Nutraceuticals Market Size, Share Global Analysis Report, 2023 – 2030

Industry Insights

[229+ Pages Report] According to the report published by Facts & Factors, the global nutraceuticals market size was evaluated at $353 billion in 2022 and is slated to hit $700 billion by the end of 2030 with a CAGR of nearly 9.4% between 2023 and 2030.

The market report is an indispensable guide on growth factors, challenges, restraints, and opportunities in the global marketspace. The nutraceuticals industry report covers the geographical market along with a comprehensive competitive landscape analysis. It also includes cash flow analysis, profit ratio analysis, market basket analysis, market attractiveness analysis, PESTEL analysis, SWOT analysis, Porter’s five force analysis, and value chain analysis. Additionally, the nutraceuticals market report explores the investor and stakeholder space to help companies make data-driven decisions.

Market Overview

Nutraceuticals is a term used for describing a product that is derived from food sources having extra health benefits apart from providing key nutritional value to foods. For the record, they are isolated from food supplements, herbal products, and processed foods such as soups, cereals, and beverages. These products are also used as medicine and offer protection against chronic disorders.

As per NCBI, nutraceuticals are utilized for improving health, delaying the aging process, preventing chronic disorders, and increasing life expectancy. According to NIH researchers, nutraceuticals have garnered major interest in the healthcare sector owing to their beneficial therapeutic effects. Reportedly, it has been found that nutraceuticals can be effective against Alzheimer, cancer, allergy, diabetes, and Parkinson's disease.

Key Insights

• As per the analysis shared by our research analyst, the global nutraceuticals market is projected to expand annually at the annual growth rate of around 9.4% over the forecast timespan (2023-2030)
• In terms of revenue, the global nutraceuticals market size was evaluated at nearly $353 billion in 2022 and is expected to reach $700 billion by 2030.
• The global nutraceuticals market is anticipated to record massive growth over the forecast period owing to the humungous consumption of functional foods has translated into a rise in the demand for nutraceuticals.
• Based on the product, the functional foods segment is predicted to contribute majorly towards the global market share over the forecast timeline.
• In terms of ingredients, the probiotics segment is projected to record the highest CAGR over 2023-2030.
• On the basis of application, the weight management & safety segment is slated to dominate the segmental surge over the forecast period.
• Region-wise, the Asia-Pacific Nutraceuticals market is projected to register the highest CAGR during the assessment period.

Industry Growth Factors

• An increase in awareness pertaining to lifestyle-related diseases will drive the global market trends

Humungous consumption of functional foods has translated into a rise in the demand for nutraceuticals, thereby leading to the rapid expansion of the nutraceuticals market across the globe. A rise in awareness about lifestyle-related disorders and consumer focus on health-promoting foods will steer the growth of the global market.

Apart from this, a rise in customer spending in developed countries along with health awareness will scale up the scope of the growth of the market across the globe. Large-scale intake of food supplements has tilted the end-user preference towards self-medication and treatment of lifestyle-related diseases including malnutrition. This, in turn, has provided a strong base for market expansion across the globe.

The increase in the aging population and healthcare costs and changing food habits have contributed immensely towards the global nutraceuticals market expansion. Technological innovations in the nutraceuticals business and the use of AI in the industry have favorably influenced the global market demand.

Restraints

• Surging costs of nutraceutical ingredients will hinder the global industry expansion

Difficulties faced by players in the manufacturing process and the huge time consumed during extraction of ingredients for producing nutraceuticals will put brakes on the global nutraceuticals industry expansion. Additionally, growing costs of nutraceutical ingredients can further impede the global industry surge.

Opportunities

• Growing awareness about health & fitness will open new growth opportunities for the global market

An increase in customer willingness to spend more on health & wellness for improving health & fitness is predicted to open new growth opportunities for the nutraceuticals market across the globe. In addition to this, a rise in the allocation of funds for research & development activities will further open new facets of growth for the global market.

Challenges

• Stringent laws pertaining to product usage can be a challenging task for the global industry

Strict laws governing the product use and conditions to be fulfilled for its botanical preparation have posed a huge challenge for the global nutraceuticals industry. Apart from this, a large number of government bodies hold different opinions on what kind of ingredients and in what quantity they are to be used for preparing nutraceuticals. This will further pose a challenge to global industry growth.

Segmentation Analysis

The global nutraceuticals market is sectored into product, ingredient, application, and region.    

In terms of product, the global nutraceuticals market is sectored into dietary supplements, functional beverages, and functional foods segments. Furthermore, the functional foods segment, which accrued more than 40% of the global market share in 2022, is predicted to maintain its segmental dominion in the projected timeline.

The segmental growth in the forecasting years can be subject to technological breakthroughs and new product development. Apart from this, sports drinks are gaining popularity among athletes which involve physical activities. Extensive food fortification including vitamins, proteins, minerals, and fibers will further prop up the demand for functional foods.     

