The global nutraceuticals market size is expected to reach USD 991.09 billion by 2030, according to a new report by Grand View Research, Inc. It is expected to expand at a CAGR of 9.0% from 2021 to 2030. Rising awareness regarding calorie reduction and weight loss in the major markets including the U.S., China, and India is expected to promote the application of the health and wellness segment and thus, in turn, will have a substantial impact on the industry.
Nutraceuticals are products that provide health advantages and additional nutrition to the human body. It comprises fortified nutrients, such as taurine, CoQ10, omega-3, calcium, zinc, and antioxidants, that develop the complete health of consumers. These nutrients further benefit in averting medical conditions such as hypertension, diabetes, heart diseases, and allergies. As nutraceuticals develop the digestive and immune systems and enhance the cognitive behavior of consumers, their demand is witnessing a surge at the global level.
The increasing trend among consumers to alter dietary habits is likely to boost the demand for nutraceuticals. The consumer belief that improper diet results in an increase in costs on pharmaceuticals is anticipated to boost the demand for nutraceuticals. This would also help the government as it would result in lesser expenditure on healthcare and low social security costs.
Further key findings from the report suggest:
- In the functional food product segment, the prebiotics and probiotics segment is projected to witness significant growth over the forecast period owing to the majority of food manufacturing companies using probiotics as a primary ingredient to provide better nourishment and reduce health problems caused by harmful bacteria
- Vitamins and minerals together held a significant revenue share in 2021 owing to increasing consumer interest in the relationship between diet and health, which, in turn, has increased the product demand
- In the dietary supplement product segment, vitamins emerged as the largest segment in 2021. The segment is expected to witness significant growth in the coming years
- In terms of product, the functional food segment accounted for the largest revenue share in 2021. Rising healthcare costs, coupled with the increasing geriatric population across the world, is anticipated to assist the segment growth over the forecast period
- Asia Pacific held the largest revenue share in 2021. The expansion of the retail chain in countries such as India, Japan, and China has increased the rate of dietary supplements and functional food consumption in this region
- The market represents a highly competitive landscape. Key market players dominate the market space and have been focusing on various strategic initiatives including mergers & acquisitions, product innovation, and portfolio expansion
Nutraceuticals Market Segmentation
Grand View Research has segmented the global nutraceuticals market on the basis of product and region:
Nutraceuticals Product Outlook (Revenue, USD Million, 2017 – 2030)
- Dietary Supplements
- Functional Food
- Functional Beverages
List of Key Players of Nutraceuticals Market
- Cargill, Incorporated
- Archer Daniels Midland Company
- DuPont
- Nestle S.A.
- Danone
- Royal DSM N.V.
- General Mills
- Innophos
- WR Grace
- Amway Corporation
- AOR Canada
- Arkopharma Laboratories S.A.
- Bactolac Pharmaceuticals, Inc.
- I.D Parry Ltd.
- Valensa International
- Matsun Nutrition
- Mead Johnson Nutrition Company
- Natrol Inc.
- The Hain Celestial Group, Inc.
- Herbalife Ltd.
