Fort Collins, Colorado, Oct. 17, 2023 (GLOBE NEWSWIRE) -- According to DataHorizzon Research, the nutraceuticals market size was at USD 297.9 Billion in 2022 and is expected to reach USD 868.9 Billion by 2032 with a CAGR of 11.4%.
The nutraceutical market is growing due to the rising number of individuals with metabolic disorders, increased health consciousness, improved standard of living, and willingness to spend on health. Nutraceuticals and dietary supplements derived from natural sources and offer various health benefits are becoming more popular as people adopt healthier diets.
The COVID-19 pandemic caused a surge in sales of dietary supplements and nutraceuticals in early 2020. Consumers sought additional protection from viral infections and diseases, leading to a steady growth in the global nutraceuticals market, worth about USD 353 billion in 2019. Nutraceuticals offer immune-boosting health benefits, exceeding the essential nutritional value by contributing to preventing and treating diseases while supplementing the diet.
The nutrition market is expected to grow rapidly due to increasing consumer awareness and technological advancements. Nutritional supplements have a large potential in the market, with personalized diet recommendations and rising individual spending capacity contributing to future growth.
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Segmentation Overview:
The global nutraceuticals market has been segmented into product, ingredients and region. Functional beverages have the highest market share due to health-conscious customers switching from carbonated soft drinks. Probiotics dominate the market share due to their usefulness in preventing diarrhea and treating periodontal disease.
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Nutraceuticals Market Report Highlights:
- The global nutraceuticals market growth is anticipated at a CAGR of 11.4% by 2032.
- Preventive healthcare, lifestyle-related disorders, and a rising focus on health-promoting diets drive market growth.
- North America has the largest market share due to rising awareness and health concerns. The nutraceutical industry is growing due to changing lifestyles, willingness to spend on dietary products, and health issues like obesity and inadequate nutrient intake.
- Some prominent players in the nutraceuticals market report include Nestle, Amway, Pfizer, Abbott, General Mills, Tyson Foods, Nature’s Bounty, Danone, Herbalife Nutrition Ltd, and The Kellogg Company.
Industry Trends and Insights:
- The Institute of Agricultural Sciences by Nestlé is now open to advancing sustainable food systems through science-based solutions in agriculture.
- Amway Charity Foundation donates 1 million yuan towards providing kindergarten classes in Lanping County of Lisu Autonomous Prefecture in Yunnan Province as part of the "Healthy Children Paradise" project to support children's health in rural areas.
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Nutraceuticals Market Report Segmentation:
- By Product: Dietary supplements, functional foods, functional beverages
- By Ingredients: Aloe vera, amino acids, botanical ingredients, carbohydrates
- By Region: North America, Latin America, Europe, Asia Pacific, the Middle East and Africa.
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DataHorizzon is a market research and advisory company that assists organizations across the globe in formulating growth strategies for changing business dynamics. Its offerings include consulting services across enterprises and business insights to make actionable decisions. DHR’s comprehensive research methodology for predicting long-term and sustainable trends in the market facilitates complex decisions for organizations.
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