Nutraceuticals Market - Global Outlook & Forecast 2023-2028

Nutraceuticals Market - Global Outlook & Forecast 2023-2028

The global nutraceuticals market is expected to grow at a CAGR of 8.47% from 2022-2028.

MARKET TRENDS & DRIVERS

E-commerce will Be the Revolutionary Sales Channel for Vendors

E-commerce channels improve the sale of nutraceuticals in both B2B and B2C business models. Post-pandemic, most vendors in the global nutraceuticals market are shifting their sales to e-commerce, based on the understanding that online sales not only increase sales of the products but also deliver the marketing, promotional, and revenue generation opportunities in a short period without spending as much capital as traditional marketing and promotional activities.

Shifting Preference for Non-pill Nutraceuticals Products

Nutraceuticals are available in several forms, such as tablets, liquid, and powder, which have gained high popularity in the past several years. But behind this form, some emerging forms of nutraceutical products format gained high attention and changed the sudden market landscape. The changing landscape from only tablet and liquid format-based nutraceuticals offers high consumer attention in the nutraceuticals market. Gummies and effervescent format are easy and most preferred nutraceuticals nowadays. In the pediatric population, gummies are becoming more popular. In the older population, gummies are becoming popular due to aversion to swallowing tablets and capsules or struggle to do so.

Rising Demand for Nutraceuticals in Health Management

Nutraceuticals have a broad history in the healthcare industry, but the momentum shift towards nutraceutical uses in preventive health management has gained high industry growth in the past few years. The factors behind increased attention towards preventive care with nutraceutical use are the rapidly changing lifestyle of people, rising awareness about preventive healthcare check-ups and intake of vital supplements, and rising per capita income in health management.

Presence of Potential Consumer Base

Globally, a significant number of people suffer from chronic disease and several other general to severe health conditions. Chronic illness causes millions of deaths globally. Millions of people started using nutraceutical products such as functional food, vitamins, supplements, and many more in preventive care and management, propelling the nutraceuticals market growth.

High Demand for Personalised Nutrition

Worldwide, the significantly changed personal care and management environment among all individuals shifted people towards personalized care preference. Millennials and Gen-Zs are most interested in personalized nutrition, and around 30% prioritize their health compared to previous decades (2022).

SEGMENTATION INSIGHTS

INSIGHTS BY PRODUCTS

The functional food products segment will dominate the global nutraceuticals market in 2022. Functional food is highly nutritious and associated with several advantages. Also, functional food has achieved significant popularity among health and wellness enthusiasts. On the other hand, the functional beverages segment is expected to have a high growth rate during the forecast period. The increasing preference for energy drinks, sports drinks, and healthy and herbal juices among people is accelerating the sale of the functional beverages segment. The broad consumer base, such as athletes, sports persons, and gym athletes, offers lucrative segmental growth opportunities. Also, vendors can collaborate with sports centers, clubs, gyms, cardicenters, and others where functional beverages are in high demand. Also, functional beverages are easy to consume and effective compared to functional food, which is expected to deliver high revenue growth in upcoming years.

Segmentation by Product

• Functional Food
• Functional Beverages
• Vitamins & Dietary Supplement

INSIGHTS BY SALES CHANNELS

Supermarkets and hypermarket sales channels accounted for the higher share of the global nutraceuticals market in 2022. Both the sales channels experience that consumers trust established brands, whereas supermarkets and hypermarkets offer a broad selection of reputable brands with discounts, affordable prices, and gifts. However, the rapidly growing online sales channels such as e-commerce channels, vendors' own online sales websites, and e-pharmacies offering direct contact and sale of nutraceutical products teach corner of the world are projected to increase during the forecast period. The vast distribution network and attention of consumers for easy purchasing and affordable prices with e-commerce channels offer high nutraceutical industry growth opportunities. On the other side, developing markets such as Latin America, the Middle East & Africa are emerging regions that witnessed high sales of nutraceutical products through supermarkets & hypermarkets, and pharmacies.

