Global Nutraceuticals Market size is anticipated to surpass USD 636.6 billion by 2030, according to a new research report by Global Market Insights Inc.
The report identifies the rising geriatric population as a major driving factor consolidating market growth. For instance, the EUROSTAT report noted that more than 20.8% of the EU population was 65 years old and above. The 65 and above age group is more susceptible to various metabolic and chronic disorders such as cardiovascular diseases, diabetes, and others. The elderly population also is at risk of diseases that are caused due to a weak immune system.
With respect to product, the study classifies the global nutraceuticals market into dietary supplements, functional beverages, and functional foods. The dietary supplements segment is estimated to reach USD 256.4 billion by 2030. The increasing prevalence of nutrient deficiencies caused by an unhealthy lifestyle will boost the demand for dietary supplements.
The report further cites a surge in demand for nutraceutical products in liquid form, notably across children and the elderly population. Liquid-based nutraceuticals are easy to ingest and digest, as compared to capsules & tablets. The liquid segment held more than 15% of the total market share in 2021.
Increasing prevalence of influenza will accelerate the demand for nutraceuticals. Cold, flu, and immunity segment is estimated to account for 80.3 billion of the total nutraceutical market revenue by 2030. Th growth can be credited to the therapeutic properties of nutraceutical products containing bioactive derivatives such as antioxidants, prebiotics, and probiotics help improve immunity.
Brick-and-Mortar stores held more than 25.5% of the market share in 2021 and are expected to contribute sustainably to the global nutraceuticals industry. Various advantages such as personalized shopping experience, and better customer service will augment the market revenue.
Regionally, The Europe nutraceuticals market is projected to cross USD 93.2 billion by 2030, driven by rapid consumer inclination toward preventative measures. The presence of key industry operators will boost market expansion.
The strategic landscape of the nutraceuticals market is anticipated to experience a series of initiatives, partnerships, acquisitions, and product expansions. For instance, in July 2022, Amway announced a partnership with South Korea-based Holzapfel Effective Microbes (HEM). The companies are expected to launch personalized probiotics for better immunity, skin health, brain health, and weight management.
In August 2021, Nestle Health Science took over American dietary supplement maker The Bountiful Company. The strategic initiatives allowed the company to expand its product portfolio comprising of herbals, vitamins, minerals, and supplements. Both parties expanded their businesses presence globally.
Some of the leading global nutraceuticals market players profiled in the study include 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.