Global Nutraceuticals Market is estimated to be ~US$ 350 billion in 2022- 2028 – Ken Research
The Global Nutraceuticals Market was valued at ~US$ 250 billion in 2017. It is estimated to be ~US$ 350 billion in 2022 and is forecasted to reach a market size of ~US$ 500 billion, growing at a CAGR of ~7% owing to the rising demand for nutraceuticals among old age population due to increasing chronic diseases.
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Key Growth Drivers
- 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 major challenge faced by the market is the presence of a stringent regulatory framework and complex policies for the commercialization of nutraceutical products. A strict set of guidelines has been outlined in order to ensure that only safe and high-quality nutraceuticals are launched into the market. This compels nutraceutical product developers to provide ample evidence justifying the product’s health claims.
- 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. In addition, the pandemic is also a foundation stone of the start to the end of substandard nutrition, invalid claims, and smart marketing claims phrases that potentially misled the consumers.
Key Trends by Market Segment
By Product Type: The functional food segment held the largest market share in the global nutraceuticals market in 2021, 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.
By Source: The plants segment held the largest market share in the global nutraceuticals market in 2021, 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.
- Consmuers 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.
By Form: The capsules and tablets segment held the largest market share in the global nutraceuticals market in 2021, 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.
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By Distribution Channel: The Drug Stores/Pharmacies segment held the largest market share in the global nutraceuticals market in 2021, 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.
By Region: Asia Pacific held the largest market share among all other regions within the global nutraceuticals market in 2021, 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.
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Competitive Landscape
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.
Recent Developments Related to Major Players and Organizations
- 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.
- 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.
Conclusion
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.
Note: This is an On-Demand/Planned report, so the figures quoted here for market size estimate, forecast, growth, segment share, and competitive landscape are based on initial findings and might vary slightly in the actual report. Also, any required customizations can be covered to the best feasible extent for Pre-booking clients and report delivered within a maximum of 2 working weeks.
Ken Research has recently published report titled, “Global Nutraceuticals Market Size, Segments, Outlook, and Revenue Forecast 2022-2028” The Nutraceuticals Market is segmented by Product Type, Source, Form, Distribution Channel, and Region. In addition, the report also covers the market size for each of the four regions’ Nutraceuticals market. The revenue used to size and forecast the market for each segment is US$ billion.
Market Taxonomy
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For more information on the research report, refer to the below link:
Demand for Nutraceuticals in Consumer Sector
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