Nutraceutical Market - By Product (Functional Foods {Baby Food, Cereals}, Dietary Supplements), Form (Capsules, Tablets, Gummies), Condition (Weight Management, Joint Health, Skin, Hair), Distribution Channel (Pharmacies), Global Forecast, 2023 - 2032

Nutraceutical Market - By Product (Functional Foods {Baby Food, Cereals}, Dietary Supplements), Form (Capsules, Tablets, Gummies), Condition (Weight Management, Joint Health, Skin, Hair), Distribution Channel (Pharmacies), Global Forecast, 2023 - 2032

Nutraceutical Market Size

Nutraceutical Market size was worth more than USD 423 billion in 2022 and is poised to grow significantly at over 4.5% CAGR from 2023 to 2032 owing to the high prevalence of metabolic disorders worldwide.  

Nutraceuticals help in the treatment of the underlying causes of metabolic disorders and their associated complications while positively influencing various biochemical and clinical outcomes. As a result, nutraceuticals, including multivitamins, have grown increasingly important as vital components of consumer lifestyles. According to the International Diabetes Federation and the National Cholesterol Education Program, the prevalence of metabolic syndromes exceeded 30% in the U.S. Consequently, the increasing usage of nutraceuticals to provide health and wellness advantages will promote the market expansion.
 

The presence of stringent and complex regulatory structures for the commercialization of nutraceutical products may hinder the market growth. Nutraceutical products are regulated by different authorities in multiple countries to ensure product safety and quality. Additionally, strict guidelines have been laid down for supporting the health claims. The time-consuming procedures for product assessment and approvals is also a major factor limiting the market expansion.

COVID-19 Impact

The COVID-19 outbreak had a positive impact on the overall nutraceutical market growth. Preventive measures undertaken against the pandemic in the form of consumption of Vitamin C, Zinc, Vitamin D, sodium, minerals & healthy and functional food have led to the rapid increase in sales of nutraceuticals products. Furthermore, the demand for organic, natural, and herbal products also remained healthy during the pandemic.

Nutraceutical Market Trends

The rising trend of athletes participating in sport activities at international and national levels is anticipated to drive the demand for nutraceutical products. As consumer demand for natural and functional food and beverages is increasing, manufacturers are introducing innovative nutraceutical products to cater to diverse preferences. The rapid advancements in R&D have enabled the discovery of novel bioactive compounds with potential health benefits, further driving product innovations. Moreover, effective marketing strategies and the ongoing introduction of new and exciting offerings will augment the market outlook.

Nutraceutical Market Analysis

Nutraceutical market from the dietary supplements product segment is estimated to generate USD 279.6 billion by 2032. Dietary supplements, including vitamins, minerals, herbal extracts, and probiotics, are widely consumed to supplement and enhance nutrition. The rising awareness regarding preventive healthcare and the increasing adoption of self-care practices have fueled the demand for dietary supplements. Moreover, the expanding population base suffering from deficiency of nutrients will accelerate the segment growth.

Based on form, the powder nutraceutical market is expected to witness robust growth at over 4.5% CAGR from 2023-2032. Nutraceutical products accessed in powder form, such as protein powders, meal replacement powders, and powdered supplements, have gained large popularity amongst consumers due to their convenience, versatility, and ease of use. Powdered nutritional product dosages are also less prone to microbial contamination as their rate of absorption and dissolution is faster when compared to other solid forms.

North America held more than 38% of the global nutraceutical market share in 2022 and is set to amass lucrative gains by the end of 2032 owing to the increasing consumer spending on plant-derived products. Furthermore, the presence of prominent F&B companies along with the surging focus of key players on the development of new products for increased sales will boost the regional industry growth.

Nutraceutical Market Share

Some of the leading enterprises operating in the nutraceutical market include

• Amway Corporation
• Herbalife International of America, Inc.
• Kraft Heinz
• Kellogg’s
• Agro Tech
• PepsiCo
• Nestle S.A.
• Abbott
• Danone
• Zesty Paws
• Nutramax Laboratories, Inc.
• Charlotte's Web
• HempFlax Group BV.

Nutraceutical Industry News

• In February 2022, Heinz partnered with TheNotCompany, a leading food tech start-up, to globally innovate plant-based food products with the help of AI- technology. This partnership helped the company to transform its product portfolio and expand its business worldwide.
   

The nutraceuticals market research report includes in-depth coverage of the industry with estimates & forecasts in terms of revenue in USD Million from 2018 to 2032 for the following segments

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By Product

• Function food
  • Oils
  • Biscuits & bars
  • Baby food
  • Cereals
  • Bread
  • Confectionery
  • Others
• Dietary supplements
  • Vitamins & minerals supplements
  • Probiotic supplements
  • CBD supplements
    • CBD Food
    • CBD Beverages
    • CBD Pet
  • Pet supplements
  • Nutricosmetics
  • Protein supplements
  • Others
• Functional beverages
  • Energy drinks
  • Sports drinks
  • Others

By Form

• Capsules & Tablets
• Liquid
• Powder
• Gummies
• Others

By Condition

• Sports, energy and weights management
• Cold flu and immunity
• Gastrointestinal health
• Joint health & inflammation
• Diabetes
• Skin & hair
• Others

By Distribution Channel

• Brick & Mortar
• Pharmacies
• E-commerce
• Others

The above information is provided for the following regions and countries

• North America
  • U.S.
  • Canada
• Europe
  • Germany
  • UK
  • France
  • Italy
  • Spain
  • Rest of Europe
• Asia Pacific
  • Japan
  • China
  • India
  • Australia
  • Rest of Asia Pacific
• Latin America
  • Brazil
  • Mexico
  • Rest of Latin America
• Middle East & Africa
  • South Africa
  • Saudi Arabia
  • Rest of Middle East & Africa