Growth Scope of Nutraceuticals Market Size Worth USD 745.5 Billion By 2028 At 8.8% CAGR - Industry Trends & Forecast Report by Zion Market Research
NEW YORK , April 20, 2022 /PRNewswire/ -- As per Zion Market Research study, The Nutraceuticals Market was worth around USD 449.5 billion in 2021 and is estimated to grow to about USD 745.5 billion by 2028, with a compound annual growth rate (CAGR) of approximately 8.8 percent over the forecast period. The report analyzes the digital remittance market's drivers, restraints, challenges, and the effect they have on the demands during the projection period. In addition, the report explores emerging opportunities in the digital remittance market.
Key Industry Insights & Finding of the Nutraceuticals Market Reports:
- As per the analysis shared by our research analyst, the Nutraceuticals Market is expected to grow annually at a CAGR of around 8.8% (2022-2028).
- Through the primary research, it was established that the Nutraceuticals Market was valued approximately USD 449.5 Billion in 2021 and is projected to reach to roughly USD 745.5 Billion by 2028.
- Western Europe continues to be a leader in nutraceutical sales, primarily through pharmacy-based distribution.
Zion Market Research published the latest report titled as "Nutraceuticals Market By Type (Probiotic, Proteins And Amino Acids, Phytochemical & Plant Extracts, Fibers & Specialty Carbohydrates, Omega 3 Fatty Acids, Vitamins, Prebiotic, Carotenoids, Minerals, And Others). By Application (Food, Beverages, Personal Care, Animal Nutrition, And Dietary Supplements.) By Health Benefits (Cognitive Health, Gut Health, Heart Health, Bone Health, Immunity, Nutrition, Weight Management, And Others.) By Form (Dry, And Liquid.)." into their research database.
Nutraceuticals Market: Overview
The rising demand for dietary supplements and functional foods is expected to be a major driving force in the market over the forecast period. In addition, a positive outlook toward medical nutrition, given its growing use in the treatment of cardiovascular disorders and malnutrition, is likely to boost the growth of the Nutraceuticals market in the coming years. The rising geriatric population, rising healthcare costs, changing lifestyles, food innovation, and expectations regarding higher prices will propel the growth of the market in the upcoming years. Consumers have a very positive attitude toward functional foods, owing to the additional health and wellness benefits that these products provide, driving the market's growth. During the pandemic period, demand for nutraceutical goods expanded globally because to the flexibility of storage choices, the need for combination formulations with various benefits, increasing consumer education levels, educated consumers, and the growth in health concerns among connected consumers. Moreover, rising healthcare costs, combined with an aging global population, are expected to support the global Nutraceuticals industry's growth over the forecast period.
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Industry Dynamics:
Nutraceuticals Market: Growth Dynamics
Increasing incidences of chronic diseases
The global burden of chronic diseases is rapidly rising. Obesity, diabetes, high blood pressure, and cardiovascular disease are all on the rise in the world's population. As a result, people are becoming more aware of their eating habits. People are choosing healthier foods because there is a strong link between diet and health. Consumers are also on the lookout for products that offer the right balance of nutrition and flavour. This pressing need is met by fortified food ingredients, which provide food formulators with ingredients that provide specific functionalities and healthier alternatives. As a result, the demand for nutraceutical ingredients is bolstered by the entire health and wellness movement.
Nutraceuticals Market: Restraints
Higher fortified product costs deter widespread use and adoption.
Functional foods and beverages, animal nutrition, pharmaceuticals, and personal care products are just a few of the applications for nutraceutical ingredients. However, the incorporation of nutraceutical components into food and beverage goods, feed products, medicines, and personal care items boosts the pricing of these end products. As a result, lower adoption of such products occurs, stifling market growth. Despite the fact that probiotic-infused bottled water products provide important health benefits such as improved digestive and immune health, most consumers are unlikely to switch from their traditional bottled water consumption. As a result, premium pricing of fortified goods would impede market growth for nutraceutical ingredients throughout the projection period.
Global Nutraceuticals Market: Opportunities
In the nutraceutical ingredients industry, there have been both product-based and technological innovations.
Nutraceutical ingredient producers are fast adopting personalised healthcare technology in order to offer better-suited and tailored end products for customers. Consumer goods companies are increasingly collecting data to enable a proper analysis of purchasing behavior and lifestyle in order to provide customers with tailored options based on their preferences. This information not only helps consumer companies develop personalized dietary advice, but it also helps pharmaceutical companies form significant partnerships to help personalize over-the-counter supplements. Apart from studying consumer purchasing patterns, genomics also helps to personalize nutraceutical products by enabling treatments that are closely linked to a person's genetic profile. This opens up a huge market for nutraceutical end-product manufacturers, as linking a diet to a genome not only improves health but also reduces the risk of developing negative health conditions like cardiovascular disease, obesity, diabetes, and inflammatory bowel disease. Such validated use of technology in conjunction with a dietary plan is expected to open up previously untapped market growth opportunities for nutraceutical ingredient manufacturers.
