Analysis of the Nutraceutical Market: Assessment of Market Size, Trends, Statistics, and Competitors
Global Nutraceutical Market by Product Type (Dietary Supplements, Functional Foods, and Functional Beverages), by Form (Capsules, Tablets, Liquid, Powder, and Others), by Distribution Channel (Supermarkets/Hypermarkets, Convenience Stores, Online Retail, and Others), and by Region (North America, Europe, Asia Pacific, Latin America, and the Middle East & Africa) – Market Size, Share, COVID-19 Impact, Regional Analysis & Forecast Till 2030
Category - Food & Beverage
Report Code - OMR-FB-199
Format: PDF, PPT, and Excel
Nutraceutical Market Overview
The word "nutraceuticals" covers many food-based products that provide additional health advantages beyond regular food consumption. According to Hippocrates, the Greek physician considered the "father of medicine," "let food be your medicine" encapsulates the preventative principle underpinning nutraceuticals. Over the projected period, the rising demand for nutritional supplements and functional foods is anticipated to propel the market. The rising interest in medical nutrition as a therapy for cardiovascular illness and malnutrition bodes well for the future of the dietary supplement industry. The worldwide functional food business is expected to develop during the forecast period due to rising healthcare expenditures and the increasing senior population worldwide. Added health and wellness advantages are the primary reason for consumers' generally good reception to functional meals. Several factors have contributed to this expansion, including an aging population, increased healthcare expenditures, shifting consumer habits, new food products, and higher consumer pricing. Despite increased consumer demand, several issues hold the industry back. The marketing of nutraceutical goods, for example, is subject to a regulatory framework that is both complicated and severe. There is little movement in the global market specifications for the chemical makeup of these more consistent goods. The COVID-19 epidemic has profoundly impacted the global economy.
Nutraceutical Market Growth Factors
Personalized Nutrition acts as an Immense Opportunity for the Market to Flourish
The market for individualized diets is projected to expand rapidly over the next few years. Products with demonstrable health advantages and transparent ingredient lists are well poised to reap the rewards of this expanding industry. Offerings tailored to each customer are crucial to the long-term success of this sector. Consumers are more receptive to individualized services, such as those that cater to their unique supplement, food, and exercise needs. In addition, the notion of predictive and proactive health care is likely to see nutritional supplements as a critical intervention. As a result of the above discussion, the global nutraceutical market is expected to expand steadily. Dietary supplements have successfully and readily responded to consumers' growing desire to choose a concentrated nutrition source. The worldwide pandemic has led to a meteoric rise in awareness of its importance in boosting immunological and physical health, which bodes well for future global market development. Increased population can be attributed to better healthcare options, lower mortality rates, and consumer willingness to spend money on health and well-being. As a result, the global nutraceuticals industry has been given a much-needed boost. Nearly two-thirds of U.S. people consider food and drink healthfulness when making purchases, per the 2017 International Food Information Council (IFIC) survey. Thanks in part to customers' growing taste for functional meals and drinks, sales have risen.
Widening Expenditure on Technological Advancements to Augment Growth
Consistent expansion of the global nutraceuticals market is forecasted in the wake of the COVID-19 pandemic since it includes dietary components with medicinal or health advantages used to prevent sickness and improve the immune system. Demand for nutraceutical goods skyrocketed during this pandemic due to several factors, including the convenience of their portable storage, the growing interest in multipurpose formulations, the elevated level of knowledge among consumers, and the growing anxiety about their health among online users. The pandemic also serves as a watershed moment for the introduction and elimination of misleading marketing claims, poor nutritional standards, and questionable practices. For instance, in India, the claims are finalized between the Indian Council of Medical Research (ICMR) and the Food Safety and Standards Authority of India (FSSAI). They need proof that the products are safe and effective in the clinic. A manufacturer's manufacturing technology and quality might benefit from a heavy investment in R&D operations. The nutraceutical business has expanded significantly in recent years to meet the rising demand for healthful goods. The meteoric rise sees this in introduction of new nutraceutical products, particularly in the functional beverage and dietary supplement markets. The widespread usage of antibiotics in OTC medications has had a deleterious effect on human health. Antibiotic-resistant bacteria and viruses occasionally cause illnesses. For this reason, it is important to create nutraceuticals that deliver a wide range of beneficial microorganisms for improved health and immunity.
