NEW YORK, Dec. 3, 2024 /PRNewswire/ -- According to a new comprehensive report from The Insight Partners, the global Nutraceuticals Market Strategies, Top Players, Growth Opportunities, Analysis and Forecast by 2031 is observing significant growth owing to increased consumer focus on preventive health along with the rising product innovations and strategic developments by key manufacturers.
The nutraceuticals market report comprises a detailed analysis of various types of nutraceuticals and their potential use for maintaining good health, which are expected to drive the market toward significant growth in the coming years. The report runs an in-depth analysis of market trends, key players, and future opportunities.
The report from The Insight Partners, therefore, provides several stakeholders-including ingredient manufacturers, raw material suppliers, herbal extracts manufacturers, API manufacturers, retailers, distributors, wholesalers, traders, and others-with valuable insights into how to successfully navigate this evolving market landscape and unlock new opportunities.
The List of Companies - Nutraceuticals Market
- Glanbia Plc
- NOW Health Group Inc
- Amway Corp
- Nature's Bounty
- Garden of Life LLC
- Danone SA
- GNC Holdings, LLC
- Quest Nutrition LLC
- Kellanova
- Chobani LLC
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Overview of Report Findings
- Market Growth: The nutraceuticals market is expected to reach US$ 895.76 billion by 2031 from US$ 500.77 billion in 2023; it is expected to record a CAGR of 7.5% during the forecast period. Nutraceuticals are associated with various medicinal and health benefits, which is increasing its popularity among consumers. Rising healthcare costs and the increasing geriatric population across the world propel the adoption of various nutraceuticals, such as dietary supplements, functional food and beverages, and sports nutrition products. Surging consumer focus on preventive health, rising consumer focus on health-promoting diets, and increasing incidences of lifestyle-related disorders further boost the demand for nutraceuticals. Moreover, the acceptance of functional foods has surged among consumers owing to the added health and wellness benefits offered by these products.
- Consumer Focus on Preventive Health: Awareness about health and nutrition has increased significantly in the past few years. With busy lifestyles and hectic work schedules, people fail to concentrate on their health, fitness, and nutrition. This has led to an increase in the prevalence of diseases such as obesity, diabetes, high blood pressure, skin problems, and digestive issues. The World Health Organization (WHO) refers to cardiovascular diseases as a leading cause of death across the world. According to a report from the World Heart Federation (WHF), the number of death cases from cardiovascular diseases rose from 12.1 million in 1990 to 20.5 million in 2021. Such an elevated prevalence of cardiovascular diseases drives consumer focus toward preventive health. As a result, the demand for nutraceuticals such as dietary supplements, and functional food and beverages with nutritional benefits has increased among the masses to keep up with the trend of preventive health. Nutraceuticals support the healthy functioning of the digestive tract, spanning from mouth to gut, along with controlling the growth of harmful microorganisms inside these organs. After the COVID-19 pandemic, there has been a sharp rise in the popularity of functional foods and dietary supplements, as people have been prioritizing their health and actively searching for healthy alternatives and fitness activities to prevent lifestyle-related illnesses. Thus, immunity-boosting supplements have gained significant popularity in the last few years due to altered consumer behavior and purchasing habits. Thus, the rising consumer focus on preventive health bolsters the growth of the nutraceuticals market.
- Innovations and Strategic Developments by Market Players: Various nutraceutical manufacturers operating in Europe engage in collaborations to expand their customer base. For instance, in May 2024, DSM-Firmenich and Indena introduced dietary supplement solutions combining biotics and botanicals at Vitafoods Europe 2024, focusing on gut health, brain health, and healthy aging. In May 2024, Aliga Microalgae, a Danish food-tech company, acquired chlorella algae facilities in Holland, marking a move toward the commercialization of its chlorella algae products. With this acquisition, the company plans to scale up its production capacity of food ingredients and dietary supplements. Thus, the strategic development initiatives and continuous innovations by key market players propel the nutraceuticals market across the world.
- Geographical Insights: In 2023, North America led the market with a substantial revenue share, followed by Asia Pacific and Europe, respectively. Asia Pacific is estimated to register the highest CAGR during the forecast period.
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Market Segmentation
- Based on type, the nutraceuticals market is segmented into functional foods, functional beverages, and dietary supplements. The functional foods segment held the largest share of the market in 2023.
