Nutraceuticals Market - Global Industry Analysis (2019 - 2022), Growth Trends, and Market Forecast (2023 - 2030)

Nutraceuticals Market size is all set to hit the US$1 Tn mark in 2030, registering a strong CAGR of 9.5% between the years of forecast

Of late, the demand for nutraceuticals experienced a major upsurge, which has been further boosted by the global pandemic. This is primarily due to the widely recognized health benefits of nutraceuticals in terms of overall health maintenance and immunity boost. Modern informed consumers are increasingly becoming aware of the convenience, flexibility, and various health advantages associated with consuming specific dietary supplements. This is creating a positive business landscape for the nutraceuticals market in the foreseeable future.

The pandemic has highlighted the importance of a strong immune system, pushing substandard nutrition aside. This has also benefited the nutraceuticals industry. Moreover, there is a growing emphasis on personalized nutrition is further fueling the demand for nutraceuticals. The cumulative market force of these factors is projected to create sound growth possibilities in the global nutraceuticals market during the upcoming study period. Up from the valuation of US$355.8 Bn attained in the year 2019, the market is projected to cross the US$1 Tn mark during the forecast period while registering a strong CAGR of 9.5%.

Key Trends Affecting the Global Nutraceuticals Market

• Based on the type of product, the dietary supplements segment is expected to account for over 38% of global nutraceutical sales
• The COVID-19 pandemic was a major catalyst for market expansion as it created a strong consumer propensity for functional food products
• North America is the leading region with a 30% market share in 2022 and an expected CAGR of 8.9% during the 2023-2030 study period
• Increasing Occurrence of Chronic Illnesses to Sustain Positive Market Momentum

The increasing prevalence of metabolic disorders has created considerable awareness of the perceived health benefits of nutraceuticals. This has resulted in a higher recommendation of dietary supplements for the elderly and adolescent populations, creating significant growth opportunities for the global nutraceuticals market. The fortification of food and beverage products, along with expanding application profiles, will also contribute significantly to revenue generation.

Furthermore, the inclusion of dietary supplements in infant nutrition products and the dietary lifestyle of new mothers is enhancing the market's growth prospects. With the alarming rise in chronic lifestyle conditions like cardiovascular diseases, cancers, diabetes, arthritis, irritable bowel disease, gut-related conditions, and obesity, the demand for nutraceuticals will continue to increase in the upcoming years.

North America to Spearhead Nutraceuticals Market Amidst Growing Lifestyle Disorders

Growing lifestyle disorders, new product launches, and generally high healthcare awareness is boding well for the nutraceuticals market in North America. The region is expected to stay the leading market region amidst changing lifestyles and a prevalence of busier schedules. Besides, the region has a huge problem with lifestyle disorders such as obesity, and IBD across large sections of the population. The industry stakeholders are actively innovating their product R&D and marketing techniques to capture the attention of health-conscious target audiences.

Leading Market Players

Some of the most active entities in the global nutraceuticals market include Archer-Daniels-Midland Company, Cargill Inc, BASF Corporation, Lonza, DSM, Ingredion Incorporated, Corbion, Friesland Campina, Kerry PLC, and Olam International Ltd.