Global Nutraceutical Growth Opportunities

Global Nutraceutical Growth Opportunities

A nutraceutical is a food or part of a food, and it provides a physiological benefit and maintains good health. Nutraceuticals are not intended to treat or cure diseases; moreover, they are used for preventive healthcare purposes. The scope of nutraceuticals includes dietary supplements and functional food and beverages. Nutraceutical ingredients are biologically active ingredients used in the production of nutraceuticals or food/dietary supplements. They have a scientifically proven and beneficial effect on health through their participation in metabolic processes. Herbs and botanicals, vitamins and minerals, and specialty ingredients are the most commonly used and recognized categories of nutraceutical ingredients.

The expanding geriatric population and the rising incidence of lifestyle diseases have urged consumers to become conscious of their health, and they now prefer preventive healthcare options, such as nutraceuticals, to stay healthy and avoid high healthcare costs. In addition, rapid urbanization, increasing middle-class income, and thriving eCommerce influence the growth of nutraceuticals and nutraceutical ingredients. The COVID-19 pandemic also raised awareness of immunity and health, which spiked the demand for finished nutraceutical products and certain nutraceutical ingredients. Furthermore, government health authorities are amending existing laws and regulations due to the rising incidence of diseases, thereby emphasizing the need for nutraceuticals as part of the daily recommended nutrient intake.

During the forecast period, Asia-Pacific (APAC) will remain a high-growth market for nutraceuticals and nutraceutical ingredients due to fast-growing economies and increasing consumer awareness. North America and Europe are relatively mature markets and are likely to showcase steady growth.

The analysis considers the impact of the COVID-19 pandemic and other geopolitical situations, such as the Russo-Ukrainian War, China’s environmental policies, the US-China trade conflict, and inflation. The study includes a brief note on the qualitative and quantitative aspects of ingredient type, finished product type, and region, which are the major segmentation types of the global nutraceuticals market.

The study period of this research service is from 2019 to 2030, the base year is 2022, and forecasts are provided up to 2030. Revenue figures and forecasts are based on information received from and validated by ingredient manufacturers and dietary supplement and functional food and beverage manufacturers.