Global Nutraceuticals Market - 2024-2031

Report Overview

Global Nutraceuticals Market reached US$ 443.1 billion in 2023 and is expected to reach US$ 684.2 billion by 2031, growing with a CAGR of 5.58% during the forecast period 2024-2031.

Increasing consumer awareness about the benefits of a healthy lifestyle has led to greater demand for health supplements, particularly among aging populations who prioritize wellness. The rising incidence of lifestyle-related chronic diseases has also emphasized the need for preventive care through dietary choices. Additionally, the growth of e-commerce has made nutraceuticals more accessible to consumers, facilitating their purchase.

The market is poised for further expansion, with trends such as personalized nutrition based on individual genetic and lifestyle factors, a heightened focus on sustainability and ongoing innovation in product development. For instance, in July 2024, Renewtra has launched as a new brand in India's nutraceutical industry, aiming to revolutionize the market with its clinically proven, transparent-label products.

High rates of diabetes and obesity in US drive North America's dominance in the global nutraceuticals market. With approximately 37.3 million Americans having diabetes and over 41.9% of adults classified as obese, there is a growing demand for supplements and functional foods. As health-conscious consumers seek effective solutions, North America remains a leader in the nutraceutical industry.

Market Dynamics

Rise of Chronic Diseases

The frightening rise in obesity, diabetes and cardiovascular diseases (CVDs) is significantly driving the global nutraceutical market. With over 1 billion people affected by obesity and 537 million adults living with diabetes, the urgency for effective management solutions has never been clearer. Consumers are increasingly seeking nutraceutical products derived from food sources with health benefits that can help prevent or manage these chronic conditions.

The shift towards preventive health measures reflects a growing awareness of the critical link between diet and disease, prompting individuals to explore natural options that enhance well-being. Moreover, the rising health consciousness among consumers, fueled by concerns over chronic disease prevalence, is propelling the nutraceutical market forward.

Innovative Regulatory Approvals And Enhanced Formulations

The global nutraceutical market is driven by innovative regulatory approvals and enhanced formulations. In November 2022, Geno's launch of Avela natural (R)-1,3-Butanediol provides a sugar-free ingredient that elevates beta-hydroxybutyrate levels, enhancing mental clarity and athletic performance without requiring restrictive diets. Derived from plant sugars through sustainable fermentation, Avela aligns with the increasing consumer demand for natural products.

Additionally, regulatory approvals, such as the European Commission's endorsement of Carbopol Polymers, in October 2023, enable the creation of innovative, easier-to-swallow formulations. Together, these advancements cater to diverse consumer needs and preferences, driving the evolution of functional foods and positioning the nutraceutical market for sustained growth.

Diverse Regulatory Frameworks

The global nutraceuticals market faces significant restraints due to diverse regulatory frameworks. Each country has its classification criteria, considering different product perceptions from one region to another. This inconsistency complicates compliance, forcing companies to allocate time and resources to navigate various regulations. Additionally, strict marketing guidelines in some areas limit the health claims that can be made, hindering companies' ability to attract consumers.

Market Segment Analysis

The global nutraceuticals market is segmented based on type, product, source, distribution channel, application and region.

Superior Performance and Yield Potential of Hybrid Seeds

The plant-based segment dominates the global nutraceuticals market based on source. This is primarily due to the increasing consumer demand for natural and organic products, as well as growing awareness of the health benefits associated with plant-derived ingredients. Additionally, trends toward vegetarian and vegan diets contribute to the popularity of plant-based nutraceuticals.

The increasing number of vegans, estimated at around 88 million in 2022, significantly impacts the popularity of plant-based nutraceuticals. As more people adopt vegetarian and vegan diets, there's a growing demand for products that meet their nutritional needs without animal-derived ingredients. This trend is driving innovation and expansion in the plant-based sector, driving segment growth.

