Nutraceutical Market Is Expected To Reach A Revenue Of USD 863.7 Bn By 2033, At 10.0 % CAGR: Dimension Market Research

New York, May 13, 2024 (GLOBE NEWSWIRE) -- Market Overview

The Global Nutraceutical Market size is predicted to value USD 367.3 billion by 2024 and is further anticipated to reach USD 863.7 billion by 2033 at a CAGR of 10.0 % from 2024 to 2033 according to Dimension Market Research.

Nutraceuticals are derived from various organic plant sources that provide health benefits as well as nutrition as they contain bioactive compounds like minerals, antioxidants, vitamins, & other organic elements that are essential for consumers' daily dietary supplements. It becomes a part of daily diet where it tends to improve overall health, address particular health issues, and offer protection against chronic & acute diseases.

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Important Insights

• The global nutraceutical market is expected to grow by USD 463.6 billion by 2033 from 2025 with a CAGR of 10.0 % during the same forecasted period i.e. 2025 to 2033.
• The probiotics segment is anticipated to lead the nutraceutical market with the largest revenue share of 30.4 % in 2024 due to many factors as it helps in the management of gastrointestinal disorders and also improves gut health, and the immune system.
• Based on product, functional food is anticipated to dominate the nutraceutical market in 2024, due to the increasing demand for nutritionally rich food that offers different health advantages like omega-3s, antioxidants, probiotics, and fortified minerals.
• Weight management and satiety as an application is predicted to lead the market in 2024 with the highest market share as obesity numbers continue to rise due to lifestyle changes.
• The tablets & capsule market is predicted to lead the nutraceuticals market with the largest revenue share in 2024. This form is widely used form for vitamins due to its accessibility and swallowability, which contributes significantly to the revenue share.
• North America is anticipated to dominate the global nutraceutical market with the largest revenue share of 35.9% in 2024 driven by the increasing demand for nutraceutical supplements and rising consumer spending on healthy foods.
• Asia-Pacific is predicted to show significant growth due to high consumer awareness and health issues driving the demand for nutraceutical products.

Trends

• Increase in the global elderly population in both developed & developing nations, which resulted in a major growth in nutritional and essential vitamins, leading to an increase in demand for nutraceutical products.
• Government and private regularity bodies are increasingly setting guidelines regarding nutraceutical products to promote health and wellness which boosted the growth of this market.
• There is a growing trend for clean-label products free from artificial colors, flavors, and preservatives which increases the use of nutraceuticals in functional foods.

Competitive Landscape

• The nutraceutical market is characterized by fragmentation, with many participants leading to expectations of moderate to intense competition among companies. Major distributors in the global nutraceuticals market are focusing on marketing and promotional efforts to boost brand awareness and increase product visibility among consumers.
• Manufacturers have included nutraceutical products due to shifting consumer preferences towards functional foods and sports nutrition items. Also, the introduction of new products has empowered companies to offer higher-quality goods that align with evolving consumer trends.

Some of the prominent market players

• DSM
• Amway
• Pfizer Inc.
• Nestle
• The Kraft Heinz Company
• The Hain Celestial Group, Inc.
• Nature's Bounty
• General Mills Inc.
• Danone
• Tyson Foods
• Other Key Players

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Nutraceuticals Market Scope

Market Analysis

Functional food is anticipated to dominate the nutraceutical market based on products with the largest revenue share in 2024. The dominance of this segment is due to the increasing demand for food packed with nutrients like probiotics, omega-3 fatty acids, antioxidants, & fortified minerals, which offer additional food benefits.

These food products provide a convenient option for consumers searching to enhance their health without drastic dietary changes. They include items like protein bars, snacks, dairy products, probiotic yogurt, baked goods, and beverages, catering to the needs of busy lifestyles.

Drivers

• Nutraceuticals market growth is driven by factors such as an aging population, improved life expectancy, and rising healthcare costs.
• Functional foods and beverages with nutraceutical ingredients are popular for their health benefits, driving the expansion of the market.
• Manufacturers prioritize technology and quality to enhance nutraceutical products, further boosting market growth.

Restraints

• Overdose of certain nutraceuticals, such as antibiotics, can have negative health impacts on the human body, including causing antibiotic-resistant infections, which hinder the growth of this market.
• Strict regulatory environments governing the promotion of nutraceutical products pose challenges to the market expansion.

Opportunities

• Increased awareness of bioavailability and health benefits creates growth opportunities for the nutraceutical market.
• Nutraceutical products are becoming popular among consumers as they are more aware of their health and wellness, searching for natural & organic food additives.
• Nutraceutical products containing vitamins, minerals, antioxidants, and botanical extracts that are famous for their immune-boosting properties which expand the growth of this market.

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Nutraceuticals Market Segmentation

By Ingredient

• Prebiotics
• Probiotics
• Vitamins
• Dairy ingredients
• Emulsifiers
• Enzymes
• Others

 By Product

• Functional foods
• Dietary supplements
• Functional beverages

By Application

• Weight management & satiety
• Bone & joint health
• Cancer Prevention
• Digestive / Gut Health
• Women's health
• Energy & endurance
• Others

By Form

• Tablets & Capsules
• Liquids
• Powder & Granule
• Soft-Gels

By Distribution Channel

• Supermarkets & Hypermarket
• Convenience store
• Online Retail
• Others

Regional Analysis

North America is expected to dominate the nutraceutical market with a revenue share of 35.9% in 2024. The popularity of protein bars and shakes, the emergence of clean-label products, and a health-conscious population in this region are some of the factors that contribute to the growth of this market. Also, the established distribution channel in this region boosts sales of functional foods and beverages containing nutraceuticals.

Following North America, the Asia-Pacific region is anticipated to be the second largest revenue share in the nutraceutical market due to factors like rising consumer awareness, an increasing old age population, lifestyle changes, and a focus on food enrichment, which contributes to the growth of the market.

By Region

North America

• The U.S.
• Canada

Europe

• Germany
• The U.K.
• France
• Italy
• Russia
• Spain
• Benelux
• Nordic
• Rest of Europe

Asia-Pacific

• China
• Japan
• South Korea
• India
• ANZ
• ASEAN
• Rest of Asia-Pacific

Latin America

• Brazil
• Mexico
• Argentina
• Colombia
• Rest of Latin America

Middle East & Africa

• Saudi Arabia
• UAE
• South Africa
• Israel
• Egypt
• Rest of MEA

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Recent Developments in the Global Nutraceutical Market

• December 2023: Torque Pharma introduced its new Multipower Soft Gelatin Capsules, a nutritional supplement made to improve health and vitality by combining multivitamins with calcium, zinc, iron, minerals, and ginseng.
• May 2023: Roquette, a well-known supplier of pharmaceutical and nutraceutical excipients, introduces PEARLITOL ProTec, an innovative blend of mannitol and maize starch derived from plant sources, catering to industry needs.
• January 2023: Evonik introduced IN VIVO BIOTICS, a cutting-edge series of nutraceuticals integrating probiotics with other health-promoting elements, backed by thorough scientific research into human well-being.
• December 2022: Nutrilitius, a brand under Shover Foods International based in Pune, India, diversified into the nutraceutical market expands nuts and dried fruits to offer products particularly designed for enhancing overall health and immune strength.
• August 2022: Youtheory, a significant player in dietary supplements, launched a new line of liquid supplements featuring essential ingredients like B12B6, K2D3, and ashwagandha in liquid and capsule forms.
• April 2022: Wellbeing Nutrition, a rising star in plant-based nutrition in India, introduced the innovative SLOW line offering time-sensitive nutraceuticals tailored for diverse health needs for both men and women.

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