Nutraceutical Industry Segmentation
Product Type
• Dietary Supplements
o Vitamins
o Botanicals
o Minerals
o Proteins & Amino Acids
o Omega Fatty Acids
o Others
• Functional Foods
o Cereal
o Bakery & Confectionary
o Dairy
o Other
• Functional Beverages
o Energy Drinks
o Sports Drinks
o Functional Juices
o Others
Form
• Capsules
• Tablets
• Liquid
• Powder
• Others
Distribution Channel
• Supermarkets/Hypermarkets
• Convenience Stores
• Online Retail
• Others
Nutraceutical Market Regional Segmentation
North America
o U.S.
o Canada
o Mexico
Europe
o Germany
o U.K.
o France
o Spain
o Italy
o Rest of Europe (RoE)
Asia Pacific (APAC)
o Japan
o China
o India
o South Korea
o Rest of APAC
Latin America
o Argentina
o Brazil
o Rest of Latin America
Middle East & Africa
o South Africa
o UAE
o Saudi Arabia
o Rest of MEA
Product Insights
Functional Beverages to Spill Maximum Revenue Owing to the Introduction of a New Range of Products
Based on product, the market can be segmented across dietary supplements, functional foods, and functional beverages.
In the year 2022, the market was dominated by functional beverages. The segment's rapid growth can be attributed to the rising number of health-conscious shoppers replacing sugary beverages with those lower in calories and sugar while still providing useful nutrients. Furthermore, well-known companies increasingly realize that introducing low and no-sugar functional meals is crucial to sustaining their position as industry leaders.
Businesses in the dietary supplement industry are investing in factory expansion to keep up with surging consumer demand. For instance, in February 2019, Abbott said it would spend USD 62 million on a new building and machinery for its Ohio nutrition and baby formula product business.
Distribution Channel Insights
Supermarkets/Hypermarkets to Sell Maximum Products Due to Widening Consumer Reliance
The global market can be segmented across supermarkets/hypermarkets, convenience stores, online retail, and others based on the distribution channel.
During the foreseeable future, the supermarket and hypermarket industry is anticipated to expand significantly. Consumers have increasingly relied on stores as primary distribution points for various food goods, including healthy meals and drinks.
The online retail marketplace transforms into a digital platform for customers and sellers without needing physical product storage. Many of these markets provide shipping, delivery, and a variety of simple payment methods for their customers. The constant expansion of the online retail sector is expected to be supported by several reasons, including cheap product costs, discounts, shopping ease, free delivery, and a wide choice of products.
Regional Insights
Asia Pacific to Dominate Global Market Owing to Increased Consumer Spending & Urbanization
Regarding geographical distribution, the global market can be spread across North America, Europe, Asia Pacific, Latin America, the Middle East and Africa.
The Asia Pacific region's market is expected to be led by rising consumer health concerns and interest in nutraceuticals. The aging population, rising healthcare costs, and shifting consumer preferences contributed to Asia Pacific's booming nutraceutical sector. Several variables, including the breadth of available goods and regulatory oversight, restrain the nutraceutical market. However, this industry is expected to expand rapidly due to the rising practice of adding nutraceutical supplements to meals.
Market expansion is anticipated to be supported by rising consciousness about the need for dietary supplementation, especially in China and India. The market in North America is expected to grow to be the second largest in the world. Consumers' growing understanding of the connection between diet and illness prevention and the positive effects on health is largely responsible for this meteoric rise. Nutraceuticals and functional foods have positively affected health, healthcare spending, and economic growth. Demand for energy drinks, fortified dairy products, functional beverages, and dietary supplements is on the rise, largely responsible for the industry's expansion.
The growing preference of European consumers for preventative healthcare is the primary factor propelling the market. The aging of the region's population is a major factor in the rising need for nutraceutical products, notably nutritional supplements. The regional heavy hitters are investing in R&D for new products to expand their foothold in this industry. For instance, in July of this year, the Brazilian pharmaceutical firm NattoPharma introduced a new vitamin K2 supplement called MenaQ7.
Nutraceutical Industry Analysis
The existence of major multinational competitors distinguishes the global competitive environment. To stay competitive, businesses have turned to mergers and product launches. Due to mergers and acquisitions, companies could broaden their product lines and upgrade their quality. In addition, businesses have been bolstered by introducing new items to the market, allowing them to provide higher-quality goods in line with shifting customer preferences.
The market for nutraceutical products has increased dramatically due to the growing interest in healthful products and the popularity of functional beverages. Companies, including Archer Daniels Midland Company, Herbalife, and Amway, are undertaking new product releases.
Nutraceutical Market Recent Developments
• In June 2022, New Protein Snack Bars from Kellogg's Special K have been introduced, including 6 grams of protein and only 90 calories. The protein bar comes in two delicious flavors (Berry Vanilla and Brownie Sundae), and it's perfect for grabbing on the run without sacrificing quality or flavor.
