Nutraceutical Products Market Will Reach Nearly USD 563.98 Billion By 2030, Expanding at a CAGR of 7.1%

September 23 20:16 2022
Nutraceutical Products Market Will Reach Nearly USD 563.98 Billion By 2030, Expanding at a CAGR of 7.1%
Nutraceutical Products Market
The global nutraceutical products market was USD 303.70 Billion in 2021 and is projected to grow at a CAGR of 7.1% from 2021 to 2030.

According to the current analysis of Reports and Data, the global nutraceutical products market was USD 303.70 Billion in 2021 and is projected to grow at a CAGR of 7.1% from 2021 to 2030. A variety of terms have appeared worldwide, such as nutraceuticals, medifoods, vitafoods, functional foods, and the more traditional dietary supplements and fortified foods. However, the term functional foods have become the predominant one even though several organizations have attempted to differentiate this emerging food category. Nutraceutical products are considered as the food or a part of food that delivers nutritional value to the diet. It is also called as a functional food that contains standardized nutrient and pharmaceutical-grade. These supplements act as source for a dietary supplement to the body through diet & works to prevent diseases. With cumulative educational level, people are becoming ready to accept diverse types of food & beverages that have added nutritional supplements. Hence with this change, nutraceutical products are gaining a traction across the world.

Globally, nutraceutical products are gaining importance and are becoming a part of the consumer’s daily diet. The primary reasons for this change have been the increasing prevalence of lifestyle diseases and people consciously taking preventive healthcare measures. Growing the utilization of functional food and beverages by the baby boomer population is expected to augment nutraceutical products market growth over the forecast period. Much of the technological progress in the field of nutraceutical producers will require patience, deep pockets, and a willingness to place risky bets. Nutraceutical products manufacturing companies will need to achieve genuine breakthroughs to tackle a wide range of conditions. Nutraceutical products are likely to benefit from the trend of personalized medicine; therefore, using and creating technology which aids this movement will be a crucial factor.

Development of new supplements with distinctive genetics, ecotype could provide local producers with access to more stable and specialized markets. Globally, the market for nutraceutical products is driven by increasing consumer awareness of aging populations, rising health care costs, diet-disease links, and advances in food technology and nutrition. Currently, health concerns like cholesterol reduction, cardiovascular disease, and osteoporosis are the most attractive targets for nutraceutical products, followed by child development, high blood pressure, diabetes, GI disorders, menopause-related ailments, and lactose intolerance.

The Asia Pacific region is anticipated to be the fastest-growing market during the forecast period with a CAGR of 8.0%. An increasingly hectic pace of life is now becoming commonplace in Asian countries. The strategies of the nutraceutical manufacturing companies must be to invest heavily in advertising to help consumers understand the health benefits. The region with its large population shows significant potential for manufacturers, and the focus is on weight management, which is driving the growth of the nutraceutical products market for weight-loss ingredients.

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Further key findings from the report suggest

  • By product type, functional foods hold an outstanding share of 47.5% in 2018. The snowballing trend of on-the-go snacking and the increasing demand for nutritional food supplements are factors predictable to impel the demand for snacks products containing functional nutraceuticals.
  • A complex range of regulations applies to nutraceuticals in the EU, depending on the product type. These are mainly overseen by the European Food Safety Authority (EFSA), which also evaluates claims and has a public Register of Nutrition and Health Claims. The EFSA also sets maximum and minimum levels of ingredients to be added to supplements. Between 2008 and 2011 the EFSA evaluated 2,758 food-related general health claims to see if they were supported by scientific evidence. Only around 10 percent of the claims could be substantiated.
  • Major vendors in the global nutraceutical products market are Kraft Heinz Company (US), The Hain Celestial Group (US), Conagra (US), General Mills (US), Kellogg’s (US), Nestlé (Switzerland), Nature’s Bounty (US), Amway (US), Pfizer Inc. (US), and Freedom Food Group Limited (Australia). are some of the major players in nutraceuticals market. In April 2019, the Nestlé Health Science entered into a strategic partnership with Amazentis (Switzerland); this would create growth opportunities for Nestlé in the consumer healthcare and medical nutrition segments.

 

Segments covered in the report:

This report forecasts revenue growth at a global, regional & country level, and provides an analysis of the market trends in each of the sub-segments from 2019 to 2030. For the purpose of this study, Reports and Data have segmented the nutraceutical products market on the basis of source, products, distribution channel, and region:

Type Outlook (Revenue, USD Billion; 2019-2030)

    • Food
      • Snacks
      • Bakery and Confectionery
      • Infant Products
      • Dairy Products
    • Beverage
      • Health Drinks and Fortified Juices
      • Energy Drinks
      • Functional Juices
    • Dietary Supplements
      • Vitamins
      • Minerals
      • Omega Fatty Acids
      • Botanicals
      • Proteins and Amino Acids
      • Fibers and Specialty Carbohydrates
      • Others

 

Distribution Channel Outlook (Revenue, USD Billion; 2019-2030)

    • Hypermarkets or Supermarkets
    • Convenience Stores
    • Online Stores
    • Pharmacy

 

Regional Outlook (Revenue, USD Billion; 2019-2030)

  • North America
    • U.S.
    • Canada
    • Mexico
  • Europe
    • Germany
    • U.K.
    • France
    • Italy
    • Spain
    • Sweden
    • BENELUX
    • Rest of Europe
  • Asia-Pacific
    • China
    • India
    • Japan
    • South Korea
    • Rest of APAC
  • Latin America
    • Brazil
    • Rest of LATAM
  • Middle East & Africa
    • Saudi Arabia
    • UAE
    • South Africa
    • Israel
    • Rest of MEA

 

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