Nutraceuticals Market Size & Share to Surpass $753.2 Billion by 2028 | Vantage Market Research

WASHINGTON, Feb. 07, 2023 (GLOBE NEWSWIRE) -- 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 (Compound Annual Growth Rate) of 8.9% over the forecast period 2022-2028.

Market Overview

The nutraceuticals market is anticipated to perform well due to several key factors, including an increase in obesity among the population, strong retail sales, rising medical service prices, and an increase in elderly individuals.

We forecast that the sports drink category in nutraceuticals market sales will account for more than 30% of total sales by 2028. An increase in sports involvement at the local, national, and international levels will fuel the segment's expansion.

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Market Dynamics

Growing Adoption of Nutrient-Rich Diets to Support Market Development
The region's population has grown due to better healthcare options, a decline in mortality, and consumer willingness to spend on health and wellbeing. This has given the global growth of the nutraceuticals industry the required momentum. The International Food Information Council (IFIC) research from 2017 states that for almost two-thirds of American consumers, purchasing food and beverages is heavily influenced by healthfulness. Sales performance has increased due to consumer tastes changing toward functional foods and beverages.

Nutritional Personalization is a Strong Trend Fueling Growth
In the following years, the market for tailored nutrition is predicted to expand exponentially. The industry is anticipated to profit from such substantial development potential, particularly for those with qualities like evidence-based health benefits and clear labeling. The one-size-fits-all philosophy and customized solutions are the key pillars of this market's long-term success. Customers are also willing to accept personalized offers, such as vitamins, nutrition, and exercise. Additionally, nutritional supplements are expected to become a critical intervention in the predictive and proactive health approach. The aforementioned elements are projected to support the consistent expansion of the global nutraceuticals market.

Top Players in the Global Nutraceuticals Market

  • Cargill Incorporated (United States)
  • Archer Daniels Midland Company (United States)
  • DuPont (United States)
  • Nestle S.A. (Switzerland)
  • Danone Paris (France)
  • Royal DSM N.V. (Netherlands)
  • General Mills (United States)
  • Innophos (United States)
  • WR Grace (United States)
  • Amway Corporation (United States)
  • AOR (Canada)
  • Arkopharma Laboratories S.A. (France)
  • Bactolac Pharmaceuticals Inc. (United States)
  • E.I.D Parry Ltd. (India)
  • Valensa International (United States)
  • Matsun Nutrition (United States)
  • Mead Johnson Nutrition Company (United States)
  • Natrol Inc. (United States)
  • The Hain Celestial Gro (United States)
  • Herbalife Ltd. (United States)

For Additional Information on Nutraceuticals Market Players and Detail List, Download a Report PDF Brochure

Top Trends in Global Nutraceuticals Market

  • One trend that Vantage Market Research (VMR) expects to see in the nutraceuticals industry is the growing demand for functional meals due to their many health benefits, such as enhanced blood circulation and weight management. Additionally, these medications help people with obesity and cardiovascular problems, which will spur market expansion.
  • Another trend that VMR predicts will continue in the nutraceuticals industry is the prevalence of metabolic diseases. In several nations worldwide, there are more people with metabolic problems. This will encourage the market by increasing customer preference for nutraceuticals.

Top Report Findings

  • Based on Products, most of the nutraceuticals market's revenue is controlled by the functional food category. The increase in diet food demand and the shift in consumer choice toward weight loss programs explains this.
  • Based on Dietary Supplements Products, most of the nutraceuticals market's revenue is controlled by the fibers & specialty carbohydrates category due to the widespread knowledge of their advantages in maintaining physical and overall health. While minerals help increase nutrient absorption and passage into cells and stimulate blood coagulation, fibers tend to ease bowel motions and provide essential internal organ cleansing.
  • Based on the Functional Food Product, most of the nutraceuticals market's revenue is controlled by the prebiotics & probiotics category because of its potential to strengthen the immune system and serve as a key addition to preventative health care during the COVID-19 pandemic.
  • Based on Functional Beverage Products, most of the nutraceuticals market's revenue is controlled by the sports drink category. This can be related to athletes’ dependence on nutraceutical goods to maintain their energy-demanding physical activities. Growing concerns about inadequate nutrition will encourage athletes to take supplements to increase their performance, driving the segment's rise.

