Global Nutraceutical Product Market Size, Share, and COVID-19 Impact Analysis, By Product Type (Dietary Supplements, Functional Foods, and Functional Beverages), By Source (Vitamins, Probiotics, Minerals, and Prebiotics), By Distribution Channel (Specialty Stores, Supermarkets & Hypermarkets, Conventional Stores, Drug Stores & Pharmacies, Online Retail Stores, and Others), and By Region (North America, Europe, Asia-Pacific, Latin America, Middle East, and Africa), Analysis and Forecast 2022 – 2032

Industry: Food & Beverages

RELEASE DATE Dec 2023
REPORT ID SI3231
PAGES 200
REPORT FORMAT PathSoft

Global Nutraceutical Product Market Insights Forecasts to 2032

  • The Global Nutraceutical Product Market Size was Valued at USD 357 Billion in 2022.
  • The Market Size is Growing at a CAGR of 4.62% from 2022 to 2032
  • The Worldwide Nutraceutical Product Market Size is Expected to Reach USD 561 Billion by 2032
  • Asia-Pacific is expected to Grow the fastest during the forecast period

 

Global Nutraceutical Product Market

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The Global Nutraceutical Product Market Size is Anticipated to Exceed USD 561 Billion by 2032, Growing at a CAGR of 4.62% from 2022 to 2032.

Factors driving the Nutraceutical Product market include the growing consumer interest in dietary supplements and functional foods, the increasing rates of chronic illness, growing consumer awareness of health issues, and the government policies that are favorable and encourage the usage of nutraceuticals are enhancing the demand for the global nutraceutical product market.

 

Market Overview

Nutraceuticals are food-related products with additional medical uses. Because they are created using food ingredients and extracts, they are also referred to as bioceuticals. Nutraceuticals are goods of many kinds that may be found on the market and are utilized for a range of purposes. In many parts of the world, these products are unregulated since they are regarded as food additives or supplements. The growing elderly population and incidence of chronic diseases, increasing innovations and new product developments, growing need for nutrition-enriched goods, and rising demand for functional beverages are the main factors driving the global market for nutraceutical products. Due to its many health and medicinal benefits, nutraceuticals are becoming more and more popular among consumers throughout the world. Over the projection period, rising healthcare costs and a growing worldwide elderly population are expected to support the expansion of the nutraceutical sector. Because functional foods provide additional health and wellness benefits, consumers have a very positive view regarding them. Overall growth has been assisted by the aging population, growing healthcare costs, evolving lifestyles, food innovation, and expectations of increased prices.

 

Report Coverage

This research report categorizes the market for the global nutraceutical product market based on various segments and regions forecasts revenue growth and analyzes trends in each submarket. The report analyses the key growth drivers, opportunities, and challenges influencing the global nutraceutical product market. Recent market developments and competitive strategies such as expansion, product launch, and development, partnership, merger, and acquisition have been included to draw the competitive landscape in the market. The report strategically identifies and profiles the key market players and analyses their core competencies in each sub-segment of the global nutraceutical product market.

 

Global Nutraceutical Product Market Report Coverage

Report CoverageDetails
Base Year:2022
Market Size in 2022:USD 357 Billion
Forecast Period:2022-2032
Forecast Period 2022-2032 CAGR:4.62%
2032 Value Projection:USD 561 Billion
Historical Data for:2018-2021
No. of Pages:200
Tables, Charts & Figures:120
Segments covered:By Product Type, By Source, By Distribution Channel, By Region and COVID-19 Impact Analysis.
Companies Covered: Abbott Laboratories, Amway Corporation, Conagra Brands, Inc., Danone S.A., General Mills Inc., Glanbia plc, Herbalife Nutrition Ltd., International Flavors & Fragrances Inc., Kellogg Company, Nestle S.A., PepsiCo, Inc., The Coca-Cola Company, Hearthside Food Solutions LLC, Mars, Incorporated, Meiji Holdings Co., Ltd, Royal FrieslandCampina N.V. and Other Key Vendors.
Pitfalls & Challenges:COVID-19 Empact, Challenge, Future, Growth, & Analysis