- In terms of distribution channel, the nutraceuticals market is segmented into supermarkets and hypermarkets, specialty stores, online retail, and others. The supermarkets and hypermarkets segment held the largest share of the nutraceuticals market in 2023.
- The nutraceuticals market is segmented into five major regions: North America, Europe, APAC, Middle East and Africa, and South and Central America.
Report Scope
Feature of the Report | Details |
Market Size in 2023 | US$ 500.77 billion in 2023 |
Projected Market Size in 2031 | US$ 895.76 billion by 2031 |
CAGR Growth Rate | 7.5 % |
Base Year | 2023 |
Forecast Period | 2023-2031 |
Key Segment | By Type, Application, Connectivity and Region |
Report Coverage | Revenue Estimation and Forecast, Company Profile, Competitive Landscape, Growth Factors and Recent Trends |
Regional Scope | North America, Europe, Asia Pacific, Middle East & Africa, and South & Central America |
Buying Options | Request tailored purchasing options to fulfil your requirements for research. |
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Competitive Strategy and Development
- Key Players: A few of the major companies operating in the nutraceuticals market include Glanbia Plc; NOW Health Group Inc; Amway Corp; Nature's Bounty; Garden of Life LLC; Danone SA; GNC Holdings, LLC; Quest Nutrition LLC; Kellanova; and Chobani LLC.
- Trending Topics: Cosmeceuticals, probiotics, nutricosmetics, herbal supplements, immune support, adaptogenic, and gut health
Global Headlines on Nutraceuticals
- GNC Expands into Virtual Healthcare with GNC Health
- Eggo Launches Its Most Protein-Packed Waffles Ever and A Fully Loaded Pair of Custom SRGN Sneakers to Match
- GNC and CTRL Announce New Partnership and Exclusive Launch of Product Line for Gamers
- Take Care of Your Body and the Environment: Amway Nutrilite New Omega 3s are Now Friend of the Sea Certified
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Conclusion
The global nutraceuticals market is growing with significant investments by manufacturers in research and development, partnerships, and collaborations to launch innovative products to tap into unexplored market segments. In February 2022, PepsiCo's Rockstar Energy brand launched a "hemp-infused drink" in the US. The energy drink, branded as "Rockstar Unplugged," contains hemp seed oil, vitamin B complex, spearmint, and lemon balm; moreover, the drink contains no sugar or calories. This product was made available in three flavors: blueberry, passionfruit, and raspberry-cucumber. Similarly, in March 2024, a dairy giant in Japan launched a milk beverage called "Meiji Eye and Sleep W Support," containing 7.5 mg of a functional ingredient-crocetin, which is a carotenoid derived from gardenia fruit and saffron. Owing to its small molecular weight, the drink can be easily absorbed into the body. Thus, the increasing product innovation by key market players worldwide is driving the nutraceuticals market growth.
Further, the increasing number of health-conscious consumers worldwide boosts the demand for nutraceuticals with vegan, organic, and plant-based tags. The burgeoning awareness of the more significant nutritional profiles of plant-based nutraceuticals than their traditional counterparts is expected to propel the demand for plant-based nutraceuticals over the forecast period. These products contain collagen, minerals, antioxidants, and carbohydrates in higher amounts with lower fat content, which appeals to consumers seeking healthier nutraceuticals. To keep up with the growing trend of organic and plant-based products, several companies focus on launching their plant-based nutraceuticals, along with expanding their existing product lines. Thus, plant-based and organic nutraceuticals are emerging as significant nutraceuticals market trends.
Nutraceuticals Market - Regional analysis -
- The Europe nutraceuticals market is accounted to US$ 59,269.6 Mn in 2018 and is expected to grow at a CAGR of 6.9% during the forecast period 2019 - 2027, to account to US$ 108,044.7 Mn by 2027.
- The North America nutraceuticals market is accounted to US$ 93,520.1 Mn in 2018 and is expected to grow at a CAGR of 7.2% during the forecast period 2019 - 2027, to account to US$ 173,709.7 Mn by 2027.
- The Asia Pacific nutraceuticals market is accounted to US$ 74,648.1 Mn in 2018 and is expected to grow at a CAGR of 7.3% during the forecast period 2019 - 2027, to account to US$ 140,178.6 Mn by 2027.
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