Global Nutraceuticals Market is forecasted to reach a market size of ~US$ 500 billion: Ken Research
What Is the Size of Global Nutraceuticals Industry?
Global Nutraceuticals market is growing at a CAGR of ~% in 2017-2022 and is expected to reach ~USD 500 Bn by 2028. The Nutraceuticals Market is largely driven by rising demand for nutraceuticals among old age population due to increasing chronic diseases.
Increasing prevalence of metabolic disorders is one of the factors driving the growth of nutraceuticals market. The number of individuals with metabolic disorders is on the rise across various countries worldwide. According to the National Cholesterol Education Program and International Diabetes Federation (IDF), more than 30% of the U.S. population is estimated to have metabolic syndrome. This will drive consumer preference for nutraceuticals thereby fostering market statistics.
A surge in sports activities and participation at the national and international levels will complement the nutraceuticals industry growth. Increasing awareness associated with the benefits of health supplements for various medical concerns will drive the demand for nutraceutical products. The COVID-19 pandemic has positively impacted the nutraceuticals market owing to the increasing demand for healthy nutritional supplements and products. Preventative measures against coronavirus promoted the consumption of nutritious and functional foods with high zinc, sodium, vitamin D, vitamin C, and mineral content, escalating the sales of nutraceutical products.
Global Nutraceuticals Market By Product Type
The Global Nutraceuticals market is segmented by Product type into Dietary Supplements, Functional Food and Functional Beverages. The functional food segment held the largest market share in the global nutraceuticals market in 2022, owing to several health benefits including weight management, and improved blood circulation.
The increasing trend of on-the-go nutraceutical snacks such as protein-rich snacks, grains, dry nuts, bars, and others, boosts the demand for the functional foods segment. Functional beverages segment is expected to grow with the highest CAGR during the forecast period due to the gaining popularity of sports drinks among athletes and other individuals involved in energetic physical activities.
Global Nutraceuticals Market By Source
The Global Nutraceuticals market is segmented by Source into Plants, Animals and Microbial. The plants segment held the largest market share in the global nutraceuticals market in 2022, owing to the growing preference for consumers interest towards protein extracted from plants as compared to animal-based.
Nutraceutical ingredients extracted from plants add primary nutritional value and functional benefits to various applications such as food & beverages, dietary supplements, and personal care products. Consumers prefer incorporating plant proteins in regular diets instead of costly whey & other dairy proteins. All the plant-extracted nutraceuticals are available in the form of tablets or capsules forms in dietary supplements.
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Global Nutraceuticals Market By Form
The Global Nutraceuticals market is segmented by Form into Capsules and Tablets, Liquid, Powder, Gummies and Others. The capsules and tablets segment held the largest market share in the global nutraceuticals market in 2022, as these are the most convenient alternative to constitute nutraceuticals in daily diet. Tablets and capsules are easy to store and package and possess longer shelf life as compared to other forms. Capsules have a layer of film or sugar that helps encapsulate the unpleasant odor and taste of these formulations. A wide range of benefits associated with capsules & tablets will propel the segmental expansion.
Global Nutraceuticals Market By Distribution Channel
The Global Nutraceuticals market is segmented by Distribution Channel into Drug Stores/Pharmacies, Online Channels, Specialty Stores and Hypermarkets/supermarkets. The Drug Stores/Pharmacies segment held the largest market share in the global nutraceuticals market in 2022, as pharmacies or drug stores are considered to be the most trusted source for the purchase of any kind of medication and supplements.
Pharmacies are the most trusted distribution source for supplements among consumers as the information regarding the product is validated through healthcare professionals at the drug stores. Online segment is expected to grow with the highest CAGR during the forecast period as online channels offer a much lower price for supplements through coupon benefits, free shipping charges, and others.
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Global Nutraceuticals Market By Geography
The Global Nutraceuticals market is segmented by geography into North America, Europe, Asia- pacific and LAMEA. Asia Pacific held the largest market share among all other regions within the global nutraceuticals market in 2022, owing to the growing trend of food fortification with nutraceutical products in the region.
Rising awareness regarding nutritional enrichment in China and India is expected to remain a favorable factor for market growth. Furthermore, the expansion in the retail sector in emerging markets including Indonesia, Malaysia, and India in light of regulatory support to promote investments is expected to increase the accessibility to buyers over the forecast period.
The increasing purchasing power of buyers has provoked consumers to adopt health-conscious food and healthy diets, which will further drive regional industry growth. The rising elderly population along with consumer spending on healthcare products & medicines has enhanced the nutraceutical industry growth in the Asia Pacific region.
Competition Scenario In Global Nutraceuticals Market
The Global Nutraceuticals Market is highly competitive with ~500 players, including globally diversified players, regional players, and many country-niche players. Most of the country-niche players are the manufacturers of nutraceuticals used in various end-user industries.
Regional players constitute ~30% of the total number of competitors, while country-niche players dominate representing ~60% of total competitors. Some of the major players in the market include Amway Corp, BASF SE, Cargill, Incorporated, Danone SA, DuPont, General Mills Inc., Nestlé, PepsiCo Inc., DSM, ADM, among others.
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What is the Expected Future Outlook for the Overall Global Nutraceuticals Market Across the globe?
The Global Nutraceuticals market was valued at USD ~billion in 2022 and is anticipated to reach USD ~500 billion by the end of 2028, witnessing a CAGR of ~% during the forecast period 2022-2028. The realistic growth scenario represents the most likely scenario as per current market conditions. This scenario assumes that there will be no overall impact on the market due to any potential COVID-19 waves in the future.
The Global Nutraceuticals market is driven by rising demand for nutraceuticals among old age population due to increasing chronic diseases. However, the market is also constantly being influenced by rapid development in technology, product innovation, and diversification in some countries. With the increasing collaboration and emergence of new products, the Global Nutraceuticals market is changing rapidly. For instance, in 2022, DSM Group, a global science-based company, launched its latest integrated Food & Beverage functional structure, which combines three sections of DSM’s business based on nutrition, i.e., Hydrocolloids, Food Specialties, and a few portions of nutritional commodities group on demand of emerging customer and current needs of the market.
In December 2020, Abbott introduced a new Pedialyte rehydration solution. The product contains a range of nutrients including probiotics, vitamin C, vitamin B12, vitamin E, zinc, and more. It is developed to support the immune system of consumers. Abbott expanded its Pedialyte product portfolio using the new product and increase its customer base.
In May 2021, General Mills launched a new snack brand called Good Measure that is designed specifically to not spike the blood sugar of the person snacking. The Good Measure brand currently has two products: creamy nut butter bars and crunchy almond crisps. The bars are available in multiple flavors starting with Blueberry & Almond, Peanut & Dark Chocolate, and Almond & Dark Chocolate.
The Global Nutraceuticals Market witnessed positive impact due to COVID-19 as the demand for nutraceuticals kept on increasing during and after the pandemic. Most nutraceuticals are sold in the form of tablets and capsules as there is an ease of packaging that helps in providing longer shelf life to the product. Pharmacies are the most popular source of distribution channels through which nutraceutical supplements are sold. However, online channels are also gaining popularity as the prices are much lower. Though the market is competitive with over ~500 participants, country-niche players control the dominant share in the market and regional players also hold a significant share.
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