• In February 2022, in the United States, PepsiCo's Rockstar Energy brand recently introduced a beverage with hemp extract. Hemp seed oil, B vitamins, spearmint, and lemon balm are all found in the "Rockstar Unplugged" energy drink. The 80 mg of caffeine in the drink is substantially less than what you'd get in a typical Rockstar Energy beverage. The hemp-based beverage will come in blueberry, passionfruit, and raspberry cucumber flavors and will be sugar- and calorie-free.
Global Nutraceutical Market Prominent Players
• Herbalife Nutrition Ltd (U.S.)
• BASF SE (Germany)
• Abbott (U.S.)
• General Mills (U.S.)
• Archer Daniels Midland Company (U.S.)
• PepsiCo Inc. (U.S)
• Amway (U.S.)
• Nestle S.A. (Switzerland)
• Danone S.A. (France)
• Glanbia Plc (France)
• Royal DSM N.V. (Netherlands)
• Matsun Nutrition (U.S.)
• Natrol Inc. (U.S.)
Frequently Asked Questions (FAQs)
At what rate will the Nutraceutical Market Expand?
According to Objective industry Research, throughout the projection period, the nutraceutical industry will expand at a CAGR of 8.9%.
What are the factors driving the global Nutraceutical market?
The global nutraceutical market will grow due to contributing factors such as the advent of personalized medicine and increasing expenditure on technological advancements.
Which segment accounted for the largest Nutraceutical market share by distribution channel?
The hypermarkets/supermarkets segment will dominate the global market during the forecast period. Shops have become increasingly important to consumers as the primary source of many food items, including nutritious foods and beverages.
What region holds the major share in the global market scape?
Asia Pacific is expected to dominate the global market due to the aging population, rising healthcare costs, and shifting consumer preferences.
Which are the dominating players in the market during the forecast period?
Some dominant players in the global Nutraceutical market are Herbalife Nutrition Ltd (U.S.), BASF SE (Germany), Abbott (U.S.), General Mills (U.S.), Archer Daniels Midland Company (U.S.), PepsiCo Inc. (U.S), and Amway (U.S.) among others.
