Nutraceuticals Market Revenue Historical Analysis, Trends, Growth Factors, and Opportunities by 2032

The global nutraceuticals market revenue was valued at USD 419.93 billion in 2023 and is expected to expand from USD 457.35 billion in 2024 to USD 976.74 billion by 2032, reflecting a CAGR of 9.95% during the forecast period. The U.S. nutraceuticals market is anticipated to experience substantial growth, reaching approximately USD 163.15 billion by 2032, driven by increasing consumer awareness of their role in enhancing health and preventing lifestyle-related diseases. In 2023, the Asia Pacific region led the market, accounting for a 39.79% share.

The global demand for nutraceuticals continues to rise as consumers become more aware of their extensive health benefits. The growing recognition of these products' potential to prevent or delay various health conditions has fueled their popularity. Additionally, nutraceuticals are increasingly favored by individuals looking for natural and alternative solutions to support overall health and well-being.

Information Source: https://www.fortunebusinessinsights.com/nutraceuticals-market-102530

List of the Companies Profiled in the Global Market for Nutraceuticals:

• 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)

Market Segmentation

The nutraceuticals market is categorized into three primary product types: dietary supplements, functional foods, and functional beverages.

The dietary supplements segment accounted for approximately 19.12% of global market revenue in 2020 and is projected to witness substantial growth. This expansion is driven by companies increasing their production capacities to meet rising consumer demand.

Based on distribution channels, the market is segmented into hypermarkets/supermarkets, convenience stores, online retail, and other channels.

Geographically, the market is divided into Asia-Pacific, North America, Europe, South America, and the Middle East & Africa.

Report Overview

The global nutraceuticals market report provides an in-depth analysis of key factors, including raw materials, major industry players, applications, and product types. It highlights market trends, significant industry developments, historical data, and revenue forecasts at global, regional, and country levels. Additionally, the report examines evolving market dynamics and growth opportunities from 2021 to 2028.

Driving Factors

Rising Investments in Product Development to Drive Growth

In January 2020, Archer Daniels Midland Company acquired Yerbalatina Phytoactives, a leading producer of plant-based extracts and ingredients. This acquisition aims to enhance the company's market position. Similarly, many companies are intensifying their research and development (R&D) efforts to introduce innovative, health-focused food products that align with the increasing consumer preference for nutritious options. The rising demand for natural, additive-free food products is expected to propel the growth of the global nutraceuticals market.

Regional Insights

Asia-Pacific to Lead; North America’s Functional Foods Market to Expand

Asia-Pacific is expected to maintain its leadership in the nutraceuticals market throughout the forecast period, driven by a large consumer base and improving living standards in countries such as India, Japan, and South Korea. The region’s market was valued at USD 124.70 billion in 2020, and demand is expected to continue rising.

North America is projected to hold the second-largest market share, fueled by the increasing popularity of plant-based nutritional products and functional foods, especially in the U.S. This demand is anticipated to grow steadily between 2021 and 2028.

Competitive Landscape

Mergers and Acquisitions to Strengthen Market Position

The nutraceuticals market comprises both established and emerging companies striving to expand their market presence. Leading players are adopting growth strategies such as mergers, acquisitions, facility expansions, partnerships, and collaborations to enhance their product portfolios and competitive standing. These strategic initiatives are expected to contribute significantly to market growth in the coming years.

Industry Development

• September 2020 – Nuliv Science launched Senactiv, a novel compound aimed at boosting muscle energy and regeneration. The product was introduced in response to the growing demand for dietary supplements.