Nutraceuticals Market to Reach Valuation of USD 753.2 Billion by 2028 – Growth in the Demand for Functional Food Drives the Market

In terms of revenue, the Global Nutraceuticals Market is expected to reach USD 753.2 Billion by 2028, growing at a CAGR (Compound Annual Growth Rate) of 8.70% from 2022 to 2028.

The growing demand for Nutraceuticals with medical advantages is a crucial element behind the industry's expansion. They contain polyunsaturated fatty acids, probiotics, and antioxidants that manage diabetes, cancer, cholesterol, arthritis, and obesity. One of the major industry trends in the Nutraceuticals market space that further fuels market expansion is the increasing regional preference for tailored nutrition. The need for tailored nutrition is rising, especially among people who suffer from gut-related illnesses for whom over-the-counter medications are inadequate. Customers from all around the world have a massive need for multivitamins and single vitamins.

Moreover, the global Nutraceuticals market is being driven by the rise in demand for healthy and functional foods—growing consumer interest in functional foods results from their perceived wellness, performance, and health benefits. As a result, the need for functional end products such as dairy goods, bakery and confectionery, snacks, cereals, fats and oils, meat, and baby food is growing due to how simple it is to incorporate nutraceutical ingredients.

Key Highlights from the Report

• Among Products, the Functional Foods segment is anticipated to dominate the Nutraceuticals market with the largest market share in the forecast period due to the growing progressive spirit in terms of development.
• By Dietary Supplement, the Vitamins market segment accounted for the maximum CAGR during the forecast period. The segmental growth is anticipated to be widened by an increase in the working population and increased energy demands from the millennial and gen-Z people.
• Regarding region, Asia Pacific held the most significant market share and is expected to be the most gainful market during the forecast period. Numerous health issues, a growing senior population, an aging population, and rising healthcare cost trends are all present in the region.

Market Dynamics

The growing middle class in emerging economies, changing dietary practices, an aging population, and longer life expectancies are just a few of the aspects driving the enormous interest in Nutraceuticals in recent years. Additionally, the pharmaceutical industry's R&D-based emphasis on expensive specialty pharmaceuticals is putting more strain on the healthcare system and leading to greater out-of-pocket prescription expenses, encouraging people to prioritize prevention over intervention. Strong demand for Nutraceuticals, such as superfoods, food and dietary supplements, sports nutrition, and functional foods & drinks, is being driven by the global self-care trend. The necessity for replenishing these vital nutrients is growing due to hectic lifestyles, and more time is needed to consume the necessary nutrients through a regular diet. Nutraceuticals are showing promise as a way to fulfill this need in this situation. The critical connection between diet and health is regarded as being provided by Nutraceuticals.

Additionally, there is a significant market need for individualized wellness strategies, fueling the development of new weight management, sports nutrition, and healthy snacking products. Other noteworthy trends enhancing market prospects in the near term include clean labeling becoming the norm as a result of consumers' increased focus on product ingredient lists; innovative delivery technologies such as microencapsulation, which shields the product from harmful elements like light and air; steadily increasing use of advanced dietary supplement technologies in their nanoparticle and nanodispersion forms; and the growing importance of pharmacies.

Asia Pacific Nutraceuticals market is witnessing a noteworthy development with a significant growth rate over the analysis period. Consumers' growing health concerns and rising interest in Nutraceuticals are projected to be the main factors driving the APAC market. The Nutraceuticals sector in Asia Pacific has grown due to the region's aging population, changing healthcare spending trends, and changing lifestyles. Government laws regulating Nutraceuticals products and the market's vast product variety are a few restraints. Nevertheless, the rising trend of food fortification with nutraceutical products is projected to generate a sizable potential opportunity for this market. Growing consumer awareness of nutritional enrichment in China and India is anticipated to support market expansion. In addition, the rise of the retail industry in developing nations like China, India, Malaysia, and Indonesia is expected to make products more accessible to consumers throughout the projection year in light of regulatory support for investment promotion.

The Global Nutraceuticals Market is Segmented as follows

• Products
  • Dietary Supplements
  • Functional Foods
  • Functional Beverages
• Dietary Supplement Products
  • Vitamins
  • Botanicals
  • Minerals
  • Proteins & Amino Acids
  • Fibers & Specialty Carbohydrates
  • Omega Fatty Acids
  • Other Dietary Supplement Products
• Functional Food Products
  • Carotenoids
  • Dietary Fibers
  • Fatty Acids
  • Minerals
  • Prebiotics & Probiotics
  • Vitamins
  • Other Functional Food Products
• Functional Beverages Product
  • Energy Drinks
  • Sports Drinks
  • Functional Juices
  • Other Functional Beverages Products
• Region
  • North America
  • Europe
  • Asia Pacific
  • Latin America
  • Middle East & Africa

List of the Key Players of the Global Nutraceuticals Market is

Cargill Incorporated (U.S.), Archer Daniels Midland Company (U.S.), DuPont (U.S.), Nestle S.A. (Switzerland), Danone (France), Royal DSM N.V (Netherlands), General Mills (U.S.), Innophos (U.S.), WR Grace (U.S.), Amway Corporation (U.S.), AOR Canada (Canada), Arkopharma Laboratories S.A (France), Bactolac Pharmaceuticals Inc (New York), E.I.D Parry Ltd (India), Valensa International (U.S.), Matsun Nutrition (U.S.), Mead Johnson Nutrition Company (U.S.), Natrol Inc (U.S.), The Hain Celestial Group Inc (U.S.), Herbalife Ltd (U.S.)

The Global Nutraceuticals Market Scope can be Tabulated as below