Nutraceuticals Market size is set to grow by USD 279.8 billion from 2024-2028, Increasing cost of medical treatment to boost the market growth, Technavio

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Jun 25, 2024, 18:05 ET

NEW YORK, June 25, 2024 /PRNewswire/ -- The global nutraceuticals market size is estimated to grow by USD 279.8 bn from 2024-2028, according to Technavio. The market is estimated to grow at a CAGR of almost 9.58% during the forecast period.

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Technavio has announced its latest market research report titled Global nutraceuticals market 2024-2028

The nutraceutical industry is thriving, driven by people's growing interest in healthy eating and getting enough nutrients. This trend is pushing companies to develop new and exciting products. For example, a Swiss company called Innutrigel is using special technology to create chewable gummies as an alternative for those who dislike swallowing pills. Research is also focused on incorporating antioxidants and enhancing absorption through a process called nanoencapsulation. These innovations are a boon for the market, making nutraceuticals more appealing and effective.

Consumers are increasingly drawn to functional foods and supplements that support their health goals. This is reflected in the popularity of protein bars, granolas, and protein powders. These products are packed with nutrients and functionality, making them a perfect fit for health-conscious individuals. Fiber, vitamins, minerals, and antioxidants are some of the most sought-after ingredients. Europe, North America, and Asia Pacific are leading the global nutraceutical market. Manufacturers are constantly adapting their products to cater to evolving preferences, with a focus on sustainability, convenience, and innovation.

Dietary supplements, functional beverages, and functional foods are the major categories in this market, and its growth is expected to continue due to rising health awareness and the expanding variety of nutraceutical offerings.

However, despite the promising outlook, there are challenges that the nutraceutical market needs to address. The high cost of production, particularly expensive raw materials, is a major hurdle for market expansion. For instance, a supplement containing ingredients like serrapeptase, bromelain, and rutin can cost around USD$120. Yet, the preference for nutraceuticals over traditional medical treatments is expected to propel the market forward.

Other obstacles include navigating regulations and complying with changing guidelines. The industry also needs to stay ahead of the curve regarding consumer preferences, such as the growing interest in functional foods and personalized nutrition. Sustainability and ethical sourcing are gaining importance as well. Nutraceuticals also face stiff competition from conventional food and beverage companies. Additionally, improvements are needed in logistics and distribution networks to reach a wider customer base.

In conclusion, the nutraceuticals market presents exciting opportunities but also significant challenges. By embracing innovation and addressing these hurdles, the industry can ensure its continued success and growth.

Table of Contents:

1 Executive Summary
2 Market Landscape
3 Market Sizing
4 Historic Market Size
5 Five Forces Analysis
6 Market Segmentation

Distribution Channel

Offline
Online

Product

Functional Food
Functional Beverages
Dietary Supplements

Geography

North America
APAC
Europe
Middle East And Africa
South America

7 Customer Landscape
8 Geographic Landscape
9 Drivers, Challenges, and Trends
10 Company Landscape
11 Company Analysis
12 Appendix

About Technavio

Technavio is a leading global technology research and advisory company. Their research and analysis focuses on emerging market trends and provides actionable insights to help businesses identify market opportunities and develop effective strategies to optimize their market positions.

With over 500 specialized analysts, Technavio's report library consists of more than 17,000 reports and counting, covering 800 technologies, spanning across 50 countries. Their client base consists of enterprises of all sizes, including more than 100 Fortune 500 companies. This growing client base relies on Technavio's comprehensive coverage, extensive research, and actionable market insights to identify opportunities in existing and potential markets and assess their competitive positions within changing market scenarios.

Contacts

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Website: www.technavio.com/

SOURCE Technavio