Global Nutraceuticals Market Assessment, By Product [Dietary Supplements, Functional Foods, Functional Beverages, Others], By Form [Tablets, Capsules, Powder, Liquid and Others], By Source [Animal, Plant, Microbial] By Distribution Channel [Specialty Stor

Global Nutraceuticals Market Assessment, By Product [Dietary Supplements, Functional Foods, Functional Beverages, Others], By Form [Tablets, Capsules, Powder, Liquid and Others], By Source [Animal, Plant, Microbial] By Distribution Channel [Specialty Stores, Pharmacies, Online Retail Stores, Hypermarkets/Supermarkets, Convenience Stores] Region, Opportunities and Forecast, 2016-2030F

Global Nutraceuticals Market size was valued at USD 290.73 billion in 2022 which is expected to reach USD 566.48 billion in 2030 with a CAGR of 8.7% for the forecast period between 2023 and 2030. Preventive healthcare, a rise in illnesses linked to a sedentary lifestyle, and a growing interest in health-promoting diets among consumers are the main market growth drivers. The rising prevalence of chronic diseases such as diabetes, obesity, and cardiac problems results in increased demand for nutraceuticals as they can be utilized to control and treat these issues in an efficient manner. According to World Health Organization (WHO), 17 million people die from chronic diseases every year with more than 75% of casualties happening in low- and middle-income countries. Additionally, it is anticipated that rising consumer purchasing power in high-growth nations would support the rising demand for nutraceutical goods.

Increasing awareness for health and wellness among people and the desire to maintain a healthy lifestyle coupled with growing demand for dietary supplements as a common athletic diet would boost market expansion in years to come. Nutraceuticals can be available in the form of tablets, capsules, liquid, powder, and gummies. However, capsules and tablets make most of the market share as they are considered as easy to consume alternatives.

Growing technical progress in the nutraceuticals sector is anticipated to have a favorable impact on customer demand. The market's increasing innovation has prompted the adoption of AI, which will allow for more individualized solutions based on a consumer's dietary and health information. AI will thus play a crucial role in the expansion of the global nutraceuticals market.

Growing Demand for Personalized Nutrition

Every individual is different in terms of his/her biochemistry, metabolism, genetics, and microbiota. To provide nutrition recommendations that delay ageing, assist in controlling and treating illnesses, and ultimately improve general health, personalized nutrition places an emphasis on the individual rather than mass. Rising acceptance of personalized nutrition is leading to a market expansion of nutraceuticals globally. As a result, a lot of nutraceuticals businesses have begun to provide customized nutrition services.

For instance, Amwa y started to offer personalized nutrition in partnership with South Korea-based Holzapfel Effective Microbes (HEM) in 2020 and now in 2022, it has announced second-round investment with microbiome startup HEM to continue the development of personalized probiotic supplements.

Growing Geriatric Population

The use of nutraceuticals, which are derived from commonly ingested plant products, can lengthen life, enhance health, and fend against stress and ageing. The consequences of food composition will significantly affect the rising need for specialized nutritional intervention. However, further research and scientific examination will be needed to fully understand the individual and combined impacts of nutraceuticals as a part of dietary composition. The medicinal potential of several nutraceuticals and their synthetic derivatives is being studied. Numerous encouraging findings in model organisms imply that these positive benefits are caused by evolutionarily conserved processes. Deciphering the molecular pathways of ageing that are common in several species has advanced greatly, and this knowledge is helpful in developing anti-aging therapies.

Increasing Awareness for Healthy & Functional Foods

Growing consumer interest in functional foods is a result of its perceived wellbeing, performance, and health advantages. The demand for functional end products such dairy goods, bakery and confectionery, snacks, cereals, fats and oils, meat, and baby food is growing as a result of how simple it is to incorporate nutraceutical components. A well-known fortification comprises protein, fibre, vitamins, and minerals. The true winner is high-protein meals since it is well-liked by fitness aficionados. Additionally, compared to the baby-boomer generation, people nowadays are much more worried about their health.

Companies are altering their distribution methods to set themselves apart from the competition and carve out space in a congested market. Newer delivery methods, such as soft chews, chewing gum, gummy bears, patches, lollipops, and quick-dissolving strips, have advanced past tablets and capsules. Single-serving quantities of fortified goods are supplied for ease of use. It is the cause of the enormous demand for useful snack bars. More 'food-like' delivery forms for dietary supplements have also emerged, including pudding-like squeeze packets for omega-3 fish oil, joint juice for glucosamine, calcium in chocolate chew, etc.

Impact of COVID-19

The fast onset and global spread of the COVID-19 pandemic have fueled the expansion of the global nutraceuticals industry. By the 26th of June 2022, COVID-19 had spread to 224 nations and had impacted 549.03 million individuals globally. The COVID issue has brought attention to the need to maintain a healthy lifestyle and have a robust immune system, greatly raising the market for nutraceuticals. The intake of numerous multivitamins, including those containing salt, zinc, vitamin C, and vitamin D, among other vitamins, has considerably increased throughout the pandemic crisis in 2020 and even beyond. Additionally, there has been an upsurge in demand for some functional foods. Nutraceuticals are in great demand due to the global population's preference for health and wellness post-pandemic crisis.

Key Players Landscape and Outlook

Key players in the nutraceuticals market are constantly involved in new product launches in order to offer a wide range of products to their consumers thereby sustaining their market share in years to come. Many big players are also entering the nutraceuticals market by collaborating with or acquiring regional level players. For example, Unilever Plc. is entering into health & wellness segment with focus on China, Europe and United States. Its portfolio includes brands namely OLLY, Welly, Equilibra, Nutrafol and Liquid I.V.

New protein snack bars from Kellogg's Special K with 6 grammes of protein and 90 calories were announced in June 2022. The new Special K protein snack bars, which have 90 calories, 6 grammes of protein, and two delectable flavors—sweet berry vanilla and rich chocolatey brownie sundae—provide a quick pick-me-up of protein on-the-go without compromising great taste. In supermarket shops around the nation, Special K protein snack bars are offered in five-count packages for USD 4.29.

In February 2022, PepsiCo’s Rockstar Energy brand introduced a hemp-infused drink in the United States. The ‘Rockstar Unplugged’ energy drink contains hemp seed oil, B vitamins, spearmint, and lemon balm. The Caffeine amount of the beverage is only 80 mg, which is much lower than the caffeine concentration of other Rockstar Energy drinks. The hemp-infused drink will be offered in three flavours: blueberry, passionfruit, and raspberry cucumber, and it will include no sugar or calories.

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