Nutraceuticals Market Size, Share, Growth and Forecast Through 2032
The global nutraceuticals market was valued at USD 419.93 billion in 2023 and is projected to grow from USD 457.35 billion in 2024 to USD 976.74 billion by 2032, exhibiting a compound annual growth rate (CAGR) of 9.95% during the forecast period (2024–2032). The U.S. nutraceuticals market is expected to grow significantly, reaching an estimated value of USD 163.15 billion by 2032, driven by increasing consumer awareness about the health benefits of nutraceuticals in improving wellness and preventing lifestyle-related diseases. In 2023, Asia Pacific dominated the global nutraceuticals market, accounting for 39.79% of the market share.
Nutraceuticals are gaining widespread popularity worldwide as consumers become more aware of their health benefits. The growing understanding of how these products can help prevent or delay the onset of various health conditions has significantly boosted their demand. Additionally, nutraceuticals are increasingly favored by individuals seeking natural and alternative methods to enhance and maintain overall health and well-being.
Market Segmentation:
The market is segmented based on product type into dietary supplements, functional foods, and functional beverages. In 2020, the dietary supplements segment accounted for approximately 19.12% of the global nutraceuticals market share in terms of revenue. This segment is expected to witness significant growth, driven by numerous companies expanding their production facilities to meet rising consumer demand.
By distribution channel, the market is divided into hypermarkets/supermarkets, convenience stores, online retail, and others. Geographically, the market is segmented into Asia-Pacific, North America, Europe, South America, and the Middle East and Africa.
What Does the Report Include?
The global nutraceuticals market report provides a comprehensive analysis, focusing on key aspects such as materials, leading companies, applications, and products. It also highlights the latest trends and major industry developments. The report includes historical data and forecasts revenue growth at global, regional, and country levels, analyzing the industry's dynamics and opportunities that will influence market growth between 2021 and 2028.
DRIVING FACTORS
Increasing Investment in Product Development to Drive Growth
In January 2020, Archer Daniels Midland Company acquired Yerbalatina Phytoactives, a leading producer of natural plant-based extracts and ingredients, to strengthen its market position. Similarly, many companies are investing in R&D to develop and launch health-benefiting food products, catering to the growing global demand for nutritious options. Additionally, the development of natural food products free from harmful substances is expected to boost the global nutraceuticals market in the coming years.
REGIONAL INSIGHTS
Asia-Pacific to Dominate; North America to See Rising Demand for Functional Foods
Asia-Pacific is projected to maintain its dominant position in the market during the forecast period, driven by its large population and improving living standards in countries like India, Japan, and South Korea. In 2020, the region's market value stood at USD 124.70 billion.
North America is expected to hold the second-largest market share, fueled by increasing demand for plant-based nutritional products and functional foods, particularly in the U.S., between 2021 and 2028.
COMPETITIVE LANDSCAPE
Mergers and Acquisitions to Enhance Market Prospects
The global nutraceuticals market includes small, medium, and large companies competing to strengthen their market presence. Major players are expanding their portfolios by acquiring smaller companies, while others are adopting strategies such as facility expansion, partnerships, and collaborations to gain a competitive edge. These efforts are expected to drive market growth in the coming years.
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)
Industry Development:
September 2020: Nuliv Science launched Senactiv, a new compound designed to promote muscle energy and regeneration. The company highlighted that this sports product was developed in response to the growing consumer demand for dietary supplements.
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