The global nutraceuticals market was valued at USD 419.93 billion in 2023 and is forecasted to grow from USD 457.35 billion in 2024 to USD 976.74 billion by 2032, representing a compound annual growth rate (CAGR) of 9.95% throughout the forecast period (2024–2032). In the United States, the nutraceuticals sector is anticipated to expand significantly, potentially reaching USD 163.15 billion by 2032. This growth is driven by increasing consumer awareness of the role nutraceuticals play in promoting health and preventing lifestyle-related diseases. In 2023, Asia Pacific led the global market, accounting for 39.79% of the total share.
The popularity of nutraceuticals is growing globally as more consumers become conscious of their health benefits. As awareness of how these products can help prevent or delay the onset of various illnesses increases, demand continues to rise. Additionally, many individuals are turning to nutraceuticals as natural, alternative solutions for enhancing and sustaining overall well-being.
Information Source: https://www.fortunebusinessinsights.com/nutraceuticals-market-102530
Market Segmentation:
The market is divided by product type into dietary supplements, functional foods, and functional beverages. As of 2020, dietary supplements represented roughly 19.12% of the global market revenue and are expected to see strong growth, fueled by expanding production efforts by companies aiming to meet growing consumer demand.
By distribution channel, the market includes hypermarkets/supermarkets, convenience stores, online retail, and others. Regionally, the market is segmented into Asia-Pacific, North America, Europe, South America, and the Middle East & Africa.
What the Report Covers:
This comprehensive report on the global nutraceuticals market examines critical aspects such as raw materials, key players, applications, and product types. It highlights recent trends and significant industry developments. The report also includes historical market data and revenue projections at global, regional, and national levels, offering insights into market drivers and opportunities influencing growth from 2021 to 2028.
DRIVING FACTORS
Rising Product Development Investments to Propel Market Growth
In January 2020, Archer Daniels Midland Company acquired Yerbalatina Phytoactives, a top producer of natural, plant-based extracts and ingredients, enhancing its market reach. Similarly, several companies are ramping up research and development to create and launch health-oriented food products. The trend toward natural, clean-label food products free from harmful additives is also expected to support the expansion of the nutraceuticals industry in the years ahead.
REGIONAL INSIGHTS
Asia-Pacific Remains Dominant; North America Witnesses Growing Demand for Functional Nutrition
Asia-Pacific is set to retain its leading position during the forecast period, supported by a large population and rising living standards in countries such as India, Japan, and South Korea. In 2020, the region's market size was valued at USD 124.70 billion.
North America is projected to secure the second-largest share, primarily due to increasing interest in plant-based nutrition and functional food products, particularly within the U.S., from 2021 to 2028.
COMPETITIVE LANDSCAPE
Strategic M&A Activities Strengthen Market Position
The global nutraceuticals sector features a mix of small, medium, and large-scale enterprises competing for market share. Leading companies are actively expanding their product portfolios through acquisitions, while others focus on scaling up operations, forming partnerships, and engaging in strategic collaborations to enhance competitiveness. These initiatives are expected to contribute significantly to market growth.
Key Companies Featured in the Global Nutraceuticals Market:
- Herbalife Nutrition Ltd. (California, United States)
- Archer Daniels Midland Company (Illinois, United States)
- General Mills (Minnesota, United States)
- PepsiCo Inc. (New York, United States)
- BASF SE (Mannheim, Germany)
- Abbott (Illinois, United States)
- Amway (Michigan, United States)
- Glanbia Plc. (Ireland)
- Danone S.A. (Paris, France)
- Nestle S.A. (Vevey, Switzerland)
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Industry Development:
In September 2020, Nuliv Science introduced Senactiv, a novel ingredient developed to support muscle energy and recovery. The company stated that this innovation was created in response to rising consumer interest in effective dietary supplements for active lifestyles.
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