Nutraceutical Market: Overview and Growth Forecast
The global Nutraceutical Market was valued at USD 437.82 Billion in 2023 and is expected to grow at a CAGR of 5.12% from 2024 to 2030, reaching nearly USD 621 Billion. Nutraceuticals, which include functional foods, beverages, dietary supplements, and natural products, are becoming increasingly popular as consumers seek ways to improve their health and wellness. The market is being driven by rising consumer awareness of health issues, growing health-consciousness, and a shift towards preventive healthcare.
Grab your sample copy of this report now: https://www.maximizemarketresearch.com/request-sample/2936/
Key Developments and Growth Trends in the Nutraceutical Market
The nutraceutical market is evolving rapidly due to changing consumer preferences, the rising popularity of plant-based and functional foods, and technological advancements in the development of new products. As the demand for health-enhancing food and supplement products grows, various regions are seeing unique trends:
Asia-Pacific: The Epicenter of Nutraceutical Growth
Vietnam and Thailand are emerging as important players in the Southeast Asian nutraceutical market, with increasing demand for natural and herbal supplements. Both countries are experiencing growth in domestic manufacturing and export of nutraceutical products, as consumers seek natural alternatives to pharmaceutical treatments. Local companies are focusing on developing and marketing products made from native herbs, which are gaining international recognition.
Japan and South Korea continue to be major drivers of innovation in the nutraceutical sector. Japan, a global leader in functional foods and beverages, has seen a significant rise in demand for supplements aimed at improving gut health and boosting immunity. South Korea, known for its wellness culture, is seeing increased consumption of plant-based products, probiotics, and anti-aging nutraceuticals. In both countries, high-tech research and development (R&D) in nutraceuticals are resulting in a steady flow of new, scientifically backed products entering the market.
Singapore serves as a key hub for nutraceutical innovations in Asia. The country is known for its stringent regulatory environment and advanced biotechnology sector, which allows for the development and commercialization of high-quality nutraceuticals. Singapore’s strategic location also positions it as a leading exporter of nutraceuticals to other ASEAN markets.
United States and European Market Dynamics
The United States remains one of the largest markets for nutraceutical products, driven by the increasing demand for dietary supplements and functional foods. With the rising trend of self-care and preventive healthcare, consumers are more inclined to adopt nutraceuticals to enhance their well-being. Additionally, the growing popularity of plant-based and organic nutraceuticals is shaping market dynamics.
In Europe, countries like Germany, France, and the UK are witnessing growing consumer demand for nutraceuticals, particularly dietary supplements. In Europe, health-consciousness and aging populations are driving demand for products that enhance longevity, cognitive health, and joint mobility.
Interested to take a sneak peek? Request a sample copy of the report to see what’s inside: https://www.maximizemarketresearch.com/request-sample/2936/
Latest Consolidation in the Nutraceutical Market
The nutraceutical industry is also seeing a surge in mergers and acquisitions (M&A), as companies aim to expand their product portfolios and strengthen market presence:
- Nestlé has recently acquired The Bountiful Company, a leading US-based producer of dietary supplements. This acquisition strengthens Nestlé’s position in the global nutraceutical market and expands its portfolio of health-focused brands.
- DSM (Dutch multinational) announced the acquisition of First Choice Ingredients, a US-based company known for its nutraceutical ingredients and solutions. This move is part of DSM’s strategy to expand into the functional food and supplements market.
- In South Korea, CJ CheilJedang has acquired a controlling stake in Green Cross Health to expand its footprint in the global nutraceutical and dietary supplements space, particularly targeting the Asia-Pacific region.
Key Players and Innovations in the Nutraceutical Market
The nutraceutical market is highly competitive, with several companies at the forefront of innovation. Some of the key players and their recent developments include:
- Nestlé Health Science
- Nestlé continues to expand its nutraceutical offerings with a focus on probiotics, supplements for digestive health, and products aimed at improving immune function.
- Herbalife Nutrition
- Known for its dietary supplements and weight management products, Herbalife has recently launched a new line of plant-based protein powders in response to the growing demand for vegan alternatives.
- Danone
- Danone’s Nutricia division has focused on functional foods that promote gut health and immunity, making strides in both the European and Asian markets.
- Amway
- Amway has been innovating in the field of wellness and nutrition with new lines of supplements and personalized nutrition options tailored to meet individual health needs.
- GSK (GlaxoSmithKline)
- GSK’s expansion into the global nutraceutical space includes its recently launched line of immunity-boosting products, capitalizing on the heightened demand for immunity support due to the ongoing global health concerns.
- BASF
- BASF has developed a new line of plant-based, eco-friendly nutraceutical ingredients that cater to the growing consumer demand for sustainable and organic products.
