Nutraceuticals Market to Garner $650.5 Bn, Globally, by 2030 at 3.9% CAGR: Allied Market Research

Surge in consumption of sports and energy drinks and increase in demand for nutraceuticals to support regular diet have boosted the growth of the global nutraceuticals market

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Allied Market Research

Feb 15, 2022, 07:50 ET

PORTLAND, Ore., Feb. 15, 2022 /PRNewswire/ -- Allied Market Research recently published a report, titled, "Nutraceuticals Market by Type, (Functional Beverage, Functional Food, and Dietary Supplements), Form (Capsules and Tablets, Liquid, Powder, Others), and Sales Channel (Hypermarkets/Supermarkets, Specialty Stores, Pharmacies, and Online Channels): Global Opportunity Analysis and Industry Forecast, 2021–2030". As per the report, the global nutraceuticals industry was pegged at $413.0 billion in 2020, and is estimated to reach $650.5 billion by 2030, growing at a CAGR of 3.9% from 2021 to 2030.

Drivers, restraints, and opportunities

Surge in consumption of sports and energy drinks, rise in demand for functional food in developing nations, and increase in demand for nutraceuticals to support regular diet have boosted the growth of the global nutraceuticals market. In addition, surge in purchasing power and changes in lifestyle and food habits supplemented the market growth. However, counterfeit and low-quality products and challenges regarding manufacturing technology and processing hinder the market growth. On the contrary, new format of intakes of nutraceuticals and high demand for herbal nutraceutical products would open new opportunities for the market players in the future.

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Covid-19 scenario:

The rise in demand for healthy nutritional products and supplements boosted the demand for nutraceuticals during the Covid-19 pandemic.
The preventive measures taken against the pandemic in the form of intake of Vitamin D and C, zinc, sodium, and mineral led to rapid increase in sales of nutraceuticals products.
The Covid-19 outbreak increased the demand for natural, herbal, and organic products.

The functional beverage segment to manifest the highest CAGR through 2030

By type, the functional beverage segment is estimated to register the highest CAGR of 4.9% during the forecast period, due to increase in number of fitness and sports enthusiasts and inclination of consumers toward healthy lifestyle. However, the functional food segment dominated the global nutraceuticals market in terms of revenue in 2020, contributing to more than two-fifths of the global nutraceuticals market, due to growing urbanized population, rise in spending on health-related products, and surge in cardiovascular, obesity, and chronic diseases.

The capsule and tablets segment held the largest share

By form, the capsule and tablets segment held the largest share in 2020, contributing to nearly two-fifths of the global nutraceuticals global nutraceuticals market, owing to their ease in availability. However, the liquid segment is estimated to register the highest CAGR of 4.6% during the forecast period.

Asia-Pacific, followed by North America, held the lion's share

By region, the global nutraceuticals market across Asia-Pacific, followed by North America, held the largest share in 2020, accounting for nearly two-fifths of the market. Moreover, the region is projected to portray the highest CAGR of 5.5% during the forecast period, due to rise in population and growth of healthcare facilities and dietary supplement market.

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Major market players

Archer Daniels Midland Company
Cargill, Inc.
BASF SE
DuPont de Nemours, Inc.
Danone
Koninklijke DSM N.V.
General Mills Inc.
PepsiCo, Inc.
Nestle S.A.
Yakult Honsha Co., Ltd.

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