Nutraceuticals Market: Challenges
Nutraceutical products are associated with consumer skepticism.
Along with growing consumer awareness of better dietary choices and increased health awareness, there is still a level of consumer skepticism about the use of nutraceutical products. Although there are several factors preventing consumer adoption of nutraceutical products, synthetic sourcing and unsubstantiated health claims are the two most significant. Most nutraceutical ingredient manufacturers use health claims as a major marketing and selling point; however, when these claims do not pan out, consumer skepticism about these products rises. The formulation or synthetic sourcing of nutraceutical products is another factor impeding the market growth. The majority of consumers dislike products that have been genetically modified to improve their performance. These factors act as major roadblocks to the growth of the nutraceutical ingredient market.
Nutraceuticals Market: Segmentation
The Nutraceuticals Market is segregated based on type, application, health benefits, and form.
By type, the market is segmented into Probiotics, Proteins and amino acids, Phytochemical & plant extracts, Fibers & specialty carbohydrates, Omega 3 fatty acids, Vitamins, Prebiotic, Carotenoids, Minerals, and Others. The probiotic category is predicted to be the largest over the projection period. Because of their positive effects on overall human health, probiotic ingredients are quickly becoming one of the most important ingredients in a variety of health and nutritional products. As a result, probiotic ingredients are widely used in a variety of industries, including functional foods, beverages, dietary supplements, and animal nutrition.
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Recent Developments
- In 2021, General Mills developed a new snack brand called Good Measure that is designed specifically to not spike the blood sugar of the person snacking. There are currently two products under the Good Measure brand: creamy nut butter bars and crunchy almond crisps. Blueberry & Almond, Peanut & Dark Chocolate, and Almond & Dark Chocolate are just a few of the flavors available.
- In 2021, Alpine Start Inc., a premium instant coffee maker, announced the launch of its functional beverages, With Benefits, with the help of Kickstarter, an American public benefit organization. The new fortified beverages are packed in vitamins, minerals, and MCTs and prepared with all-natural, clean-label ingredients to boost immunity and focus.
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List of Key Players of Nutraceuticals Market:
- Associated British Foods (Uk)
- Arla Foods (Denmark)
- DSM (Netherlands)
- Ingredion Incorporated (US)
- Tate & Lyle PLC (UK)
- Ajinomoto Co.Inc. (Japan)
Key questions answered in this report:
- What are the growth rate forecast and market size for Nutraceuticals Market?
- What are the key driving factors propelling the Nutraceuticals Market forward?
- What are the most important companies in the Nutraceuticals Market Industry?
- What segments does the Nutraceuticals Market cover?
- How can I receive a free copy of the Nutraceuticals Market sample report and company profiles?
Report Scope:
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Regional Dominance:
Europe is becoming one of the most important markets for nutraceuticals. Anti-aging concerns among the elderly drive the nutraceuticals market in Europe, which is primarily concentrated in France, Italy, Germany, the United Kingdom, and Spain. As a consequence of increased consumer and governmental pressure in Europe, demand for nutraceutical goods is expanding. Western Europe continues to be a leader in nutraceutical sales, primarily through pharmacy-based distribution. In the forecast period, rising obesity, cardiovascular disease, and obesity disease are expected to lead the nutraceutical industry. In addition, functional bottled water is becoming more popular in European countries.
During the projection period, Asia Pacific is likely to dominate the market. This is due to the region's growing population, rising disposable income, and rising living standards. Growing public awareness of health-improving foods is also expected to be a major driver of market expansion. The rising popularity of functional foods and beverages in several Asian Pacific countries has aided regional market expansion. As a result, probiotics are becoming increasingly popular among consumers as a way to improve gut health, which can help to prevent a variety of chronic diseases.
Global Nutraceuticals Market is segmented as follows:
Nutraceuticals Market: By Type Outlook (2022-2028)
- Probiotic
- Proteins and amino acids
- Phytochemical & plant extracts
- Fibers & specialty carbohydrates
- Omega 3 fatty acids
- Vitamins
- Prebiotic
- Carotenoids
- Minerals
- Others
Nutraceuticals Market: By Application Outlook (2022-2028)
- Food
- Beverages
- Personal care
- Animal nutrition
- Dietary supplements
Nutraceuticals Market: By Health Benefits Outlook (2022-2028)
- Cognitive health
- Gut health
- Heart health
- Bone health
- Immunity
- Nutrition
- Weigh management
- Others
Nutraceuticals Market: By Form Outlook (2022-2028)
- Dry
- Liquid
Nutraceuticals Market: By Region Outlook (2022-2028)
North America
- The U.S.
- Canada
Europe
- France
- The UK
- Spain
- Germany
- Italy
- Rest of Europe
Asia Pacific
- China
- Japan
- India
- South Korea
- Southeast Asia
- Rest of Asia Pacific
Latin America
- Brazil
- Mexico
- Rest of Latin America
Middle East & Africa
- GCC
- South Africa
- Rest of Middle East & Africa
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