To delve deeper into this research, kindly explore the following link: https://www.maximizemarketresearch.com/request-sample/2936/
Opportunities in the Nutraceutical Market
The increasing prevalence of chronic diseases, along with a growing interest in maintaining good health through preventative care, presents a significant opportunity for the nutraceutical industry. Additionally, technological advancements in product formulation, as well as growing consumer awareness of the health benefits of specific nutrients, are expected to further propel market growth.
- The rise of personalized nutrition presents an opportunity for companies to develop tailored nutraceutical products for individual health needs.
- The increasing popularity of online retailing and e-commerce platforms is allowing consumers to access a wider variety of nutraceutical products, especially during the pandemic, when demand for health products soared.
Trends Shaping the Future of the Nutraceutical Market
- Functional Foods and Beverages
Consumers are increasingly looking for foods and beverages that provide health benefits beyond basic nutrition. Functional foods like fortified cereals, energy drinks, and snacks are growing in popularity. - Plant-Based and Vegan Products
As more consumers adopt plant-based diets, there is an increasing demand for plant-based supplements, vitamins, and protein powders. - Probiotics and Gut Health
Probiotics are expected to be one of the fastest-growing segments within the nutraceutical market, as consumers become more aware of the importance of gut health.
Nutraceutical Market Segment Analysis:
by Source
Probiotics
Proteins & Amino Acids
Phytochemicals & Plant Extracts
Fibers & Specialty Carbohydrates
Omega-3 Fatty Acids
Vitamins
Prebiotics
Carotenoids
Minerals
Others (Glucosamine, Chondroitin, and Polyols)
by Product
Function food
Oils
Biscuits & bars
Baby food
Cereals
Bread
Confectionery
Others
Dietary supplements
Vitamins & Mineral Supplements
Probiotic Supplements
1.CBD supplements
2. CBD Food
3. CBD Beverages
4.CBD Pet
Pet supplements
Nutricosmetics
Protein supplements
Others
Functional beverages
Energy drinks
Sports drink
Others
by Form
Capsules & Tablets
Liquid
Powder
Gummies
Others
by Distribution Channel
Conventional Stores
Grocery Stores
Mass Merchandisers
Warehouse Clubs
Online Retailers
Specialty Stores
Bakery Stores
Confectionery Stores
Gourmet Stores
Health Centers
Cosmetics Stores
Product-wise, the nutraceutical market comprises a variety of product categories, including functional beverages, dietary supplements, and functional foods. Due to their extensive use for nutrient deficiencies, preventative healthcare, and health maintenance, dietary supplements—particularly those containing vitamins and minerals—have a substantial market share among these. Worldwide, there is a steady need for vitamin and mineral supplements to address a range of age groups and health issues. Nonetheless, probiotic pills are becoming increasingly popular within the dietary supplement market due to their acknowledged benefits for digestive health and general wellbeing.
Looking for market analysis? Check out the summary of the research report for key insights: https://www.maximizemarketresearch.com/market-report/nutraceutical-market-global/2936/
Nutraceutical Market Key Players:
1. Abbot Laboratories
2. Amway Corporation
3. Archer Daniels Midland Company
4. Bactolac Pharmaceutical Inc
5. BASF SE,
6. Cargill
7. Chaitanya Agro Biotech Pvt. Ltd.
8. Danone SA
9. DSM
10. DuPont de Nemours, Inc.,
11. General Mills, Inc.
12. Glanbia Plc
13. GlaxoSmithKline Plc
14. Hain Celestial Group, Inc.
15. HempFlax Group BV.
16. Herbalife International of America, Inc.
17. Kellogg Company
18. Kraft Heinz Company
19. Nature’s Bounty
20. Nestle S.A.,
21. PepsiCo, Inc.
22. Perrigo Company Plc
23. Pfizer Inc.
24. Tyson Foods
Latest cutting-edge research from Maximize Market Research is now trending:
India Frozen Food Packaging Market https://www.maximizemarketresearch.com/market-report/india-frozen-food-packaging-market/21550/
Global Augmented Reality Packaging Market https://www.maximizemarketresearch.com/market-report/global-augmented-reality-packaging-market/102004/
India Two Wheeler Fuel Injection Systems Market https://www.maximizemarketresearch.com/market-report/india-two-wheeler-fuel-injection-systems-market/20086/
About Us
Maximize Market Research is one of the fastest-growing market research and business consulting firms serving clients globally. Our revenue impact and focused growth-driven research initiatives make us a proud partner of majority of the Fortune 500 companies. We have a diversified portfolio and serve a variety of industries such as IT & telecom, chemical, food & beverage, aerospace & defense, healthcare and others.
Contact Us:
MAXIMIZE MARKET RESEARCH PVT. LTD.
3rd Floor, Navale IT park Phase 2,
Pune Banglore Highway, Narhe
Pune, Maharashtra 411041, India.
+91 9607365656
[email protected]
Software as a Service (SaaS) Market to Reach $522.58 Billion by 2030
