The surging use of nutraceuticals for the treatment of cardiovascular and malnutrition disorders coupled with the increasing healthcare costs and expanding geriatric population throughout the world are the prominent drivers stimulating the growth of the global nutraceutical market. With the growing occurrences of several diseases, consumers have adapted healthier diet patterns to strengthen their immune systems. The significant change in the eating pattern of consumers encourages them to choose functional food products. Also, the exceptional advantages offered by the functional food products further boosts the nutraceuticals market growth.
The fundamental alteration in the consumer’s lifestyle, accompanied by the food industry’s ongoing developments, will create enormous growth opportunities in the next few years. The natural herbs and antioxidants used in nutraceuticals prevent the skin from many diseases and infections. Thus, there has been a significant increase in the size of nutraceuticals personal care products. Also, as per the nutraceuticals market analysis, the widespread COVID-19 pandemic, resulted a boost in demand for nutraceuticals and functional food products due to the rising focus of consumers towards immunity-boosting supplements. The rapid fall in worldwide demand for seafood products, meat, and poultry, is further fuelling the growth of the market. However, the huge cost associated with the production of raw materials for nutraceuticals products and the restricted manufacturing of quality nutraceuticals will curb the growth of the nutraceutical market.
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Based on the product, functional beverages are expected to grow at a faster CAGR during the forecast period. This is due to the ongoing technological upgradation and product development, and continuous developments in the production of novel ingredients to reduce the obnoxious taste of amino and omega-3 fatty acids. Sports drinks are earning huge popularity among individuals involved in physical activities or athletics, and the sports market mainly targets the consumers, willing to pay higher prices for healthier products. Thus, all these factors together are driving the market demand.
On the basis of regional coverage, Asia-pacific is predicted to dominate the market over the forecast period because of the surging awareness concerned with several benefits offered by nutraceuticals and the increasing health concerns. Also, the expanding aging population and the shift in the spending pattern on healthcare and lifestyle are supporting market growth. The expanding product portfolio and the government regulations on nutraceutical products will augment the nutraceuticals industry. The sustained growth in the retail market, especially in India, Indonesia, China, and Malaysia led by the emerging food fortification trends with nutraceutical products, is projected to raise the nutraceuticals market size. On the other edge, North America is expected to expand at a faster CAGR attributing to the widely spreading awareness concerned with the benefits of nutritional diet patterns, majorly in Canada and the U.S. Moreover, the growing concerns about the harmful effects of pharma drugs resulted in the high use of herbal medicines by individuals in the U.S. and Canada, thereby accelerating the growth of the market.
Various notable players operating in the market include Danone (Danone S.A), Amway Corporation, Ingredion, Dean Foods, E. I. du Pont de Nemours and Company, Archer Daniels Midland Company, BASF S.A., Cargill, Incorporated, PepsiCo Inc., and General Mills, Inc., among others.
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The Nutraceutical market is segmented into product and regions. Based on the product, the market has been segmented into dietary supplements, functional foods, and functional beverages.
Nutraceuticals Market Segmentation:
Global Nutraceuticals Market by Products:
Global Nutraceuticals Market by Region:
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