Nutraceuticals Market Size to Reach US$ 1025 Billion by 2030

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Table of Content

The global nutraceuticals market size was estimated at US$ 498.86 billion in 2021 and it is predicted to reach around US$ 1025 billion by 2030, at a CAGR of 8.33% during the forecast period 2022 to 2030.

Growth Factors

The increasing health consciousness and rising focus towards healthy and active lifestyle are spurring the demand for the nutraceuticals. The surging demand for the functional food and dietary supplements among the global consumers owing to the increasing awareness regarding its health benefits is supporting the growth of the global nutraceuticals market. The rising healthcare costs, growing geriatric population, and rising consumer expenditure towards healthy food are expected to drive the sales of the nutraceuticals.

The shifting consumption pattern, changing lifestyle, busy & hectic schedules, and increased demand for on the go consumption has resulted in the increased demand for nutraceuticals that can effectively fulfil the daily requirements of proteins, vitamins, fibers, and other essential nutrients. The increasing awareness regarding the health benefits of nutraceuticals coupled with increasing disposable income, and improved standard of living has significantly contributed towards the growth of the nutraceuticals market. The manufacturers are increasing adopting herbal and organic components to cater to the changing dynamics of the consumers and the constant product launches by the manufacturers is positively impacting the market growth.

Scope of The Report

 

Report Highlights:

• By type, the dietary supplements were the dominant segment in the global nutraceuticals market in 2021. The increased awareness regarding the health benefits of the dietary supplements has fueled its demand across the globe. The dietary supplements are beneficial for the gut health and hence the demand for them is high among the aging population and the adults. The higher product acceptance among the global consumers has significantly supported the growth of this segment in the past few years.
• Based on the form, tablets & soft gels was the leading segment in the global nutraceuticals market in 2021. The tablets and soft gels are the most preferred formats among the consumers owing to the conveniences such as easy storage, easy availability in retail stores, and easy consumption. The busy and hectic life schedules of the consumers have forced them to increasingly opt for the tablet and soft gel formats of the nutraceuticals.
• North America was the largest nutraceuticals market in 2021. This growth is attributed to the high demand for the nutraceuticals in the region owing to the increased demand for the healthy food, high consumer awareness, easy availability of the nutraceuticals, presence of high geriatric population, high expenditure related to healthcare, and high disposable income of the consumers. Moreover, the hectic and busy schedules of the consumers, increased level of employment, and growing participation of women in the work force are some of the major factors that has driven the growth of the North America nutraceuticals market.
• Asia Pacific is anticipated exhibit the highest CAGR during the forecast period. The presence of huge population, rising employment, rising disposable income, increasing focus towards healthy eating habits, and growing demand for the functional food are the major drivers of the Asia Pacific nutraceuticals market. Increasing health consciousness and the surging penetration of the e-commerce is expected to impact the nutraceuticals market positively in the forthcoming years. The rapidly growing geriatric population and the rising penetration of the nutraceutical companies in the region will foster the market growth in the forthcoming years.

Future of Nutraceuticals Market

Shifting towards the plant-based food and nutrition is gaining rapid traction in the global market. Furthermore, the rapidly growing vegan population along with the surging health consciousness is expected to drive the market in the foreseeable future. The demand for the clean label products is growing at a burgeoning rate across the globe and the manufacturers are increasing adopting the use of herbs and plants for the manufacturing of the nutraceuticals, which is expected to offer huge growth opportunities to the market players.

COVID-19 Impact Analysis:

• The consumer awareness and health consciousness has increased rapidly owing to the outbreak of the COVID-19 pandemic in 2020. This has boosted the demand for the nutraceuticals across the globe.
• The e-commerce has played a significant role in the sales and distribution of the nutraceuticals during the lockdown situation.
• The manufacturers faced difficulties in the procurement of raw materials and labor owing to the disruptions in the supply chain and lockdown restrictions.

Key Developments in the Marketplace:

• In October 2020, Abbott Laboratories introduced its new food supplements in strawberry flavor in India. This strategy aimed at expanding the portfolio.
• In February 2021, TopGum, an Israeli functional gum supplement manufacturer, established a new subsidiary, TopGum, Inc., in New Jersey to expand its operation in US.

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