The Nutraceuticals Global Market Report 2024 by The Business Research Company provides market overview across 60+ geographies in the seven regions – Asia-Pacific, Western Europe, Eastern Europe, North America, South America, the Middle East, and Africa, encompassing 27 major global industries. The report presents a comprehensive analysis over a ten-year historic period (2010-2021) and extends its insights into a ten-year forecast period (2024-2033).
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In accordance with The Business Research Company’s Nutraceuticals Global Market Report for 2024, the nutraceuticals sector has experienced substantial growth in recent years, with its market size expanding from $415.47 billion in 2023 to $460.18 billion in 2024, demonstrating a notable compound annual growth rate (CAGR) of 10.8%. This surge in market size during the historical period can be attributed to heightened health consciousness, enhanced consumer education, supportive regulatory frameworks, robust scientific research, and the presence of an aging population.
Anticipated trends indicate a continued rapid expansion of the nutraceuticals market, with projections indicating a growth to $696.13 billion by 2028, boasting a CAGR of 10.9%. Factors fueling this growth in the forecast period include sustained health awareness, prevailing global economic dynamics, shifts in dietary preferences, the burgeoning realm of digital health and e-commerce, and the emergence of personalized nutrition approaches.
Noteworthy developments in the forecast period encompass the rising popularity of functional beverages, the increasing demand for sports nutrition and performance-enhancing products, the advent of solutions promoting mental wellness, a heightened focus on immune system fortification, and a growing emphasis on gut health optimization.
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.
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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
Top 5 Major Players:
Key players within the nutraceutical market are strategically concentrating on the development of innovative next-generation synbiotic solutions to cater to evolving consumer health requisites. These advanced synbiotic formulations combine prebiotics and probiotics synergistically, thereby optimizing gut health and overall well-being. Notably, in January 2023, Evonik Industries AG, a prominent German chemical enterprise, introduced an innovative line of nutraceuticals dubbed INVIVO BIOTICS. This groundbreaking range features synbiotics integrating probiotics with other health-enhancing constituents, underpinned by extensive scientific insights into human health and a profound understanding of the food ingredients and dietary supplements landscape. Evonik offers a comprehensive suite of INVIVO BIOTICS solutions, including formulations fostering intrinsic butyrate production, resolvin, and gluten tolerance. Moreover, clients benefit from Evonik’s invaluable market intelligence, facilitating swift consumer adoption through strategic product positioning, heightened consumer awareness initiatives, and innovative packaging designs.
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
List Of Tables:
Table 1: Global Historic Market Growth, 2018-2023, $ Billion
Table 2: Global Forecast Market Growth, 2023-2028F, 2033F, $ Billion
Table 3: Global Nutraceuticals Market, Segmentation By Type, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
Table 4: Global Nutraceuticals Market, Segmentation By Source, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
Table 5: Global Nutraceuticals Market, Segmentation By Application, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
….
Table 76: Cargill Incorporated Financial Performance
Table 77: Archer Daniels Midland Company Financial Performance
Table 78: Nestle SA Financial Performance
Table 79: BASF SE Financial Performance
Table 80: PepsiCo Inc. Financial Performance
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