Overview and Scope
The nutraceuticals are classified as food but are also used for medical purposes. Nutraceuticals are specially designed consumable products from various food sources that contain a high concentration of bioactive compounds that have several nutritional, health, and medicinal benefits. Nutraceutical products and supplements can be taken by an individual along with a normal daily diet to get additional nutrients to promote good health and wellbeing. Nutraceutical products are used to improve health, prevent chronic diseases, increase life expectancy, and support the physical and mental health of an individual. They are also proven to have a potentially positive effect on health conditions such as cardiovascular disease, hypertension, diabetes, inflammation, cancer, and others.
Sizing and Forecast
The nutraceuticals market size has grown rapidly in recent years. It will grow from $415.47 billion in 2023 to $460.18 billion in 2024 at a compound annual growth rate (CAGR) of 10.8%. The growth in the historic period can be attributed to health consciousness, consumer education, regulatory support, scientific research, aging population.
The nutraceuticals market size is expected to see rapid growth in the next few years. It will grow to $696.13 billion in 2028 at a compound annual growth rate (CAGR) of 10.9%. The growth in the forecast period can be attributed to continue health consciousness, global economic trends, shift in dietary patterns, digital health and e-commerce, rise of personalized nutrition. Major trends in the forecast period include functional beverages, sports nutrition and performance, mental wellness solutions, immune system support, gut health focus.
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Segmentation & Regional Insights
The nutraceuticals market covered in this report is segmented –
1) By Type: Vitamins and Minerals, Probiotics, Proteins and Peptides, Omega Fatty Acids, Other Types
2) By Source: Plant, Animal, Microbial
3) By Application: Functional Food, Functional Beverages, Dietary Supplements, Personal Care, Animal Nutrition, Other Applications
4) By Product Forms: Capsules, Tablets, Softgels, Powder, Liquid, Gummies
5) By Distribution Channel: Specialty Stores, Supermarkets/Hypermarkets, Convenience Stores, Drug Stores/Pharmacies, Online Retail Stores, Other Distribution Channels
North America was the largest region in the nutraceuticals market in 2023. Asia-Pacific is expected to be the fastest-growing region in the forecast period. The regions covered in the nutraceuticals market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.
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Major Driver Impacting Market Growth
The rise in the geriatric population is significantly contributing to the growth of the nutraceutical market. Nutraceuticals are products that can be taken by an individual along with a normal daily diet to get additional nutrients to promote good health and immunity. After a certain age, especially after 65 years or above, an individual requires additional nutrients to build immunity to fight against several diseases such as diabetes, cholesterol, blood pressure, and other age-related issues. Nutraceuticals are used as daily supplements to meet the daily requirements of nutrients. For instance, in October 2022, according to the World Health Organization, a US-based specialized health agency, globally, 1 in 6 individuals would be 60 or older by 2030 and is expected to reach 2.1 billion elderly people by 2050. Therefore, the rise in the geriatric population is driving the growth of the nutraceutical market.
Key Industry Players
Major companies operating in the nutraceuticals market report are Cargill Incorporated, Archer Daniels Midland Company, Nestle SA, BASF SE, PepsiCo Inc., Abbott Laboratories, Groupe Danone, Evonik Industries AG, General Mills Inc., Arla Foods amba, Kellogg Company, E. I. du Pont de Nemours and Company (DuPont), Ajinomoto Co Inc., Kerry Group plc, Royal DSM NV (Royal DSM), Amway Corporation, Ingredion Incorporated, Glanbia plc, Herbalife International of America Inc., Lesaffre, W. R. Grace & Co-Conn, Chr. Hansen Holding A/S, Innophos Holdings Inc., Nature’s Sunshine Products Inc., Nutraceutical Corporation, NOW Foods, OmniActive Health Technologies, Bactolac Pharmaceutical Inc., ChromaDex, DSM Nutritional Products AG, Lonza Group AG, Tate & Lyle plc
The nutraceuticals market report table of contents includes:
1. Executive Summary
2. Nutraceuticals Market Characteristics
3. Nutraceuticals Market Trends And Strategies
4. Nutraceuticals Market – Macro Economic Scenario
5. Global Nutraceuticals Market Size and Growth
……………
32. Global Nutraceuticals Market Competitive Benchmarking
33. Global Nutraceuticals Market Competitive Dashboard
34. Key Mergers And Acquisitions In The Nutraceuticals Market
35. Nutraceuticals Market Future Outlook and Potential Analysis
36. Appendix
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