Nutraceuticals Market size to grow by USD 223.56 billion from 2022 to 2027, 7.52% YOY market growth recorded in 2022/2023, Technavio

NEW YORK, March 28, 2024 /PRNewswire/ -- The Nutraceuticals Market is to grow by USD 223.56 billion from 2023 to 2027 progressing at a CAGR of 8.52% during the forecast period. The year-over-year (YoY) growth rate for the Nutraceuticals Market from 2022 to 2023 is 7.52%. This indicates a significant increase in market size or revenue over the specified period, reflecting positive momentum and demand for nutraceutical products during that timeframe. The report offers an up-to-date analysis regarding the current global market scenario, the latest trends and drivers, and the overall market environment.

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Market Dynamics

The rising number of health-conscious consumers is propelling the market growth during the forecast period:

The market is driven by the Increasing cost of medical treatment. The rising number of health-conscious consumers are is a key factor driving market growth. In recent years, heightened health concerns have led consumers to seek improved dietary choices. This shift has fueled a rising demand for functional foods and beverages that offer health benefits. Lifestyle changes and work pressures have contributed to increased obesity rates and a higher prevalence of diabetes and related disorders.

• The offline segment, valued at USD 208.83 billion in 2017, includes supermarkets, department stores, hypermarkets, and convenience stores. Major retail chains like Tesco, Walmart, and Target have dedicated sections for nutraceuticals. With factors like geographic proximity and efficient inventory management, offline retailers are projected to experience growing demand in the forecast period.
• Technological innovations are a major trend in the market. The nutraceuticals industry is evolving rapidly due to rising consumer awareness about health and nutrition. Companies like iNNutriGEL are innovating starch-based products for various industries. Research focuses on adding antioxidants to nutraceuticals to counter free radical damage, leading to increased R&D investment in sustainable and versatile antioxidant solutions.
• The high cost of nutraceuticals is a significant challenge restricting market growth. Nutraceutical manufacturers must innovate for health benefits. Patients choose nutraceuticals over medical treatments due to costs but face high nutraceutical prices. Rising raw material costs contribute to the overall product expense, affecting market growth.

Market Segmentation

The nutraceuticals market analysis includes Distribution Channel, Product, and geography landscape. This study identifies the Technological innovations | Industry developments, growing preference for personalized nutrition as one of the prime reasons driving the nutraceuticals market growth during the next few years.

• The market share growth in the offline segment will be significant during the forecast period. Offline retail for nutraceuticals is led by supermarkets, department stores, hypermarkets, and convenience stores. Major retail chains like Tesco, Walmart, and Target have dedicated departments to nutraceuticals. Geographic proximity, production ease, inventory management, and transportation influence market players strategies in the organized retail sector.

Regional Analysis:

APAC is set to contribute 34% to global market growth. In North America, led by the US, urbanization, and high disposable income fuel demand. An abundance of suppliers like Abbott offering products such as ENSURE ORIGINAL SHAKE drives expansion. Brands heavily invest in nutrient-rich foods, beverages, and supplements, expanding the market due to diverse product offerings.

This report presents a detailed picture of the market by way of study, synthesis, and summation of data from multiple sources through an analysis of key parameters

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Companies Mentioned

• Abbott Laboratories
• Advanced Orthomolecular Research Inc.
• Amway Corp.
• Archer Daniels Midland Co.
• BASF SE
• Bayer AG
• Better Being Corp.
• Cargill Inc.
• COSUCRA
• Danone SA
• General Mills Inc.
• Herbalife International of America Inc.
• Innutrigel AG
• International Flavors and Fragrances Inc.
• LKK Health Products Group
• Nestle SA
• PepsiCo Inc.
• Pfizer Inc.
• RBK NUTRACEUTICALS Pty Ltd.
• The Coca Cola Co.

Company Offerings

1. Abbott Laboratories - The company offers health supplements such as energy drinks, health drinks, and bars.
2. Advanced Orthomolecular Research Inc. - The company offers AOR cold and flu supplements, postbiotic boost, and andrographics.
3. Amway Corp. - The company offers healthcare supplements under its brand called Nutrilite.

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Analyst Review:

The Global Nutraceuticals Market is witnessing robust growth, driven by the increasing awareness among consumers about the medical or health benefits of nutraceutical products. Nutraceuticals, which encompass food ingredients with potential health benefits, have gained traction due to their role in supporting immune system health and addressing various health issues such as cardiovascular disease, cancer, cholesterol, arthritis, and gut-related medical conditions.

Amidst the pandemic, there has been a heightened focus on substandard nutrition and the importance of maintaining a healthy lifestyle. Consumers are becoming more informed and are seeking products that offer validated health benefits. Regulatory authorities, such as the Indian Council of Medical Research (ICMR) and the Food Safety and Standards Authority of India (FSSAI), play a crucial role in ensuring compliance with quality and safety standards. The market is witnessing increasing demand for nutraceutical products such as probiotics, polyunsaturated fatty acids, multivitamins, and single vitamins. Nutraceuticals are being incorporated into various food and beverage categories including dairy products, bakery and confectionery items, snacks, cereals, fats and oils, meat, and baby food, offering consumers a wide range of options for improving their health.

The nutraceuticals market is characterized by a diverse range of delivery systems including tablets, soft chews, chewing gum, gummy bears, patches, lollipops, quick-dissolving strips, and single-serving sizes, catering to the preferences of different consumer segments. Additionally, functional snack bars and dietary supplements in 'food-like' delivery forms are gaining popularity among fitness enthusiasts and health-conscious consumers. Geographically, Western Europe, particularly countries like France, Italy, the United Kingdom, and Spain, represents one of the largest markets for nutraceuticals. Rising obesity rates and the prevalence of cardiovascular diseases are driving the demand for functional bottled water and innovative functional drinks brands like OHMG in the United Kingdom, offering products enriched with ingredients like magnesium citrate, magnesium threonate, and magnesium glycinate. Key players in the nutraceuticals market, including international giants like The Kellogg Company, are focusing on understanding consumer needs and trends to develop innovative products tailored to specific target market segments. With the increasing adoption of nutraceuticals and the growing emphasis on health and wellness, the global nutraceutical market is poised for continued growth and innovation.

Market Overview:

The Nutraceuticals Market is witnessing significant growth, driven by increasing consumer awareness of the health benefits offered by food ingredients with medical properties. Amid health concerns and the ongoing pandemic, there's a growing focus on immune system support and addressing substandard nutrition. In India, organizations like the Indian Council of Medical Research (ICMR) and the Food Safety and Standards Authority of India (FSSAI) play pivotal roles in regulating nutraceutical products. Antioxidants, probiotics, and polyunsaturated fatty acids are gaining popularity for their health-enhancing properties. Personalized nutrition is emerging as a trend, particularly in addressing gut-related medical conditions. Nutraceuticals come in various forms like tablets, capsules, soft chews, and functional snack bars, catering to diverse consumer preferences. In Europe, countries like France, Italy, and Germany are witnessing rising demand for nutraceuticals, driven by concerns over obesity and cardiovascular diseases. Major players like PepsiCo, Nestle, and Herbalife are investing in research and development to meet evolving consumer needs and regulatory compliance.

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ToC:

1 Executive Summary
2 Landscape
3 Sizing
4 Historic Size
5 Five Forces Analysis
6 Segmentations
7 Customer Landscape
8 Geographic Landscape
9 Drivers, Challenges, and Trends
10 Vendor Landscape
11 Vendor Analysis
12 Appendix

About US

Technavio is a leading global technology research and advisory company. Their research and analysis focus on emerging market trends and provide 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.

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