New York, United States , Jan. 25, 2024 (GLOBE NEWSWIRE) -- The Global Nutraceutical Product Market Size is to Grow from USD 357 Billion in 2022 to USD 561 Billion by 2032, at a Compound Annual Growth Rate (CAGR) of 4.62% during the projected period. The Nutraceutical Product market includes the growing consumer interest in dietary supplements and functional foods, and the government policies that are favorable and encourage the usage of nutraceuticals are boosting the demand for the global nutraceutical product market.
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Nutraceutical products can be thought of as non-specific biological therapies that are intended to prevent cancerous processes, manage symptoms, and enhance overall health. The words "nutrient," which refers to a nourishing dietary ingredient, and "pharmaceutical," which refers to a medicinal treatment, are combined to form the phrase "nutraceutical." Nutraceuticals are products of various types that can be purchased and used for a variety of objectives. Since these products are thought of as food additives or supplements, they are unregulated in many parts of the world. The key factors propelling the global market for nutraceutical products are the aging population and rising incidence of chronic diseases, the rise in innovations and new product developments, the growing need for goods enhanced by nutrition, and the growing demand for functional beverages. The primary factors driving the nutraceutical product market are rising customer concern about maintaining a balanced diet and growing consumer knowledge of the different diseases brought on by insufficient nutrient intake as a result of unbalanced eating patterns. However, adding nutraceutical components to food and beverage products, feed products, pharmaceuticals, and personal care items raises the final product cost. As a result, lower adoption of these products restrains market expansion.
Browse key industry insights spread across 200 pages with 120 Market data tables and figures & charts from the report on the "Global Nutraceutical Product Market Size, Share, and COVID-19 Impact Analysis, By Product Type (Dietary Supplements, Functional Foods, and Functional Beverages), By Source (Vitamins, Probiotics, Minerals, and Prebiotics), By Distribution Channel (Specialty Stores, Supermarkets & Hypermarkets, Conventional Stores, Drug Stores & Pharmacies, Online Retail Stores, and Others), and By Region (North America, Europe, Asia-Pacific, Latin America, Middle East, and Africa), Analysis and Forecast 2022 – 2032."
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The dietary supplements segment is expected to grow at the fastest pace in the global nutraceutical product market during the forecast period.
The global nutraceutical product market is divided into three segments based on product type: dietary supplements, functional foods, and functional beverages. The dietary supplements segment is projected to expand at the fastest rate in the global nutraceutical product market throughout the forecast period. This is because dietary supplements are growing in popularity owing to their numerous health benefits. These advantages include better regulation of blood sugar, enhanced intestinal functions such as regularity and bulking, enhanced calcium absorption and higher bone density, and potentially even a decreased risk of cancer.
The probiotic segment is expected to grow at the highest pace in the global nutraceutical product market during the forecast period.
The global nutraceutical product market is classified into vitamins, probiotics, minerals, and prebiotics. Among these, the probiotics are projected to expand at the fastest rate in the global nutraceutical product market during the forecast period. This is because probiotic compounds, because of their positive effects on human health in general, are quickly becoming the most important ingredients in a wide range of dietary supplements and health products.
The conventional stores segment is expected to hold the largest share of the global nutraceutical product market during the forecast period.
The global nutraceutical product market is divided into specialty stores, supermarkets & hypermarkets, conventional stores, drug stores & pharmacies, online retail stores, and other segments based on distribution channel. The conventional stores segment is projected to account for the majority share of the global nutraceutical product market throughout the forecast period. This is a result of the fact that traditional retailers offer items at fair prices and are more consumer-friendly. Customers that like nutraceutical items are thus gravitating toward these businesses more and more.
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Europe is anticipated to hold the largest share of the global nutraceutical product market over the predicted timeframe.
Europe is expected to hold the greatest share of the global nutraceutical product market in the coming years. The market for nutraceutical products is rising in Europe due to increased pressure from the government and consumers.
Asia Pacific is anticipated to expand at the fastest rate in the global nutraceutical product market throughout the forecast period. This is a result of the region's growing population, improved standard of living, and increased disposable income. Growing public awareness of foods that promote health is also expected to play a significant role in the market's expansion.
Competitive Analysis:
The report offers the appropriate analysis of the key organizations/companies involved within the global market along with a comparative evaluation primarily based on their product offering, business overviews, geographic presence, enterprise strategies, segment market share, and SWOT analysis. The report also provides an elaborative analysis focusing on the current news and developments of the companies, which includes product development, innovations, joint ventures, partnerships, mergers & acquisitions, strategic alliances, and others. This allows for the evaluation of the overall competition within the market. Major vendors in the Global Nutraceutical Product Market include Abbott Laboratories, Amway Corporation, Conagra Brands, Inc., Danone S.A., General Mills Inc., Glanbia plc, Herbalife Nutrition Ltd., International Flavors & Fragrances Inc., Kellogg Company, Nestle S.A., PepsiCo, Inc., The Coca-Cola Company, Hearthside Food Solutions LLC, Mars, Incorporated, Meiji Holdings Co., Ltd, Royal FrieslandCampina N.V., and others.
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Recent Developments
- In June 2022, Kellogg's Special K has introduced new Protein Snack Bars that contain 6 grams of protein and 90 calories. The snack bar provides a tasty, portable protein grab without compromising on flavor. It is available in two delectable flavors: the sweet Berry Vanilla and the rich, chocolatey Brownie Sundae.
Market Segment
This study forecasts revenue at global, regional, and country levels from 2020 to 2032. Spherical Insights has segmented the Global Nutraceutical Product Market based on the below-mentioned segments:
Global Nutraceutical Product Market, Product Type
- Dietary Supplements
- Functional Foods
- Functional Beverages
Global Nutraceutical Product Market, By Source
- Vitamins
- Probiotics
- Minerals
- Prebiotics
Global Nutraceutical Product Market, By Distribution Channel
- Specialty Stores
- Supermarkets & Hypermarkets
- Conventional Stores
- Drug Stores & Pharmacies
- Online Retail Stores
- Others
Global Nutraceutical Product Market, Regional Analysis
- North America
- US
- Canada
- Mexico
- Europe
- Germany
- Uk
- France
- Italy
- Spain
- Russia
- Rest of Europe
- Asia Pacific
- China
- Japan
- India
- South Korea
- Australia
- Rest of Asia Pacific
- South America
- Brazil
- Argentina
- Rest of South America
- Middle East & Africa
- UAE
- Saudi Arabia
- Qatar
- South Africa
- Rest of Middle East & Africa
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