popular as consumers seek natural alternatives to traditional pharmaceuticals. Therefore, it is crucial for pharmaceutical companies to partner with manufacturers that have GMP certification and a proven track record in nutraceutical innovation.
- Retailers Elevate E-commerce Experience for Health-conscious Shoppers: The nutraceutical e-commerce sector has seen significant growth, offering consumers convenient access to a wide range of products. Retailers enhance the online shopping experience through improved education and targeted marketing. As competition intensifies, these trends are expected to continue. Leading players, such as Amazon, are implementing advanced and user-friendly practices, with dedicated platforms catering to customers aged 50 and above.
Request the sample today and unlock valuable insights of our comprehensive Nutraceuticals Market report! https://www.futuremarketinsights.com/reports/sample/rep-gb-15103
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.
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.
“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.
Request Methodology for a Comprehensive Analysis! https://www.futuremarketinsights.com/request-report-methodology/rep-gb-15103
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
Buy now for detailed information on every segment. https://www.futuremarketinsights.com/checkout/15103
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.
Contact Us:
Nandini Singh Sawlani
Future Market Insights Inc.
Christiana Corporate, 200 Continental Drive,
Suite 401, Newark, Delaware – 19713, USA
T: +1-845-579-5705
For Sales Enquiries: sales@futuremarketinsights.com
Website: https://www.futuremarketinsights.com
LinkedIn| Twitter| Blogs | YouTube