Nutraceuticals Market Size to Reach $753.2 Billion at a CAGR of 8.9% by 2028
Nutraceuticals Market is projected to reach a value of USD 753.2 Billion by 2028 at a CAGR of 8.9% over the forecast period.
The Global Nutraceuticals Market is valued at USD 451.6 Billion in 2021 and is projected to reach a value of USD 753.2 Billion by 2028 at a CAGR of 8.9% over the forecast period.
The nutraceuticals market refers to the market for products that combine nutrition and pharmaceutical properties. Nutraceuticals are products derived from food sources that provide medical or health benefits, including dietary supplements, functional foods, and beverages.
The global nutraceuticals market is expected to continue growing in the coming years, driven by increasing demand for health and wellness products. Consumers are becoming more aware of the benefits of natural and organic products, and they are willing to pay a premium for products that offer health benefits beyond basic nutrition.
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The market is also being driven by innovation in product development and increasing research and development activities in the industry. As new ingredients and formulations are developed, the range of nutraceutical products available to consumers continues to expand.
Top Companies in Nutraceuticals Market
- Cargill Incorporated (U.S.)
- Archer Daniels Midland Company (U.S.)
- Nestle S.A. (Switzerland)
- Danone (France)
- DuPont (U.S.)
- Royal DSM N.V (Netherlands)
- General Mills (U.S.)
- WR Grace (U.S.)
- Amway Corporation (U.S.)
- Innophos (U.S.)
- AOR Canada (Canada)
Nutraceuticals Market Dynamics:
Nutraceuticals Market are often categorized into food but can also be used for medicinal products. They are also referred to as bioceuticals made from food materials and extracts. A wide range of Nutraceuticals Market is available for numerous applications. A primary driver for the global Nutraceuticals Market can be attributed to rising awareness regarding health benefits with the increased consumption of Nutraceuticals Market and nutraceutical supplements. Additionally, an increasing number of participants in sports on the national and international stage and growing urbanization will fuel the extended market growth during the forecast period.
Rising spending on healthcare supplements and the increasing prevalence of cardiovascular diseases such as obesity and heart-related disorders will increase the footprint of the Nutraceuticals Market. Functional foods are among the richest sources of omega fatty acids, which often help maintain weight and control the body's blood circulation. Consumer awareness regarding the increased utilization of herbal products and supplements has surged during the past decade. Consumers are also avoiding chemical ingredients within their food products. The increasing availability of newer Nutraceuticals Market in jellies, gummies, and soft gels will further widen the market during the forecast period.
Overview of Nutraceuticals
Nutraceuticals are products derived from food sources and have medical or health benefits beyond basic nutrition. These products are often taken as dietary supplements but can also be found in functional foods and beverages.
Examples of nutraceuticals include vitamins, minerals, herbal supplements, probiotics, prebiotics, omega-3 fatty acids, and other natural or bioactive compounds. These products improve overall health and wellness, manage specific health conditions, and prevent or reduce the risk of chronic diseases such as heart disease, diabetes, and cancer.
Nutraceuticals are often marketed as natural or organic products that provide health benefits without the side effects associated with pharmaceutical drugs. However, it is important to note that nutraceuticals can still have potential side effects and interactions with other medications. It is important to consult with a healthcare provider before starting any new supplement regimen.
Nutraceuticals represent a growing market as consumers become more interested in using natural products to promote health and wellness. The industry is expected to grow as research and development efforts lead to new product innovations and increased consumer demand.
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Nutraceuticals Market Challenges
Regulatory hurdles: Nutraceuticals are often marketed as dietary supplements or functional foods, subject to different regulations than pharmaceuticals. However, the regulatory landscape for nutraceuticals is still evolving, and companies may face challenges in getting products approved for sale in different countries.
Safety concerns: While many nutraceuticals are derived from natural sources, they can still have potential side effects and interactions with other medications. Ensuring the safety of these products is important, but can be challenging given the large number of products on the market and limited oversight.
Quality control: The quality of nutraceuticals can vary widely depending on the manufacturing process and source of ingredients. Ensuring consistent quality across different batches and suppliers can challenge companies.
Consumer education: Nutraceuticals are often marketed as natural or organic products that provide health benefits, but consumers may not fully understand how these products work or their potential risks. Educating consumers about the benefits and risks of different nutraceuticals can help build trust and promote responsible use.
Competition: The nutraceuticals market is highly competitive, with many companies vying for a growing market share. Companies must be innovative in product development and marketing strategies to stand out in a crowded field.
- February 2021: TopGum Industries Ltd, an Israeli functional gummy supplement manufacturer, announced that they were expanding their operations in the U.S. by establishing a new subsidiary, TopGum, Inc. This expansion aims to expand their production capacity and marketing activities for functional gummy bears in North America and Europe.
- January 2021: Alpine Start, Inc., a manufacturer of premium instant coffee, announced launching their functional beverages, With Benefits, with the help of American public benefit company Kickstarter. The new product is expected to contain vitamins, minerals, and MCTs. They will be made using clean-label and natural ingredients focusing on immunity-boosting properties.
- September 2020: Nuliv Science announced they would launch their newly rebranded sports Nutraceuticals Market compounds, Senactiv. This compound is expected to provide ample opportunities for providing a dietary supplement to the sector.
Nutraceuticals Market Regional Analysis
The region of Asia Pacific is expected to register the highest sales in the Nutraceuticals Market during the forecast period. The region is home to numerous health concerns, a rising senior population, an increasing number of old aged people, and surging spending patterns on healthcare products. Additionally, changing lifestyles among most working population will widen the market scope. Companies in the region further possess a vast product portfolio and supportive government regulations. These factors are expected to increase the footprint of the Nutraceuticals Market in the Asia Pacific.
North America is expected to grow with the fastest growing CAGR during the forecast period due to rising consumer inclination towards healthy dietary options. Vitamins and minerals are consumed regularly to maintain the human body's functioning within the region. These factors will enable healthy and sustainable market growth.
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