Home > Healthcare & Medical Devices > Nutraceuticals Market
Industry Overview
Nutraceuticals Market size was recorded at around USD 396.29 billion in 2021. Driven by growing concerns associated with metabolic syndrome, the industry is anticipated to grow at a CAGR of 5.2% between 2022 and 2030.
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Nutraceuticals are compounds capable of targeting the pathogenesis of metabolic disorders and associated complication to achieve different biochemical and clinical outcomes. Several nutraceutical products including multivitamins are becoming an essential part of consumer lifestyle. The growing demand for beneficial products to improve overall health is fueling the demand for nutraceuticals.
The number of individuals with metabolic disorders is on the rise across various countries worldwide. According to the National Cholesterol Education Program and International Diabetes Federation (IDF), more than 30% of the U.S. population is estimated to have metabolic syndrome. This will drive consumer preference for nutraceuticals thereby fostering market statistics.
| Report Coverage | Details |
|---|---|
| Base Year: | 2021 |
| Market Size in 2021: | USD 396.29 Billion |
| Forecast Period: | 2022 to 2030 |
| Forecast Period 2022 to 2030 CAGR: | 5.2% |
| 2030 Value Projection: | USD 636.6 Billion |
| Historical Data for: | 2017 to 2021 |
| No. of Pages: | 270 |
| Tables, Charts & Figures: | 439 |
| Segments covered: | Product, Form, Condition, Distribution Channel, and Region |
| Growth Drivers: |
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| Pitfalls & Challenges: |
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Challenging regulatory framework may restrain industry progression
The presence of a stringent regulatory framework and complex policies for the commercialization of nutraceutical products present major challenges for the industry. A strict set of guidelines has been outlined in order to ensure that only safe and high-quality nutraceuticals are launched into the market. This compels nutraceutical product developers to provide ample evidence justifying the product’s health claims.
Regulatory policies are different for different countries. For example, the nutraceutical industry in Europe complies with the European Food Safety Authority (EPSA). Meanwhile the Therapeutic Goods Administration (TGA) is the regulatory body in Australia that oversees the commercialization of nutraceutical products.
Nevertheless, growing focus on product quality and adoption of food safety guidelines is expected to introduce a new range of high-quality nutraceutical products.
Rising demand for functional foods to push the market growth
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In terms of product, the nutraceuticals market is fragmented into functional beverages, functional foods, and dietary supplements. Functional foods accounted for USD 157 billion in 2021. The demand for functional foods will increase considerably through 2030 owing to several health benefits including weight management, and improved blood circulation. These products also aid individuals with cardiovascular and obesity issues, which will drive the growth of the functional foods segment.
Capsules & tablets to gain traction owing to convenience offered
In terms of form, the global nutraceuticals market is bifurcated into powder, liquid, capsules & tablet, and gummies. The capsules and tablets segments valued at USD 127.2 billion in 2021. Capsules and tablets are a convenient alternative and easy to constitute in day-to-day diet. They have a layer of film or sugar that helps encapsulate the unpleasant odor and taste of these formulations. A wide range of benefits associated with capsules & tablets will propel the segmental expansion.
High-energy demands from athletes to accelerate sports, energy, and weight management segment
Based on condition, the nutraceuticals market is categorized into sports, energy, and weight management, gastrointestinal health, cold flue & immunity, joint health & inflammation, skin & hair, and diabetes. The sports, energy, and weight management segment held 32.7% of the total market share in 2021.
This can be attributed to the fact that nutraceutical products are extremely essential for athletes to keep up with their energy-intensive physical activities. The segment growth will be driven by growing concerns associated with lack of nutrition pushing athletes to consume supplements to better their performance. Unhealthy lifestyles and dietary habits will further augment the global market outlook.
Online shopping trends to foster e-commerce segment
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In terms of distribution channels, the global nutraceuticals industry is segregated into pharmacies, Brick & Mortar stores, and E-commerce. The E-commerce segment generated USD 116.3 billion revenue in 2021. Benefits such as the availability of a wide variety of products, convenience, flexibility, discounts, and affordability will boost the segment growth. Rising demand for a faster and easier shopping experience will further push the industry size from the E-commerce distribution channel.
North America to emerge as a prominent revenue pocket
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Regionally, the global nutraceuticals market is segmented into Asia Pacific, North America, Europe, the Middle East & Africa, and Latin America.
The North America market size held a business share of 38.5% in 2021. The region may continue to hold a significant share over the forecast period owing to the growing focus of key players on the development of novel products.
An upsurge in number of product launches and strategic partnerships will lead to expansion of the market
Kellogg’s, Agro Tech, Kraft Heinz, Nestle S.A., Abbott, PepsiCo, Herbalife International of America, Inc., Amway Corporation, Danone, Nutramax Laboratories, Inc., Zesty Paws, HempFlax Group BV, and Charlotte's Web are some of the leading nutraceuticals market majors. These majors are focusing on developing innovative products and strategic initiatives.
For instance, in December 2020, Abbott introduced a new Pedialyte rehydration solution. The product contains a range of nutrients including probiotics, vitamin C, vitamin B12, vitamin E, zinc, and more. It is developed to support the immune system of consumers. Abbott expanded its Pedialyte product portfolio using the new product and increase its customer base.
Impact of COVID-19 on the global nutraceutical market trends
The emergence of the Covid-19 pandemic has positively affected the overall growth of the nutraceuticals industry. Preventative measures against coronavirus promoted the consumption of nutritious and functional foods with high zinc, sodium, vitamin D, vitamin C, and mineral content, escalating the sales of nutraceutical products.
The Nutraceuticals market report includes in-depth coverage of the industry with estimates & forecast in terms of revenue in USD million from 2018 to 2030 for the following segments:
By Product
- Function food
- Oils
- Biscuits & bars
- Baby food
- Cereals
- Bread
- Confectionery
- Others
- Dietary supplements
- Vitamins & minerals supplements
- Probiotic supplements
- CBD supplements
- CBD Food
- CBD Beverages
- CBD Pet
- Pet supplements
- Nutricosmetics
- Protein supplements
- Others
- Functional beverages
- Energy drinks
- Sports drinks
- Others
By Form
- Capsules & Tablets
- Liquid
- Powder
- Gummies
- Others
By Condition
- Sports, energy and weights management
- Cold flu and immunity
- Gastrointestinal health
- Joint health & inflammation
- Diabetes
- Skin & hair
- Others
By Distribution Channel
- Brick & Mortar
- Pharmacies
- E-commerce
- Others
The above information is provided for the following regions and countries:
- North America
- U.S.
- Canada
- Europe
- Germany
- UK
- France
- Italy
- Spain
- Asia Pacific
- Japan
- China
- India
- Australia
- Latin America
- Brazil
- Mexico
- Middle East & Africa
- South Africa
- Saudi Arabia
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