Segmentation by Sales Channels

• Supermarkets & Hypermarkets
• Pharmacies
• Online
• Others

INSIGHTS BY CONSUMERS

The global nutraceuticals market by consumers is segmented into adults and pediatric, of which the adults segment accounted for the highest industry share in 2022. In the adult population, the heightened awareness and preference towards preventive care and high expenditure are crucial elements that drive higher segmental growth. Moreover, the prevalence of chronic diseases among adults is significantly higher than the pediatric population, which requires a daily intake of additional nutrients. On the other side, the pediatric population witnessed high malnutrition prevalence, which accelerated the pediatric segmental growth in the nutraceuticals industry.

Segmentation by Consumers

• Adults
• Pediatric

GEOGRAPHICAL ANALYSIS

North America accounted for the largest share of the global nutraceuticals market, accounting for over 32% in 2022. The factors governing the industry growth in the region are high awareness and high expenditure. Most people in North America consume nutraceutical products such as functional food. Behind those vitamins and dietary supplements is a highly growing segment across the region and the global industry. Furthermore, the increasing utilization of functional food and beverages by young adults and baby boomers is the leading factor propelling significant industry growth in the region.

Segmentation by Geography

• North America

The U.S.

Canada

• Europe

Italy

Germany

France

The U.K.

Spain

• APAC

China

India

Japan

Australia

South Korea

• Latin America

Brazil

Mexico

Argentina

• Middle East & Africa

Turkey

South Africa

Saudi Arabia
VENDOR LANDSCAPE

Competitive rivalry is significantly high across the global nutraceuticals market. Nutraceutical products are sold and promoted as medicinal food, which witnessed high competition from the pharmaceutical and food industry. In addition, across the nutraceutical industry, several domestic, national, and international vendors are present worldwide, showing highly competitive rivalry. Further, several companies operate as food or pharmaceutical companies that are part of nutraceuticals. Several pharma and food companies have slowly shifted toward the nutraceutical industries in recent years. Some of the key players in the global nutraceuticals market include BASF, Herbalife, International Flavors & Fragrances Inc. (IFF), Nestlé, and Meiji Holdings. Nestlé is one of the leading industry players, which is present in more than 120 countries and generates around USD 16 billion in total revenue. In 2022, the company offer 129.2 billion fortified products serving affordable nutritional products.

Key Company Profiles
• BASF
• Herbalife
• International Flavors & Fragrances Inc. (IFF)
• Nestlé
• Meiji Holdings
Other Prominent Vendors
• Amway
• ADM
• Aden Healthcare
• AKER BIOMARINE
• Bayer AG
• BELLRING BRANDS, INC.
• Barentz
• ChromaDex
• CSPC Pharmaceutical Group
• E.I.D. - Parry
• DSM
• Danone
• Divi’s Nutraceuticals
• Element Nutrition
• Elmed Life Sciences
• FANCL CORPORATION
• Glanbia
• GNC Holdings
• General Mills
• Ingredion
• JAMIESON WELLNESS
• Kerry Group PLC
• Lifecare Neuro
• Matsun Nutrition
• Medifast
• Nature’s Sunshine Products
• NOW Foods
• Nuritas
• OmniActive Health Technologies
• PerrigCompany
• Tate & Lyle
• Throne HealthTech
• THE GHT COMPANIES
• The Craft Heinz Company
• Vox Nutrition
• Unilever
• UASANA Health Sciences
• Yakult Honsha
• ZIVBIOSCIENCE, INC.
KEY QUESTIONS ANSWERED:

1. How big is the nutraceuticals market?
2. What is the growth rate of the global nutraceuticals market?
3. Which region dominates the global nutraceuticals market share?
4. What are the significant trends in the nutraceuticals industry?
5. Where are the key players in the global nutraceuticals market?