The global Nutraceuticals market is expected to reach USD 996.18 billion by 2032. It is expected to expand at a CAGR of 9.1% from 2022 to 2032.

Over the forecast period, the market will be driven by the growing demand for functional foods and dietary supplements. The favorable outlook for medical nutrition, given the growing use of dietary supplements to treat cardiovascular diseases and malnutrition, is expected to drive the market.

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The forecast period will see industry growth due to rising healthcare costs and an aging population. Consumers view functional foods positively due to their added health and well-being benefits. Overall growth has been aided by the rising geriatric population and rising healthcare costs.

Due to consumers’ increasing awareness of the importance of preventive healthcare, the U.S. has seen a growing demand for dietary supplementation in recent years. Consumers prefer multivitamins as they provide vital nutrients to the body. Multivitamins have become integral to the American consumer’s lifestyle, and the COVID-19 pandemic accelerated this trend.

Due to their many benefits for overall health and body maintenance, minerals and dietary fibers are likely to increase in popularity. Fibers promote bowel movement and help to cleanse internal organs. Minerals are better at retaining and passing nutrients into cells, and they can also aid in blood clotting. Due to rising concerns about the dangers associated with traditional pharma drugs, the market is expected to grow.

Driving Factors

To facilitate market growth, Nutrient-Enriched Diets are becoming more popular

The regional population has grown due to improved healthcare options, decreased deaths, and increased consumer willingness and ability to spend on their health and well-being. The nutraceuticals industry has seen a significant increase in growth globally due to this. The International Food Information Council (IFIC), 2017 report, found that nearly two-thirds of American adults consider healthfulness a significant factor in their food and beverage purchasing decisions. The shift in consumer preferences towards functional foods has also led to an increase in sales.

Consumers are more inclined to choose a concentrated source of nutrition, and dietary supplements have responded quickly and effectively. The importance of dietary supplements in supporting physical and immune health has been recognized during the global pandemic. This will help to propel global market growth over the following years.

To drive growth, there is a rising expenditure on technological advancement

A manufacturer’s investment in research-and-development activities positively impacts their production technology and quality. In response to the growing demand for health-beneficial products, the nutraceutical market has evolved rapidly in recent years. This can be seen in the rapid growth of nutraceutical products in functional beverages and dietary supplements. Our health has been negatively affected by the widespread use of antibiotics as over-the-counter medications. There are incidences of infections caused by antibiotic-resistance pathogens. Nutraceutical products must provide a diverse microbiota, enhancing immunity and improving overall well-being.

Restraining Factors

High-regulatory stringent laws that are associated with products slow down market growth

The market growth is slowed by specific factors, despite the increased demand. One is the complex and stringent regulatory framework for commercializing nutraceutical products. Global markets have few harmonized provisions regarding the composition of these products. Harmonization is still needed to determine the upper limits and conditions for using other botanicals, preparations, and bioactive substances. Harmonization is further complicated by the differing opinions of several government agencies on what type and how many ingredients should be allowed.

Key Trends

In 2021, tablets and soft gels dominated the market revenue by form
Nutraceuticals are available over-the-counter and can also be purchased through eCommerce websites. Nutraceuticals are primarily consumed as soft gels and tablets for easy storage and consumption. Soft gels are also popular because of their longer shelf life and easier packaging.

Recent development

Kraft Heinz introduced a new brand, Fruitlove, in June 2019 to enter the yogurt market. It launched products in different flavors such as strawberry banana swirl and harvest berry mix.

Conagra introduced a new line under its brand, EVOL, in November 2018. This line of products offers breakfast that is rich in vitamins and nutrients.

Kraft Heinz announced that it had acquired Primal Nutrition, LLC (USA) in January 2019. It offers a variety of products, including sauces, condiments, and dressings.

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Key Market Segments
Type

  • Functional Foods
  • Functional Beverages
  • Dietary Supplements

Application

  • Hypermarket & Supermarket
  • Speciality Stores
  • Online

Key Market Players included in the report:

  • Amway
  • Arla Foods
  • Bayer
  • Danone
  • Dean Foods
  • Dr. Willmar Schwabe
  • DSM NV I-Health Division (Amerifit Nutrition)
  • Herbalife International
  • Kelloggs Company
  • Nestle
  • Nordic Naturals
  • Parry Nutraceuticals
  • PepsiCo
  • PFIZER
  • Suntory Holdings

Frequently Asked Questions (FAQ):

  • What is this market’s study period?
  • What is the Nutraceuticals Market growth rate?
  • Which region has the highest Nutraceuticals Market Growth Rate?
  • Which region has the highest share in Nutraceuticals Market
  • Who are the top players in Nutraceuticals?

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