London, May 23, 2023 (GLOBE NEWSWIRE) -- Nutraceuticals are associated with a host of potential health benefits that predominantly drives the global nutraceuticals industry ahead. In its latest published May 2023 report, Fairfield Market Research examines the global nutraceuticals market in detail for the course of 2023 – 2030 to uncover the growth forecast analysis. With overall focus on health and immunity intensifying, especially post-COVID-19 pandemic, demand for immunity boosting products like nutraceuticals will be on an uptrend, says the report. The emphasis on personalized nutrition will accelerate the market pace, and further impetus from sectors like specialty sports nutrition will make it a trillion-dollar industry by 2030-end, expects the report.
“The nutraceuticals market faces significant challenges to growth as counterfeit supplements continue to sell out at a considerably high rate. Widespread availability of counterfeit products on the market and inability of consumers to recognize their non-authenticity will harm the market in the long term,” reports an analyst at Fairfield Market Research.
Key Report Findings
- The global nutraceuticals market size surpassed US$509 Bn in the year 2022
- Dietary supplements remain the bestseller product with more than 38% revenue share
- North America leads with over 30% share of the nutraceuticals industry valuation
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Overview of Key Segments
By product type, sales of dietary supplements remain the highest, capturing over 38% share of the market value pie. “Protein, amino acids, vitamin, and omega 3 have been some of the most widely selling dietary supplements on the nutraceuticals market and the sales volumes are mounting consistent in the year-over-year projections,” states the analyst. The market segments such as functional foods, and functional beverages are also exhibiting rapidly growing market attractiveness over the recent past. The collective revenue share of these segments is more than 60% in the market and will remain high as the fitness industry continues to generate a continuous stream of opportunities.
Based on the market analysis by distribution channel, conventional stores continue to be the largest revenue contributor as they account for over 50% of the total nutraceutical sales as of 2022. While specialty stores have been recently emerging popular in terms of accessibility and availability of nutraceutical categories, they are yet to gain the lead in the global nutraceuticals market, says the report. On the other hand, diet-wise analysis of the market reveals dominance of the protein and amino acid segment that makes up for more than 33% of total demand.
Key Report Highlights
- Some of the most commonly prevalent lifestyle conditions like obesity, and IBD eventually direct consumers to nutraceutical products
- Climbing sales of functional F&B products will substantially contribute toward market expansion
- A sizeable consumer mass feels confusion about the ideal recommended daily intake of nutraceuticals
Insights into Regional Analysis
Accounting for over 30% share of the overall nutraceuticals market revenue, North America reigns supreme in the global space. The region will most likely retain the top spot throughout the period of assessment, forecasts the report. While the demand here remains afloat, the market is also expected to benefit the most from greater consumer awareness and knowledge about consumption and potential health benefits of specific nutritional supplements. Frequent new product launches will also remain among the key driving forces for rapid market expansion in North America. The market here is slated for an impressive 8.9% CAGR through 2030-end.
Europe, the next significant regional market for nutraceuticals sales, also accounts for approximately 26% share of the market valuation. The report further indicates Asia Pacific as the next key market as it trails closely the European nutraceuticals market space. The market here is poised to demonstrate the fastest CAGR between 2023 and 2030.
Key Competitors in Global Nutraceuticals Industry
Cargill Inc, BASF Corporation, DSM, Corbion, Ingredion Incorporated, Lonza, Archer-Daniels-Midland Company, Kerry PLC, Olam International Ltd., and Friesland Campina are some of the leading company names actively participating in the global nutraceuticals market competition.
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REPORT SCOPE
| Report Attributes | Details | |
| Base Year | 2022 | |
| Forecast Year | 2023 – 2030 | |
| Market Size in 2022 | US$509.7 Bn | |
| Estimated Market Size in 2030 | US$1 Tn | |
| CAGR | 9.5% | |
| Key Players | BASF Corporation, Cargill Inc, DSM, Lonza, Corbion, Ingredion Incorporated, Archer-Daniels-Midland Company, Friesland Campina, Kerry PLC, Olam International Ltd. | |
Global Nutraceuticals Market is Segmented as Below:
Product Type Coverage
- Dietary Supplements
- Functional Food
- Functional Beverages
Distribution Channel Coverage
- Conventional Store
- Speciality/Online Store
Diet Coverage
- Vitamins
- Botanicals
- Minerals
- Proteins & Amino Acids
- Fibers & Specialty Carbohydrates
- Omega Fatty Acids
- Others
Geographical Coverage
- North America
- Europe
- Asia Pacific
- Latin America
- Middle East & Africa
Leading Companies
- BASF Corporation
- Cargill Inc
- DSM
- Lonza
- Corbion
- Ingredion Incorporated
- Archer-Daniels-Midland Company
- Friesland Campina
- Kerry PLC
- Olam International Ltd.
Inside This Report You Will Find:
1. Executive Summary
2. Market Overview
3. Global Nutraceuticals Market Outlook, 2019 - 2030
4. North America Nutraceuticals Market Outlook, 2019 - 2030
5. Europe Nutraceuticals Market Outlook, 2019 - 2030
6. Asia Pacific Nutraceuticals Market Outlook, 2019 - 2030
7. Latin America Nutraceuticals Market Outlook, 2019 - 2030
8. Middle East & Africa Nutraceuticals Market Outlook, 2019 - 2030
9. Competitive Landscape
10. Appendix
Learn More About the Report Inclusions, and Research Methodology: https://www.fairfieldmarketresearch.com/report/nutraceuticals-market/more-information
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Fairfield Market Research is a UK-based market research provider. Fairfield offers a wide spectrum of services, ranging from customized reports to consulting solutions. With a strong European footprint, Fairfield operates globally and helps businesses navigate through business cycles, with quick responses and multi-pronged approaches. The company values an eye for insightful take on global matters, ably backed by a team of exceptionally experienced researchers. With a strong repository of syndicated market research reports that are continuously published & updated to ensure the ever-changing needs of customers are met with absolute promptness.
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