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Driving Factors

The product line consists of functional foods and beverages, vitamins, and supplements. Nutraceuticals are generally defined as items that have been enhanced with extra components and a higher percentage of vitamins. Nutraceuticals exist in a variety of states and forms, therefore packaging solutions must change to meet stringent quality and health requirements. Growing consumer awareness of various ailments caused by inadequate nutrient intake because of unbalanced dietary patterns and growing consumer worries about keeping a balanced diet are the main drivers propelling the nutraceutical product market. Food fortification is one of the major innovations in the functional food and beverage industry that is propelling the nutraceutical product market.

 

Restraining Factors

Nutraceutical products find application in animal nutrition, personal care products, pharmaceuticals, and functional foods and beverages. Nevertheless, the cost of these final products increases when nutraceutical ingredients are added to food and beverage products, feed products, medications, and personal care items. Lower acceptance of these items consequently suppresses market growth. However, it is anticipated that the high price of nutraceutical products will partially limit this market's expansion. Additionally, the market expansion for nutraceutical products is being hampered by counterfeiting in the nutraceutical sector.

 

Market Segmentation

The global nutraceutical product market share is classified into product type, source, and distribution channel.

  • The dietary supplements segment is expected to grow at the fastest pace in the global nutraceutical product market during the forecast period.

The nutraceutical product market is categorized by product type into dietary supplements, functional foods, and functional beverages. Among these, the dietary supplements segment is expected to grow at the fastest pace in the nutraceutical product market during the forecast period. This is due to dietary supplements offering so many health benefits, dietary supplements are becoming more and more popular. These benefits include better gut microflora balance, improved intestinal functions like bulking and regularity, increased calcium absorption and improved bone density, improved immune function, decreased toxins that can lead to fatty liver and other diseases, blood sugar control, and possibly even a lower risk of cancer.

 

  • The probiotic segment is expected to grow at the highest pace in the global nutraceutical product market during the forecast period.

Based on the source, the global nutraceutical product market is divided into vitamins, probiotics, minerals, and prebiotics. Among these, the probiotic segment is expected to grow at the highest pace in the nutraceutical product market during the forecast period. This is due to the probiotic compounds are fast rising to the top of the list of essential components in a wide range of dietary supplements and health products due to their beneficial impact on human health in general. Probiotic components are frequently utilized in many different industries, such as functional meals, drinks, nutritional supplements, and animal nutrition.

 

  • The conventional stores segment is expected to hold the largest share of the global nutraceutical product market during the forecast period.

Based on the distribution channel, the global nutraceutical product market is divided into specialty stores, supermarkets & hypermarkets, conventional stores, drug stores & pharmacies, online retail stores, and others. Among these, the conventional stores segment is expected to hold the largest share of the global nutraceutical product market during the forecast period. This is because conventional stores are more consumer-friendly and provide goods at reasonable costs. As a result, customers who favor nutraceutical products are increasingly choosing these establishments.

 

Regional Segment Analysis of the Global Nutraceutical Product Market

  • North America (U.S., Canada, Mexico)
  • Europe (Germany, France, U.K., Italy, Spain, Rest of Europe)
  • Asia-Pacific (China, Japan, India, Rest of APAC)
  • South America (Brazil and the Rest of South America)
  • The Middle East and Africa (UAE, South Africa, Rest of MEA)

 

Europe is anticipated to hold the largest share of the global nutraceutical product market over the predicted timeframe.

 

Global Nutraceutical Product Market

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Europe is projected to hold the largest share of the global nutraceutical product market over the predicted years. The European nutraceuticals market, which is mostly centered in France, Italy, Germany, the United Kingdom, and Spain, is driven by senior people's concerns about aging. Nutraceutical products are becoming more and more in demand in Europe as a result of growing consumer and governmental pressure. When it comes to selling nutraceuticals, Western Europe remains the market leader, mostly due to its distribution through pharmacies. Growing rates of obesity, cardiovascular disease, and obesity-related disorders are anticipated to drive the nutraceutical market throughout the projection period. Furthermore, functional bottled water is gaining popularity in European nations.

