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Nutraceutical Market Size

Report ID: GMI5297
Published Date: Jun 2023
Report Format: PDF

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Nutraceutical Market Size

Nutraceutical Market size was worth more than USD 423 billion in 2022 and is poised to grow significantly at over 4.5% CAGR from 2023 to 2032 owing to the high prevalence of metabolic disorders worldwide.

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Nutraceuticals help in the treatment of the underlying causes of metabolic disorders and their associated complications while positively influencing various biochemical and clinical outcomes. As a result, nutraceuticals, including multivitamins, have grown increasingly important as vital components of consumer lifestyles. According to the International Diabetes Federation and the National Cholesterol Education Program, the prevalence of metabolic syndromes exceeded 30% in the U.S. Consequently, the increasing usage of nutraceuticals to provide health and wellness advantages will promote the market expansion.

The presence of stringent and complex regulatory structures for the commercialization of nutraceutical products may hinder the market growth. Nutraceutical products are regulated by different authorities in multiple countries to ensure product safety and quality. Additionally, strict guidelines have been laid down for supporting the health claims. The time-consuming procedures for product assessment and approvals is also a major factor limiting the market expansion

Nutraceutical Market Report Attributes
Report Attribute	Details
Base Year:	2022
Nutraceutical Market Size in 2022:	USD 423 Billion
Forecast Period:	2023 to 2032
Forecast Period 2023 to 2032 CAGR:	4.7%
2032 Value Projection:	USD 684 Billion
Historical Data for:	2018 to 2022
No. of Pages:	270
Tables, Charts & Figures:	503
Segments covered:	Product, Form, Condition, Distribution Channel and Region
Growth Drivers:	Increasing prevalence of metabolic disorders Increasing awareness of nutraceuticals products Increasing geriatric population and use of dietary supplements among adolescents’ population
Pitfalls & Challenges:	Challenging regulatory environment The threat of counterfeit dietary supplements

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Authors: Mariam Faizullabhoy, Gauri Wani

Frequently Asked Questions (FAQ) :

Market size for nutraceutical exceeded USD 423 billion in 2022 and is poised to depict over 4.5% CAGR from 2023 to 2032 owing to the rising incidence rate of metabolic ailments globally.

Demand for powdered nutraceuticals is expected to witness over 4.5% CAGR from 2023-2032 attributed to their growing consumer preference due to their convenience, versatility, and ease of use.

North America accounted for more than 38% of the nutraceutical industry revenue share in 2022 and is poised to record lucrative gains through 2032 driven by the rising consumer spending on plant-derived products.

Some top enterprises operating in the global nutraceutical industry are Amway Corporation, Herbalife International of America, Inc., Kraft Heinz, Kellogg’s, Agro Tech, PepsiCo, Nestle S.A., Abbott, Danone, Zesty Paws, Nutramax Laboratories, Inc., Charlotte's Web, and HempFlax Group BV.