The scope of our recent study on the "Nutraceuticals Market Forecast to 2031 - Global Analysis - by Type, Distribution Channel, and Geography" includes the factors fueling the nutraceuticals market growth, revenue estimation, and forecast, market share analysis, and the identification of significant market players and their key developments.
The nutraceuticals market size is projected to reach US$ 500.77 billion in 2023 to US$ 895.76 million by 2031; it is estimated to register a CAGR of 7.5% from 2023 to 2031.
Awareness regarding health and nutrition has increased significantly in the past few years. With busy lifestyles and hectic work schedules, people fail to concentrate on their health, fitness, and nutrition. This has led to an increase in the prevalence of diseases such as obesity, diabetes, high blood pressure, skin problems, and digestive issues. The World Health Organization (WHO) refers to cardiovascular diseases as a leading cause of death across the world. According to a report from the World Heart Federation (WHF), the number of death cases from cardiovascular diseases rose from 12.1 million in 1990 to 20.5 million in 2021. Such a high prevalence of cardiovascular diseases drives consumer focus toward preventive health. As a result, the demand for nutraceuticals such as dietary supplements, and functional food and beverages with nutritional benefits has increased among the masses as they focus on preventive health. Nutraceuticals support the healthy functioning of the digestive tract, spanning from mouth to gut, along with controlling the growth of harmful microorganisms inside these organs. Consumers preferably opt for self-directed care while receiving treatment for lifestyle illnesses such as malnutrition and cardiovascular disorders, which is further contributing to the surging demand for dietary supplements and nutraceuticals. After the COVID-19 pandemic, there has been a sharp rise in the popularity of functional foods and dietary supplements, as people have been prioritizing their health and actively searching for healthy alternatives and fitness activities to prevent lifestyle-related illnesses. Thus, immunity-boosting supplements have gained significant popularity in the last few years due to altered consumer behavior and purchasing habits. Thus, the rising consumer focus on preventive health bolsters the growth of the nutraceuticals market
The nutraceuticals market across the globe is growing with significant investments by manufacturers in research & development, partnerships, and collaborations to launch innovative products to tap into unexplored market segments. In February 2022, PepsiCo's Rockstar Energy brand launched a "hemp-infused drink" in the US. The energy drink, branded "Rockstar Unplugged," contains hemp seed oil, vitamin B complex, spearmint, and lemon balm; moreover, the drink contains no sugar or calories. This product was made available in three flavors: blueberry, passionfruit, and raspberry-cucumber. Similarly, in March 2024, a dairy giant in Japan launched a milk beverage called "Meiji Eye and Sleep W Support," containing 7.5 mg of a functional ingredient-crocetin, which is a carotenoid derived from gardenia fruit and saffron. Owing to its small molecular weight, the drink can be easily absorbed into the body. Thus, the increasing product innovation by key market players worldwide is driving the market growth.
North America accounted for a remarkable share of the nutraceuticals market in 2023. The US and Canada are the largest markets for nutraceuticals in North America. There is an increased health awareness among consumers in the US market due to the high prevalence of chronic diseases and diabetes in the country. For instance, according to the US Department of Commerce, as of November 2023, over 37 million Americans were diagnosed with gestational Type 1 or Type 2 diabetes. Such health concerns drive consumers to adopt healthy lifestyle. The inclination of consumers toward a healthy and fit lifestyle drives the demand for nutraceutical products in the country. Several key market players in the country are focusing on expanding their footprints by unveiling new products in the nutraceuticals market to meet the growing demand. For instance, in September 2023, Nutrartis launched Cardiosmile, a natural supplement containing plant sterols, in the US market. The liquid sachet format offers a convenient and effective approach to healthy cholesterol management and heart health, suitable for daily routines.
In Canada, the nutraceuticals market is growing with an aim to maintain a healthy diet and robust gut, oral, and beauty health. Innovation in nutraceuticals helps propel the demand for nutraceuticals. Also, the increasing prevalence of lifestyle diseases among Canadians fuels the demand for nutraceuticals. According to the Government of Canada, as of July 2021, nearly 260,000 Canadians were suffering from inflammatory bowel disease (IBW). The increasing prevalence of inflammatory bowel disease and other diseases and the growing expenditure on health supplements and functional food and beverages are likely to boost the nutraceuticals market growth in Canada.
Based on type, the functional foods segment is projected to register the fastest CAGR from 2023 to 2031. Functional food products are formulated in such a way that they contain substances or ingredients that add a health-enhancing or disease-preventing value to them; these functional ingredients are incorporated at concentrations that are sufficiently high to achieve the intended benefits but are safe for consumption. Foods enriched and fortified with nutritional ingredients are part of the functional food. These food products are fortified with specific components or nutritional additives such as omega-3 fatty acids, vitamins, fibers, and minerals to promote optimal health by reinforcing the body's immune systems and reducing the risk of certain diseases. For example, breakfast cereals are usually fortified with nutrients such as vitamins, iron, calcium, and probiotics. Functional food products go beyond standard daily nutrient intake to provide targeted health benefits. They can aid in cholesterol management, improved bone health, and improved heart health, among other benefits. Major brands are increasingly focused on introducing low-sugar and no-sugar functional food, which helps them to stay competitive in the market.
Asia Pacific is expected to register the fastest CAGR in the global nutraceuticals market from 2023 to 2031. The increasing disposable income, a rising population, and improving living standards are the prominent factors bolstering the nutraceuticals market growth in Asia Pacific. Rapid urbanization and changing lifestyles are increasing the prevalence of chronic diseases. People are choosing functional ingredients to overcome deficiencies and fulfill their nutritional requirements. In August 2022, FrieslandCampina Ingredients introduced its Biotis GOS-OP High Purity in Asia Pacific countries, catering to the growing demand for effective and convenient gut health solutions. The company emphasizes on its findings that 61% of the region's consumers experience digestive issues every week.
Global Nutraceuticals Market Breakdown - by Region
The report includes the segmentation of the global nutraceuticals market as follows:
The global nutraceuticals market is segmented based on type and distribution channel. In terms of type, the market is segmented into functional foods, functional beverages, and dietary supplements. Dietary supplements segment is further categorized into general wellness, sports nutrition, weight management, immune health, and others. By distribution channel, the market is segmented into supermarkets and hypermarkets, specialty stores, online retail, convenience stores, and others.
By geography, the market is broadly segmented into North America, Europe, Asia Pacific, the Middle East & Africa, and South & Central America. The North America market is further segmented into the US, Canada, and Mexico. The nutraceuticals market in Europe is sub-segmented into Germany, France, the UK, Italy, Spain, and the Rest of Europe. The Asia Pacific nutraceuticals market is further categorized into China, India, Japan, Australia, South Korea, and the Rest of Asia Pacific. The market in the Middle East & Africa is further segmented into South Africa, Saudi Arabia, the UAE, and the Rest of Middle East & Africa. The South & Central America market is further categorized into Brazil, Argentina, and the Rest of South & Central America.
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