New York, US, Oct. 25, 2022 (GLOBE NEWSWIRE) -- Market Overview
According to a Comprehensive Research Report by Market Research Future (MRFR), “Nutraceuticals Market Information by Type, Source, Form, Distribution Channel, and Region- Forecast till 2030”, the market is estimated to acquire a size of over USD 43765 Million by the end of 2030. The report further predicts the market to thrive at a healthy CAGR of over 7.90% during the review timeframe.
Market Synopsis
Nutraceuticals can target the pathophysiology of metabolic disorders and their accompanying complications to produce various biochemical and clinical effects. Multivitamins are only one of the nutraceutical items that are increasingly important to the consumer's lifestyle. The need for nutraceuticals is being driven by the rising desire for items that will benefit general health. In several nations worldwide, there are more people with metabolic problems. Nutraceuticals are items that fall under the food category but also have medical uses. Given that they are created using food and food extracts, they are also referred to as bioceuticals. Nutraceutical products come in various varieties and are used for various purposes.
These goods are unregulated in many regions of the world because they are viewed as food additives or supplements. Products made with nutraceuticals are in high demand. The growing knowledge of the health advantages associated with the intake of nutraceuticals and Nutraceutical supplements is the main driver of the increase in demand for these products. Additionally, it is anticipated that increased athlete participation in sports at the national and international levels will raise demand for functional beverages. The market for functional foods is expanding primarily due to an urbanizing population, rising health care cost, and an increase in disorders associated with obesity, chronic disease, and the cardiovascular system. Omega fatty acid is abundant in functional foods and aids in blood circulation and weight management.
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Report Scope:
| Report Attribute | Details |
| 2030 Market Size | USD 437650.0 Million |
| CAGR | 7.90% (2022–2030) |
| Base Year | 2021 |
| Forecast Period | 2022-2030 |
| Historical Data | 2020 |
| Forecast Units | Value (USD million) |
| Report Coverage | Revenue Forecast, Competitive Landscape, Growth Factors, and Trends |
| Segments Covered | by Type, Source, Form, Distribution Channel and Region |
| Geographies Covered | North America, Europe, Asia-Pacific, and Rest of the World (RoW) |
| Key Market Drivers | rise in obesity among people |
| solid performance of the retail sector |
Market Competitive Landscape:
The renowned contenders in the nutraceuticals market are:
- Glanbia Plc
- GlaxoSmithKline Plc
- Daflorn Ltd
- Bactolac Pharmaceutical Inc
- Abbot Laboratories
- Perrigo Company Plc
- Danone SA
Market U.S.P. Covered:
Market Drivers:
Over the projection period, it is anticipated that the growing senior population and rising healthcare costs will support expanding the worldwide functional food business. Functional meals have a favorable reputation with consumers, largely because of the additional health and wellness advantages these products provide. The total growth has been assisted by the rising elderly population, rising healthcare costs, changing lifestyles, innovative food products, and expectations for higher prices. 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. Market participants must create plans for the anticipated amount of time. The market participants will need to devise a good plan of action to take advantage of the drivers and gain a sizable share of the nutraceuticals market over the anticipated period.
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Market Restraints:
The government's strict laws and guidelines, as well as the high cost of production, are two of the main constraints. These components might serve as bottlenecks and restrict market expansion during the anticipated time frame. These restraints must be taken into account by enterprises operating in the dynamic market so they can adjust to the changing market environment.
COVID 19 Analysis
The demand for nutritional supplements and functional foods has increased due to the COVID-19 epidemic. Over the past year, the popularity of immunity-boosting supplements has significantly altered consumer behavior and purchasing habits. Additionally, following the COVID-19 pandemic, people's daily life will likely include preventive healthcare practices like taking dietary supplements. As a result, the global COVID-19 epidemic has made it possible for nutraceuticals to establish a significant market presence. People have been shown to prefer healthful and nutrient-rich items due to the high frequency of infection. Due to their high nutritional value and ability to strengthen immunity, nutraceutical products may see increased demand in the coming years. As more people pursue healthier lifestyles, the nutraceuticals market's revenue is anticipated to increase.
Market Segmentation
By source, the nutraceuticals market can be fragmented into plant, animal, and microbial. By distribution channel, the nutraceuticals market can be divided into store-based and non-store-based categories. By form, the nutraceuticals market can be segmented into capsules, tablets and soft gels, powder and liquid, and gummies. The market can be segmented by type: proteins and peptides, vitamins and minerals, probiotics, and omega fatty acids.
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Regional Insights
The primary drivers of the APAC market are probably consumers' growing health concerns and their growing awareness of nutraceuticals. The nutraceutical sector in Asia-Pacific has expanded due to the region's aging population, changing healthcare spending trends, and changing lifestyles. Several obstacles restrain this sector, including a broad product variety and government restrictions on nutraceutical products. Nevertheless, the rising trend of food supplements with nutraceutical products is projected to generate a sizable potential opportunity for this industry. Growing consumer awareness of nutritional fortification in China and India is anticipated to support market expansion.
Additionally, expanding the retail industry in developing nations like China, Indonesia, Malaysia, and India is anticipated to make products more accessible to consumers throughout the forecast period in light of regulatory support for investment promotion. Many customers are shunning chemical compounds in foods, health foods, functional foods, proteins, and nutraceutical products. Since customers in developed North America and Europe spend more money on natural products than consumers in other regions, this demand is mostly growing. Gummies, jellies, and soft gels, newer types of nutraceuticals that come in various sizes, shapes, flavors, and concentrations, are being brought to the market and are steadily gaining popularity.
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