Nutraceuticals Market Size to Surpass US$ 314.2 Bn by 2030

The global nutraceuticals market size is projected to surpass around US$ 314.2 billion by 2030 from US$ 160.3 billion in 2020, growing with the CAGR of 7.1%.

OTTAWA, Feb. 17, 2021 (GLOBE NEWSWIRE) -- Precedence Research is a Canada based company announced report on “Nutraceuticals Market (By Type: Dietary Supplements {Proteins & Peptides, Vitamins & Minerals, Herbals, and Others}, Functional Beverages {Fruit & Vegetable Juices and Drinks, Dairy & Dairy Alternative Drinks, Noncarbonated Drinks, and Other}, Functional Food, and Personal Care; By Form: Capsules, Liquid & Gummies, Tablets & Soft Gels, Powder, and Others) - Global Industry Analysis, Market Size, Share, Growth, Trends, Regional Outlook and Forecasts, 2021 - 2030”.

Nutraceuticals refers to the specific food products which offer various health benefits along with the base nutritious values of the food products. Nutraceuticals are gaining huge attraction in the recent years as it helps to prevent numbers of diseases. Growth in the awareness among the individuals across the globe is fuelling demand for the nutraceuticals. Major components of the nutraceuticals include dietary supplements and functional food as well as beverages. Nutraceuticals is an approach to prevent the diseases. Also, outbreak of COVID-19 can have positive impact on the demand as well as supply of the nutraceuticals, as the increasing need to propel the immunity in the young as well as old age population is creating huge demand for the dietary supplements and various functional foods across the world.

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What are the growth factors of nutraceuticals market?

Nutraceuticals industry is growing at the significant pace owing to increasing demand for the functional food or fortified food among the global population. Addition to this, government and the regulatory bodies in the global market are continuously focusing and embossing the regulatory mandates for the food fortification which can have a positive impact on the growth of the global nutraceuticals market over the forecast period of time. Further, the health consciousness among the global population is increasing continuously owing to outbreak of COVID-19 worldwide. Hence, the global population is focusing on increasing immunity by consuming fortified food products which is in tern boosting growth of the target industry. Growth in prevalence of the chronic diseases is among important factors anticipated to augment growth of the global market over the forecast period 2021-2030.

For instance, according to the data published by World Health Organization, percentage of the patients suffering from the chronic condition high blood pressure has been increased from 43% in 2006 to 49% in year 2016. However, high costs associated with the fortification of the food are among major factors expected to limit the industrial growth of the target market. Nevertheless, growth in the demand and adoption of pet fortified food is an important factor that can create potential opportunities for the main companies in the global market. Along with this emerging application of the nutraceuticals will support revenue growth of the target market in the next 10 years. Ongoing technological as well as product-based improvisations are creating huge role in the development of the global nutraceuticals market. Most of the companies are focusing on strategic development which is boosting the growth of the target market.

Report Highlights:

  • Among the nutraceuticals type segment, dietary supplements segment is dominated the overall market. The growth is attributed to increasing awareness regarding health and growing healthcare expenditure across the globe.
  • Among the form, tablets & softgels segment was expected to register maximum share during the forecast period of time 2021-2030, owing to increasing adoption of the tablets & softgels nutraceuticals food across the globe.
  • Archer Daniels Midland Company accounted for a significant share of the global nutraceuticals market.

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Regional Analysis:

The research report deals with the industry prospects of nutraceuticals products around regions including Europe, North America, Latin America, Asia-Pacific, and Middle East and Africa. North America will dominate the global industry due to rising demand for fortified food and stringent government regulations in the U.S. and Canada of the North America. Presence of leading players in the region along with strategies that are implemented by the major players in the countries of North America is expected to witness substantial growth in the target industry in the near future. Asia Pacific is likely to list the noteworthy CAGR, on account of rising awareness about the usage of nutraceuticals in emerging economies. Also, most of the key players operating in the industry are investing heavily in order to get the competitive edge in the nutraceuticals market in Asia Pacific. Further, due to coronavirus spread, European population is aiming towards booming their immunity and demanding huge amounts of nutraceuticals products which is creating potential growth opportunities for the European companies and fuelling global market.

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Key Market Players and Strategies:

The major companies functioning in the worldwide nutraceuticals are Archer Daniels Midland Company, General Mills, Inc. E. I. du Pont de Nemours and Company, Aland (Jiangsu) Nutraceutical Co., Ltd. BASF SE, Cargill, Incorporated, Royal DSM N.V. Groupe Danone S.A. Nestle S.A. and PepsiCo Inc. among others. Enormous investment in the study of the nutraceuticals accompanied by strategic collaborations like as mergers, company acquisitions are business approaches commenced by the major companies in the nutraceuticals market. For instance, in 2019, Amway a leading company launched new Nutrilite product which was DHA yummies. This product supports nutrition of omega-3 fatty acids as well as vitamin D. Further, in year 2018 the same company launched Nutrilite herbal products including tulsi, vibhitaki, haritaki, Nutriliteamalakai.

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