Market Geographical Share

Rising Health Consciousness Among North American Population

North America dominates the global nutraceuticals market. A high level of consumer awareness regarding wellness strongly supports North America's leadership in the worldwide market. The 2023 CRN Consumer Survey on Dietary Supplements reveals that 74% of US adults take dietary supplements, with 55% classified as regular users. This significant adoption enhances the vital role that supplements play in the daily health routines of Americans.

The widespread usage reflects a robust commitment to preventive health measures and a growing recognition of the benefits of nutraceuticals, driver market dominance, bolstered by effective education initiatives, a diverse range of product offerings health and a supportive regulatory environment. As reliance on dietary supplements continues to rise, it aligns with the broader movement towards holistic health, further solidifying their essential place in everyday life.

Market Competitive Landscape

The major global players in the market include Danone S.A., Glanbia plc, Nestle S.A., Bayer AG, Abbott Nutrition, GNC Holdings, LLC, Garden of Life, NOW Foods, Kellanova and Parry Nutraceuticals Limited.

Russia-Ukraine War Impact

The Russia-Ukraine war has impacted the global nutraceuticals market by disrupting supply chains and causing fluctuations in raw material prices. Shortages of key agricultural products have increased costs and affected availability. Additionally, geopolitical tensions have led companies to rethink sourcing strategies, while rising consumer interest in health and wellness has driven demand for nutraceuticals.

By Type

Herbals

Proteins & Peptides

Vitamins & Minerals

Prebiotics and Probiotics

Others (Fatty Acids and Fiber)

By Product

Functional Food

Cereal

Bakery and Confectionary

Dairy

Snack

Other

Functional Beverages

Energy Drinks

Dairy & Dairy Alternative Drinks

Fruit & Vegetable Juices and Drinks

Noncarbonated Drinks

Other

Dietary Supplements

Tablets

Liquid

Powder

Others

Personal Care

By Source

Plant-Based

Animal-Based

Microbial

By Distribution Channel

Supermarkets/Hypermarkets

Convenience Stores

Specialty Stores

Drug Stores/Pharmacies

Online Retail Stores

Other

By Application

Health and Wellness

Sports Nutrition

Clinical Nutrition

By Region

North America

US

Canada

Mexico

Europe

Germany

UK

France

Italy

Spain

Rest of Europe

South America

Brazil

Argentina

Rest of South America

Asia-Pacific

China

India

Japan

Australia

Rest of Asia-Pacific

Middle East and Africa

Key Developments

In September 2024, Flore launched a probiotic line for neurodiversity, including pathways support and mood support, formulated for individuals with autism spectrum disorder (ASD). Developed in collaboration with Arizona State University, these products were based on a clinical study that showed significant improvements in gastrointestinal discomfort and cognitive abilities among ASD participants after three months of treatment.

In June 2024, Steadfast Nutrition launched three new supplements: Whey Protein, LIV Raw and a vegetarian Multivitamin mega pack with 180 tablets. These products cater to the protein and nutrient needs of health-conscious individuals and athletes. The launch took place at the International Health Sports and Fitness Festival (IHFF), Asia's largest health and fitness event.

In June 2024, RSSL introduced a new dietary supplement testing service to support clients in R&D, manufacturing and supply chain functions. This service ensures reliable turnaround and quality results, offering analyses such as nutrition testing, novel ingredient evaluation and regulatory support to meet clients' needs efficiently.

Why Purchase the Report?

To visualize the global nutraceuticals market segmentation based on type, product, source, distribution channel, application and region, as well as understand key commercial assets and players.

Identify commercial opportunities by analyzing trends and co-development.

Excel spreadsheet containing a comprehensive dataset of the Nutraceuticals market, covering all levels of segmentation.

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 nutraceuticals market report would provide approximately 78 tables, 79 figures and 224 pages.

Target Audience 2024

Manufacturers/ Buyers

Industry Investors/Investment Bankers

Research Professionals

Emerging Companies