Ingredient-wise, the nutraceuticals industry across the globe is divided into probiotics, prebiotics, sweeteners, vitamins, whey proteins, proteins, omega-3, minerals, marine ingredients, lipids & fatty acids, krill, juices & concentrates, isoflavones, glucosamine, fruit & vegetables, flavors, fibers, fats & oils, fat replacers, essential oils, enzymes, dairy ingredients, colostrum, aloe vera, amino acids, carotenoids, carnitine and carbohydrates segments.

Moreover, the probiotics segment, which gathered a major share of the global industry in 2022, is forecast to register the fastest CAGR in the forecast timeframe. The growth of the segment over 2023-2030 can be owing to changing dietary patterns and a rise in the customer preference for probiotic-based dairy foods which help in improving the gut health of individuals. Apart from this, probiotics prove beneficial for the human immune system and assist in preventive healthcare.

On the basis of the application, the global nutraceuticals market is divided into weight management & safety, bone & joint health, energy & endurance, heart health, digestive health, animal nutrition, immune system, women's health, and post-pregnancy & reproductive health segments.

Moreover, the weight management & safety segment, which accumulated the largest share of the global market revenue in 2022, is forecast to dominate the application segment over the forecast timeframe. The growth of the segment over 2023-2030 can be owing to a growing highlight on fitness and health. Surging demand for sports nutrition owing to awareness about muscle improvement among the athlete will boost the application space.

Recent Breakthroughs:

• In the second quarter of 2022, The Kellogg Company, a U.S.-based food manufacturing firm, launched a new protein snack bar comprising 6 gms of protein and 90 calories. For the record, the snack bar is provided in two delectable flavors, rich chocolaty brownie sundae, and sweet berry vanilla. The move is predicted to boost the growth of the global nutraceuticals industry.
• In the first half of 2022, PepsiCo, Inc., a U.S.-based food company, introduced a hemp-infused drink in the U.S. Moreover, the energy drink branded as "Rockstar Unplugged", comprises hemp seed oil, lemon balm, vitamin B, and spearmint. The strategic move will embellish the market growth trends in the U.S.

Report Scope

Regional Insights

• North American nutraceuticals market to establish a dominant status over the forecast timeline

North America, which garnered more than 30% of the global nutraceuticals market revenue in 2022, is anticipated to record lucrative growth during the projected timespan. The regional market expansion over 2023-2030 can be subject to the rise in health concerns among customers and surging awareness pertaining to nutraceuticals.

The rise in the geriatric population and consumer spending patterns on healthcare products along with altering lifestyles will embellish the expansion of the regional market trends. An increase in healthcare expenditure in the U.S. will steer the growth of the regional market.

Furthermore, the nutraceuticals industry in the Asia-Pacific zone is predicted to record the highest CAGR in the anticipated timeframe. The factors that are likely to impact the growth of the regional industry are a surge in living standards, a rise in per capita income, and an increase in the population.

Growing awareness about the health-improving diet is predicted to steer the regional market trends. An increase in the presence of giant players in the region will embellish the growth of the market in the sub-continent.

Competitive Space

• DSM 
• PepsiCo Inc. 
• Amway 
• Herbalife Nutrition Limited 
• Pfizer Inc. 
• Archer Daniels Midland Company 
• Nestle S.A. 
• The Kraft Heinz Company 
• General Mills 
• The Hain Celestial Group Inc. 
• BASF SE 
• Nature's Bounty 
• Abbot Industries 
• General Mills Inc. 
• Danone Corporation 
• Glanbia Plc 
• Tyson Foods

 The global nutraceuticals market is segmented as follows:

By Product Segment Analysis

• Dietary Supplements
• Functional Beverages
• Functional Foods

By Ingredient Segment Analysis

• Probiotics
• Prebiotics
• Sweeteners
•  Vitamins
• Whey Proteins
•  Proteins
• Omega-3
• Minerals
• Marine Ingredients
•  Lipids & Fatty Acids
•  Krill
• Juices & Concentrates
•  Isoflavones
• Glucosamine
• Fruit & Vegetables
• Flavors
• Fibers
• Fats & Oils
• Fat Replacers
• Essential Oils
• Enzymes
• Dairy Ingredients
• Colostrum
• Aloe Vera
• Amino Acids
•  Carotenoids
• Carnitine
• Carbohydrates

By Application Segment Analysis

• Weight Management & Safety
•  Bone & Joint Health
•  Energy & Endurance
•  Heart Health
• Digestive Health
• Animal Nutrition
• Immune System
• Women’s Health
• Post-Pregnancy & Reproductive Health

By Regional Segment Analysis

• North America
  • The U.S.
  • Canada
  • Mexico
• Europe
  • France
  • The UK
  • Spain
  • Germany
  • Italy
  • Rest of Europe
• Asia Pacific
  • China
  • Japan
  • India
  • Australia
  • Southeast Asia
  • Rest of Asia Pacific
• The Middle East & Africa
  • Saudi Arabia
  • UAE
  • Egypt
  • Kuwait
  • South Africa
  • Rest of the Middle East & Africa
• Latin America
  • Brazil
  • Argentina
  • Rest of Latin America