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The nutraceuticals market size is forecast to increase by USD 279.8 billion between 2023 and 2028, accelerating at a CAGR of 9.58%. The nutraceuticals market experiences significant growth due to escalating medical expenses and the increasing number of health-conscious consumers. This trend is driven by the rising demand for nutraceuticals, which offer medical benefits. However, market expansion encounters challenges, including the high cost of these products. The manufacturing process of nutraceuticals is time-consuming, contributing to increased production costs. Furthermore, there is a lack of awareness among the aging population regarding the benefits of nutraceuticals, which may hinder market penetration. Despite these challenges, the market continues to expand, fueled by advancements in technology and research, which aim to reduce production costs and improve product accessibility.
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The rising number of health-conscious consumers are propelling the market growth during the forecast period. Many consumers have expressed concerns regarding their health in the past few years. Consumers' imbalanced diets are gradually being replaced with better food intake. Due to this, there is a growing market for functional foods and drinks that complement a diet's health benefits. Due to changes in lifestyle and work demands, there is an increase in the number of obese people. Diabetes and other disorders have become more common as a result of this. About 2.1 billion people worldwide are obese, which equates to almost 30% of the world's population in 2020. Hence all these factors will be contributing to the growth of the market in focus for the forecast period.
The offline segment was the largest segment and was valued at USD 223.7 billion in 2018. Supermarkets, department stores, hypermarkets, and convenience stores make up the offline category. Several of the biggest retail chains, including Tesco Plc (Tesco), Walmart Inc. (Walmart), and Target Corp. (Target), have distinct retailing departments for nutraceuticals at their locations. They have long been available for purchase on the shelves of retail establishments like Walmart. companies in the organized retail industry conduct their business based on a variety of variables, including geographic proximity, ease of production and inventory management, and product transportation. As a result, offline retailers are expected to witness an increase in demand during the forecast period.
APAC is estimated to contribute 33% to the growth of the global market during the forecast period. The area is seeing a rapid increase in urbanization in tandem with a high level of disposable income. One major element propelling the market expansion in the US is the abundance of suppliers offering nutraceutical items. For example, the US-based company Abbott provides ENSURE ORIGINAL SHAKE and other products to patients who are malnourished, in danger of malnutrition, or who are losing weight against their will.
In order to ensure that consumers receive the best products, brands are investing heavily in the American market. These investments are going towards producing nutrient-rich foods, beverages, and dietary supplements that include nutrients like probiotics, vitamins, minerals, carotenoids, polyphenols, and fibers. As a result, the region's market is expanding due to the large number of nutraceutical product manufacturers that provide a range of goods.
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The market encompasses a wide range of products designed to promote preventive healthcare and address lifestyle-related disorders. Consumers are increasingly focusing on self-directed care, leading to significant spending on dietary supplements and functional foods. This trend is particularly prominent among the geriatric population, who are at higher risk for cardiovascular disorders and malnutrition. International standards and regulations play a crucial role in shaping the market landscape. Entrepreneurs and foreign investors are drawn to the potential of nutraceuticals, particularly in the areas of probiotics, gut health, sports nutrition, and weight management. Snacks products, such as nutritional bars and protein-rich snacks made from dry nuts, grains, and functional ingredients, are gaining popularity as product substitutes. The market for nutraceuticals is driven by rising healthcare costs and obesity rates, as well as the aging population's spending patterns. Nutraceutical snacks, including nutritional bars and granola bars, offer convenient and nutritious options for consumers seeking to maintain a healthy lifestyle. Overall, the nutraceuticals market is expected to grow as consumers continue to prioritize their health and wellness.
Key Market Driver
Increasing malnutrion among children around the globe is driving the growth. With malnutrition accounting for an estimated one-third of total deaths worldwide, the global nutraceuticals market is poised for growth due to escalating healthcare costs and the burgeoning geriatric population. Consumers are increasingly opting for self-directed care through dietary supplements, functional foods, and immunity-boosting supplements, as the high cost of branded drugs and obesity rates strain spending patterns. Key nutrients, such as vitamins, proteins, carotenoids, fibers, polyphenols, and probiotics, are integral to nutraceuticals. These micronutrients, including folate, selenium, and zinc, are essential for maintaining gut health, supporting sports nutrition, and promoting weight management. Nutraceutical manufacturers cater to the urban population, particularly the fitness-conscious demographic, by producing vitamin capsules, chewable tablets, gummies, and other health-promoting products. Regulations play a crucial role in the nutraceuticals market, ensuring international standards and product substitution. Entrepreneurs and foreign investment are driving innovation in the sector, with a focus on plant protease inhibitors, leguminous seeds, and proteins. The nutraceuticals market is expected to expand as the aging population seeks functional foods and nutritional products to maintain their well-being.
Significant Market Trends
The growing preference for personalized nutrition, one of the key nutraceuticals market trends, will fuel market growth. The trend of personalized nutrition is growing, particularly among individuals with gut-related medical conditions, where generic treatment is not effective. People are making dietary changes to improve their health and are opting for tailored nutritional solutions. To keep up with this trend, market vendors are also introducing specialized food products for such customers. Such products are tailored for people with conditions like celiac disease and gluten allergies.
Moreover, personalized nutrition is gaining high popularity and importance around the world. Individuals are increasingly opting for nutraceuticals to meet their nutritional requirements. The gradual adoption of prebiotic and probiotic food products by consumers as a part of a personalized nutritional diet will encourage other companies, such as General Mills and Nestlé, to offer probiotic products. The growing preference for personalized nutrition is a popular trend that will drive the market. Therefore, the gradual adoption of probiotic and prebiotic food products as part of a personalized diet will drive the nutraceuticals market growth.