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Recent Developments in the Global Nutraceuticals Market

  • 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 the 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.

Functional Food Category in Nutraceuticals Market to Generate Over 47% Revenue
Nutraceuticals are an expensive investment. Vantage Market Research has analyzed the market for nutraceuticals to understand its current state and potential future growth factors. For a better understanding, based on the Products, the nutraceuticals market is divided into Dietary Supplements, Functional Food, and Functional Beverages.

During the forecast period, the market for nutraceuticals is anticipated to experience the highest CAGR for the Functional Food category. The market's expansion can be ascribed to people's increasing consumption of functional foods. Functional food is characterized as altered food that promotes wellness and lowers the chance of contracting various diseases by providing necessary proteins and nutrients. These elements could have a favorable effect on the sub-segment throughout the projection period.

On the other hand, the Functional Beverages category is anticipated to grow significantly over the projected period. Due to the growing number of health-conscious individuals converting from sugary drinks to beverages that are low in calories and sugar and have functional benefits, the market is expanding at an exceptional rate. The increased health concern among purchasers has encouraged the sales of functional beverages such as colas, soft drinks, and sodas have been substituted with functional beverages.

Asia Pacific Region in Nutraceuticals Market to Generate More than 30% Revenue
The Asia Pacific dominates the market over the projection period. The primary drivers of the APAC market are consumers' growing health concerns and their growing awareness of nutraceuticals. The nutraceutical sector in the Asia Pacific has expanded due to the region's aging population, changing healthcare spending trends, and changing lifestyles.

Browse market data Tables and Figures spread through 146 Pages and in-depth TOC on Nutraceuticals Market Forecast Report (2022-2028).    

Global Nutraceuticals Market Segmentation

By Products

  • Dietary Supplements
  • Functional Food
  • Functional Beverages

By Dietary Supplements Products

  • Vitamins
  • Botanicals
  • Minerals
  • Proteins & Amino Acids
  • Fibers & Specialty Carbohydrates
  • Omega Fatty Acids
  • Other Dietary Supplement Products

By Functional Food Products

  • Carotenoids
  • Dietary Fibers
  • Fatty Acids
  • Minerals
  • Prebiotics & Probiotics
  • Vitamins
  • Other Functional Food Products

By Functional Beverage Products

  • Energy Drinks
  • Sports Drinks
  • Functional Juices
  • Other Functional Beverage Products

By Region

  • North America
    • United States
    • Canada
    • Mexico
  • Europe
    • Germany
    • UK
    • France
    • Italy
    • Spain
    • Rest of Europe
  • Asia Pacific
    • China
    • Japan
    • India
    • South Korea
    • South-East Asia
    • Rest of Asia Pacific
  • Latin America
    • Brazil
    • Argentina
    • Rest of Latin America
  • Middle East & Africa
    • GCC Countries
    • South Africa
    • Rest of MEA

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Scope of the Report:

Report AttributesDetails
Market Size in 2021USD 451.6 Billion
Revenue Forecast by 2028USD 753.2 Billion
CAGR8.9% from 2022 to 2028
Base Year2021
Forecast Year2022 to 2028
Key PlayersCargill Incorporated, Archer Daniels Midland Company, DuPont, Nestle S.A., Danone, Royal DSM N.V, General Mills, Innophos, WR Grace, Amway Corporation, AOR Canada, Arkopharma Laboratories S.A, Bactolac Pharmaceuticals Inc, E.I.D Parry Ltd, Valensa International, Matsun Nutrition, Mead Johnson Nutrition Company, Natrol Inc, The Hain Celestial Group Inc, Herbalife Ltd.
Customization OptionsCustomized purchase options are available to meet any research needs. Explore customized purchase options

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