Global Nutraceutical Ingredients Market - 2023-2030

Market Overview

The Global Nutraceutical Ingredients Market reached US$ 174.5 billion in 2022 and is projected to witness lucrative growth by reaching up to US$ 327.5 billion by 2030. the global nutraceutical ingredients market is expected to exhibit a CAGR of 8.4% during the forecast period (2023-2030).

Nutraceuticals provide multiple benefits, including improved health, slowed ageing, prevention of chronic illnesses, increased life expectancy, and support of the body's structure and functioning. They are also used to prevent and treat mental health concerns and illnesses. Nutraceutical ingredients are widely accessible as dietary supplements, making them easy to include into one's everyday routine. They offer a simple solution for folks who may not get enough nutrients from their diet alone.

Market Dynamics

Increase in Incidence of Chronic Diseases

The rising prevalence of chronic diseases such as diabetes, high blood pressure, cancer, and others would propel the market's growth rate. Chronic diseases, particularly obesity and diabetes, are a major source of concern among the elderly. For instance, the rising prevalence of diabetes around the world is driving market expansion. According to the International Diabetes Federation, approximately 537 Billion individuals will have diabetes by 2021, accounting for one out of every ten people worldwide.

It is expected to reach 643 Billion by 2030, and 783 Billion by 2045. Furthermore, three out of every four persons with diabetes live in low- and middle-income nations. Diabetes claimed one life every five seconds in 2021, accounting for nearly 6.7 Billion fatalities worldwide. Diabetes healthcare spending in 2021 is expected to be over $ 966 billion, representing a 316% increase over the previous 15 years. Thus rise of diseases will helps drive the market growth.

Rise in Fortified Foods

Rise in fortified foods is one of the key driver that helps the market to grow during forecast period. For instance, according to the CSIRO (Commonwealth Scientific and Industrial Research Organisation), an Australian government organisation, demand for fortified and functional foods is predicted to reach $9.7 billion by 2030, with an annual growth rate of roughly 3%. With the world's population continuing to grow and consumer preferences shifting, market demand for fortified and functional foods is expected to stay robust.

The industry is distinguished by a diverse product mix that includes everything from meals for old digestive and cardiovascular health to foods for newborn and toddler growth. The domestic market for fortified and functional goods is estimated to reach $5.5 billion by 2030, with an opportunity for exports of $4.2 billion.

High Cost of Nutraceutical Ingredients

Nutraceutical ingredients are employed in a variety of applications, including animal nutrition, medicines, functional food and drinks, and personal care items. The incorporation of nutraceutical ingredients in medicines, feed products, food and beverage goods, and personal care items, on the other hand, raises the final product price. The increasing expense of the end products stifles industry expansion since most customers avoid purchasing expensive food items in favour of natural ones.

COVID-19 Impact Analysis

The pandemic of COVID-19 has a negative impact on the worldwide nutraceutical ingredients business. The epidemic disrupted the raw material supply chain, resulting in shortages and price changes. Closures of production facilities and transportation limitations also contributed to a major reduction in market growth. The pandemic-caused economic downturn lowered consumer spending power, resulting in lower demand for high-priced nutraceutical components.

Russia-Ukraine War Impact Analysis

The Russia-Ukraine conflict is estimated to have a moderate impact on the global nutraceutical ingredients market, owing to the low number of key market players in this region. However, the impact of the import and export of nutraceutical is expected to have little influence over the global nutraceutical ingredients market growth over the forecast period.

Segment Analysis

The global nutraceutical ingredients market is segmented based on product type , form, health benefits, application and region.

Proteins Product Type Segment Accounts for 32.9 % of Market Share.

Probiotics product type segment with around 32.9% is expected to dominate during the forecast period. Proteins are critical macronutrients that aid in tissue growth and repair, muscle mass maintenance, and immune system support. As a result, they are in great demand for the manufacture of nutritional supplements and functional foods.

Since, the rising incidence of lifestyle disorders such as obesity, diabetes, and cardiovascular disease has increased demand for protein-based nutraceutical products, which are recognised to aid in weight reduction, blood sugar regulation, and cardiovascular health. Plant-based protein sources such as soy, pea, and rice protein are in high demand due to the rising popularity of plant-based and vegan diets.

Furthermore, technical improvements in protein extraction and isolation techniques have made it possible to create high-quality protein components at a cheaper cost, driving the protein section of the nutraceutical ingredients market forward.

Geographical Analysis

North America Accounted for Approximately 38.4% of the Market Share 2022

North America is estimated to hold about 38.4 % of the total market share throughout the forecast period. North America is predicted to have good market growth since customers are willing to pay a premium for healthier items due to their increased income and buying power. With increased health and fitness concerns, there is a growing consumption of nutraceutical ingredients loaded nutritious meals. In online retail establishments, nutraceutical ingredients enriched with nutritious meals are widely available. The rapid expansion of functional beverages will drive market growth.

Competitive Landscape

The major global players in the nutraceutical ingredients market include: Associated British Foods, Arla Foods, DSM, Ingredients, Tate & Lyle, Ajinomoto, CHR. Hansen, Kyowa Hakko Kirin Group, Glanbia Plc, and Fonterra Co-Operative Group Limited.

Why Purchase the Report?

• To visualize the global nutraceutical ingredients market segmentation based on product type, form, health benefits, application and region, as well as understand key commercial assets and players.
• Identify commercial opportunities by analyzing trends and co-development.
• Excel data sheet with numerous data points of nutraceutical ingredients market-level with all segments.
• PDF report consists of a comprehensive analysis after exhaustive qualitative interviews and an in-depth study.
• Product mapping available as Excel consisting of key products of all the major players.

The global nutraceutical ingredients market report would provide approximately 53 tables, 54 figures and 195 pages.

Target Audience 2023

• Manufacturers/ Buyers
• Industry Investors/Investment Bankers
• Research Professionals
• Emerging Companies