 

Asia-Pacific is expected to grow at the fastest pace in the global nutraceutical product market during the forecast period. The region's increasing population, rising standard of living, and more disposable money are the causes of this. Increased public knowledge of foods that improve health is also anticipated to be a key factor in market growth. The growth of the regional market has been facilitated by the increasing demand for functional foods and drinks in several Asian Pacific nations.

 

Competitive Analysis:

The report offers the appropriate analysis of the key organizations/companies involved within the global nutraceutical products along with a comparative evaluation primarily based on their product offering, business overviews, geographic presence, enterprise strategies, segment market share, and SWOT analysis. The report also provides an elaborative analysis focusing on the current news and developments of the companies, which includes product development, innovations, joint ventures, partnerships, mergers & acquisitions, strategic alliances, and others. This allows for the evaluation of the overall competition within the market.

 

List of Key Companies

  • Abbott Laboratories
  • Amway Corporation
  • Conagra Brands, Inc.
  • Danone S.A.
  • General Mills Inc.
  • Glanbia plc
  • Herbalife Nutrition Ltd.
  • International Flavors & Fragrances Inc.
  • Kellogg Company
  • Nestle S.A.
  • PepsiCo, Inc.
  • The Coca-Cola Company
  • Hearthside Food Solutions LLC
  • Mars, Incorporated
  • Meiji Holdings Co., Ltd
  • Royal FrieslandCampina N.V.

 

Key Target Audience

  • Market Players
  • Investors
  • End-users
  • Government Authorities
  • Consulting And Research Firm
  • Venture capitalists
  • Value-Added Resellers (VARs)

 

Recent Developments

  • In June 2022, New Protein Snack Bars from Kellogg's Special K have been released; they have 90 calories and 6 grams of protein. The snack bar offers a convenient on-the-go protein grab without sacrificing taste. It comes in two delicious flavors: rich and chocolaty Brownie Sundae and sweet Berry Vanilla.

 

  • In February 2022, In the US, PepsiCo's Rockstar Energy brand unveiled a beverage with hemp flavoring. The energy drink, called "Rockstar Unplugged," has lemon balm, spearmint, hemp seed oil, and B vitamins. The beverage has only 80 mg of caffeine, which is a lot less than most Rockstar Energy drinks have. There are three varieties of calorie- and sugar-free hemp-infused beverages: raspberry cucumber, passionfruit, and blueberry.

 

Market Segment

This study forecasts revenue at global, regional, and country levels from 2020 to 2032. Spherical Insights has segmented the Global Nutraceutical Product Market based on the below-mentioned segments:

 

Global Nutraceutical Product Market, Product Type

  • Dietary Supplements
  • Functional Foods
  • Functional Beverages

 

Global Nutraceutical Product Market, By Source

  • Vitamins
  • Probiotics
  • Minerals
  • Prebiotics

 

Global Nutraceutical Product Market, By Distribution Channel

  • Specialty Stores
  • Supermarkets & Hypermarkets
  • Conventional Stores
  • Drug Stores & Pharmacies
  • Online Retail Stores
  • Others

 

Global Nutraceutical Product Market, By Region

  • North America
  • US
  • Canada
  • Mexico
  • Europe
  • Germany
  • Uk
  • France
  • Italy
  • Spain
  • Russia
  • Rest of Europe
  • Asia Pacific
  • China
  • Japan
  • India
  • South Korea
  • Australia
  • Rest of Asia Pacific
  • South America
  • Brazil
  • Argentina
  • Rest of South America
  • Middle East & Africa
  • UAE
  • Saudi Arabia
  • Qatar
  • South Africa
  • Rest of the Middle East & Africa

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