Significant Market Challenges
Healthcare compliance and international standards hinders the growth of the market. Nutraceuticals, a fusion of nutrition and pharmaceuticals, have emerged as a significant sector in preventive healthcare, addressing lifestyle-related disorders and self-directed care. With an increasing focus on maintaining optimal health and wellness, consumer spending on dietary supplements and functional foods has surged. Nutraceuticals offer solutions for various health concerns, including cardiovascular disorders, malnutrition, and immunity-boosting, catering to the geriatric population and the urban, fitness-conscious demographic. The market for nutraceuticals is driven by factors such as rising healthcare costs, the growing prevalence of chronic diseases, and the increasing popularity of product substitutes like probiotics, vitamin capsules, chewable tablets, gummies, and health supplements. Regulations play a crucial role in shaping the market, ensuring international standards and safety. Key ingredients in nutraceuticals include essential nutrients, micronutrients like folate, selenium, and zinc, and polyphenols. Leguminous seeds and plant protease inhibitors are also gaining attention for their protein content. Nutraceutical manufacturers are entrepreneurial entities that leverage foreign investment and innovation to cater to diverse consumer needs and spending patterns. Functional foods, such as those containing proteins and protease inhibitors, are increasingly popular for sports nutrition, weight management, and obesity rates. The aging population's spending patterns on nutraceuticals are expected to grow, as these products offer potential benefits for gut health and overall wellness.
The market is fragmented in nature. Some significant players include Abbott Laboratories, Advanced Orthomolecular Research Inc.
The research report also includes detailed analyses of the competitive landscape of the market and information about 15 market companies, including:
Abbott Laboratories, Advanced Orthomolecular Research Inc., Amway Corp., Archer Daniels Midland Co., BASF SE, Bayer AG, Better Being Corp., Cargill Inc., COSUCRA, Danone SA, General Mills Inc., Herbalife International of America Inc., Innutrigel AG, International Flavors and Fragrances Inc., LKK Health Products Group, Nestle SA, PepsiCo Inc., Pfizer Inc., RBK NUTRACEUTICALS Pty Ltd., and The Coca Cola Co.
The market research report provides comprehensive data (region wise segment analysis), with forecasts and estimates in "USD Billion" for the period 2024 to 2028, as well as historical data from 2018 to 2022 for the following segments
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Nutraceuticals, a blend of nutrition and pharmaceuticals, have gained significant attention in the global health and wellness industry. These natural or synthetic essential nutrients, derived from foods, are consumed for their health benefits. The market for Nutraceuticals is driven by various factors, including an increasing awareness of preventive healthcare, a growing elderly population, and rising health concerns. Consumers are increasingly seeking natural alternatives to traditional medicines, leading to a surge in demand for Nutraceuticals. The market for Nutraceuticals is segmented based on types, such as dietary supplements, functional foods, and fortified foods. Each segment holds a distinct share in the market, with dietary supplements being the largest segment. The market is also geographically segmented into regions, including North America, Europe, Asia Pacific, Latin America, and the Middle East & Africa.
The Nutraceuticals market is expected to grow at a steady pace due to the increasing health consciousness among consumers and the rising demand for natural and organic products. The market is also witnessing innovation and development in the field of Nutraceuticals, with companies investing in research and development to launch new products and expand their offerings. In conclusion, the Nutraceuticals market is a dynamic and growing industry, driven by various factors, including consumer preferences, health concerns, and innovation. The market is expected to continue its growth trajectory in the coming years, offering significant opportunities for players in the industry.
Nutraceuticals Market Scope |
|
Report Coverage |
Details |
Page number |
179 |
Base year |
2023 |
Historic period |
2018 - 2022 |
Forecast period |
2024-2028 |
Growth momentum & CAGR |
Accelerate at a CAGR of 9.58% |
Market growth 2024-2028 |
USD 279.8 billion |
Market structure |
Fragmented |
YoY growth 2023-2024(%) |
8.52 |
Regional analysis |
North America, APAC, Europe, Middle East and Africa, and South America |
Performing market contribution |
APAC at 33% |
Key countries |
US, Germany, Japan, UK, and India |
Competitive landscape |
Leading Companies, Market Positioning of Companies, Competitive Strategies, and Industry Risks |
Key companies profiled |
Abbott Laboratories, Advanced Orthomolecular Research Inc., Amway Corp., Archer Daniels Midland Co., BASF SE, Bayer AG, Better Being Corp., Cargill Inc., COSUCRA, Danone SA, General Mills Inc., Herbalife International of America Inc., Innutrigel AG, International Flavors and Fragrances Inc., LKK Health Products Group, Nestle SA, PepsiCo Inc., Pfizer Inc., RBK NUTRACEUTICALS Pty Ltd., and The Coca Cola Co. |
Market dynamics |
Parent market analysis, Market forecasting, Market growth inducers and obstacles, Fast-growing and slow-growing segment analysis, COVID 19 impact and recovery analysis and future consumer dynamics, Market condition analysis for the market forecast period |
Customization purview |
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1 Executive Summary
2 Market Landscape
3 Market Sizing
4 Historic Market Size
5 Five Forces Analysis
6 Market Segmentation by Distribution Channel
7 Market Segmentation by Product
8 Customer Landscape
9 Geographic Landscape
10 Drivers, Challenges, and Opportunity/Restraints
11 Competitive Landscape
12 Competitive Analysis
13 Appendix
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