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Table of Content
1. Introduction
1.1 Market Definition
1.2 Objective of the Study
1.3 Market Scope
1.4 Years Considered in the Study
1.4.1 Historic Year: 2019-2021
1.4.2 Base Year: 2022
1.4.3 Forecast Period: 2023-2030
1.5 Currency Used in the Study
1.6 Boundaries for the Study
1.7 Collaborators/Stakeholders/Benefactors
2. Research Methodology
2.1 Research Outline
2.2 Data Collection Methods
2.3 Data Sources
2.3.1 Secondary Sources
2.3.1.1 Paid Sources
2.3.1.2 Unpaid Sources
2.3.2 Primary Sources
2.4 Market Estimation Methodology
2.4.1 Top-Down Approach
2.4.2 Bottom-Up Approach
2.5 Data Triangulation
2.6 Assumptions of the Study
2.7 Limitations of the Study
3. Executive Summary
3.1 Market Outlook
3.2 Analysts Perspective
4. Market Overview
4.1 Market Dynamics
4.1.1 Drivers
4.1.1.1. Increased Spending on Technological Advancements
4.1.1.2. COVID-19 Prompted Increased Sales
4.1.2. Restrain
4.1.2.1. Intense Regulatory Framework
4.1.3. Opportunities
4.1.3.1. Widening Utilization of Personalized Nutrition
4.1.4. Impact of Market Dynamics
4.2. Impact of COVID-19 pandemic
4.3. Value Chain Analysis
4.4. Porter’s Five Forces Analysis
4.4.1. Bargaining Power of Buyers
4.4.2. Bargaining Power of Suppliers
4.4.3. Threat of Substitution
4.4.4. Threat of New Entrants
4.4.5. Competitive Rivalry
5. Global Nutraceutical Market Analysis & Forecast, by Product Type from 2019-2030 (in USD million)
5.1. Dietary Supplements
5.1.1. Vitamins
5.1.2. Botanicals
5.1.3. Minerals
5.1.4. Proteins & Amino Acids
5.1.5. Omega Fatty Acids
5.1.6. Others
5.2. Functional Foods
5.2.1. Cereal
5.2.2. Bakery & Confectionary
5.2.3. Dairy
5.2.4. Other
5.3. Functional Beverages
5.3.1. Energy Drinks
5.3.2. Sports Drinks
5.3.3. Functional Juices
5.3.4. Others
6. Global Nutraceutical Market Analysis & Forecast, by Form from 2019-2030 (in USD million)
6.1. Capsules
6.2. Tablets
6.3. Liquid
6.4. Powder
6.5. Others
7. Global Nutraceutical Market Analysis & Forecast, by Distribution Channel from 2019-2030 (in USD million)
7.1. Supermarkets/Hypermarkets
7.2. Convenience Stores
7.3. Online Retail
7.4. Others
8. Global Nutraceutical Market Analysis & Forecast, by Region from 2019-2030 (in USD million)
8.1. North America
8.1.1. North America Nutraceutical Market Analysis & Forecast, By Country
8.1.1.1. U.S.
8.1.1.2. Canada
8.1.1.3. Mexico
8.1.2. North America Nutraceutical Market Analysis & Forecast, By Product Type
8.1.3. North America Nutraceutical Market Analysis & Forecast, By Form
8.1.4. North America Nutraceutical Market Analysis & Forecast, By Distribution Channel
8.2. Europe
8.2.1. Europe Nutraceutical Market Analysis & Forecast, By Country
8.2.1.1. Germany
8.2.1.2. UK
8.2.1.3. France
8.2.1.4. Spain
8.2.1.5. Italy
8.2.1.6. Rest of Europe (RoE)
8.2.2. Europe Nutraceutical Market Analysis & Forecast, By Product Type
8.2.3. Europe Nutraceutical Market Analysis & Forecast, By Form
8.2.4. Europe Nutraceutical Market Analysis & Forecast, By Distribution Channel
8.3. Asia-Pacific (APAC)
8.3.1. Asia-Pacific Nutraceutical Market Analysis & Forecast, By Country
8.3.1.1. Japan
8.3.1.2. China
8.3.1.3. India
8.3.1.4. South Korea
8.3.1.5. Rest of the APAC
8.3.2. Asia-Pacific Nutraceutical Market Analysis & Forecast, By Product Type
8.3.3. Asia-Pacific Nutraceutical Market Analysis & Forecast, By Form
8.3.4. Asia-Pacific Nutraceutical Market Analysis & Forecast, By Distribution Channel
8.4. Latin America
8.4.1. Latin America Nutraceutical Market Analysis & Forecast, By Country/Region
8.4.1.1. Argentina
8.4.1.2. Brazil
8.4.1.3. Rest of Latin America
8.4.2. Latin America Nutraceutical Market Analysis & Forecast, By Product Type
8.4.3. Latin America Nutraceutical Market Analysis & Forecast, By Form
8.4.4. Latin America Nutraceutical Market Analysis & Forecast, By Distribution Channel
8.5. Middle East & Africa
8.5.1. Middle East & Africa Nutraceutical Market Analysis & Forecast, By Country/Region
8.5.1.1. South Africa
8.5.1.2. UAE
8.5.1.3. Saudi Arabia
8.5.1.4. Rest of Middle East & Africa
8.5.2. Middle East & Africa Nutraceutical Market Analysis & Forecast, By Product Type
8.5.3. Middle East & Africa Nutraceutical Market Analysis & Forecast, By Form
8.5.4. Middle East & Africa Nutraceutical Market Analysis & Forecast, By Distribution Channel
9. Competitive Landscape
9.1. Market Share Analysis (2022)
9.2. Market Positioning of Top Players (2022)
9.3. Key Developments & Growth Strategies (2020-2022)
9.3.1. Product Launches
9.3.2. Merges, Collaborations & Agreements
9.3.3. Expansion
9.4. SWOT Analysis
10. Company Profiles (Business Overview, Products Offered, Financial Details*, Recent Developments)
10.1. Herbalife Nutrition Ltd (U.S.)
10.1.1. Company Snapshot
10.1.2. Business Overview
10.1.3. Financial Data
10.1.4. Key Products Offered
10.1.5. Recent Developments
10.2. BASF SE (Germany)
10.3. Abbott (U.S.)
10.4. General Mills (U.S.)
10.5. Archer Daniels Midland Company (U.S.)
10.6. PepsiCo Inc. (U.S)
10.7. Amway (U.S.)
10.8. Nestle S.A. (Switzerland)
10.9. Danone S.A. (France)
10.10. Glanbia Plc (France)
10.11. Royal DSM N.V. (Netherlands)
10.12. Matsun Nutrition (U.S.)
10.13. Natrol Inc. (U.S.)
10.14. Others
11. Appendix
11.1. Currency Exchange Rate to USD
11.2. Abbreviations
* Financial details captured might be subjected to information available and not be given for privately-held companies or for companies that do not report it in the public domain