Nutraceutical Supplements Market

Nutraceutical Supplements Market Outlook (2023 to 2033)

The global nutraceutical supplements market reached US$ 87.41 billion in 2022, according to a recently published study by Fact.MR. Demand for nutraceutical supplements recorded a steady CAGR of 5.1% from 2018 to 2022. The market is projected to advance faster going ahead at a CAGR of 7.9% and reach a value of US$ 201.75 billion by the end of 2033.

Rising demand for nutraceutical supplements is attributed to the growing prevalence of chronic diseases, including diabetes, obesity, and high cholesterol. Increasing geriatric population is also leading to a significant rise in the demand for various supplements.

• Sales of nutraceutical supplements in the United Kingdom are predicted to rise at 7.2% CAGR and reach US$ 14.93 billion by 2033.
• Demand for vitamin & mineral supplements is projected to increase at a CAGR of 7.3% and reach a value of US$ 66.37 billion by 2033-end.
• Sales of nutraceutical supplements in the United States are forecasted to advance at 6.8% CAGR and reach US$ 48.82 billion by 2033.

On-the-go nutritional snacks are in high demand owing to the rising awareness among many consumers about health and fitness. Patients with allergies, Alzheimer’s disease, Parkinson’s disease, obesity, and cardiovascular diseases are seeking effective supplements to manage their conditions.

Nutraceutical compounds are capable of targeting the pathogenesis of metabolic disorders and other related complications to achieve clinical and biochemical outcomes. Several nutraceutical products, including multivitamins, are becoming a pivotal part of a healthy lifestyle.

In recent years, the prevalence of metabolic disorders across countries is rising. This is further estimated to bolster the demand for nutraceutical supplements for improved healthcare.

Fact.MR, a market research and competitive intelligence provider, recently published its research report mentioning the dynamics of the nutraceutical supplements market. This report provides a thorough analysis of market growth drivers, new developments, regional overview, restraining factors, etc.

Report Attributes	Details
Nutraceutical Supplements Market Size (2023)	US$ 94.32 Billion
Forecasted Market Value (2033)	US$ 201.75 Billion
Global Market Growth Rate (2023 to 2033)	7.9% CAGR
Softgels Segment Growth Rate (2023 to 2033)	8.4% CAGR
United States Market Growth Rate (2023 to 2033)	9.5% CAGR
China Market Growth Rate (2023 to 2033)	6.5% CAGR
United Kingdom Market Value (2033)	US$ 14.93 Billion
Key Companies Profiled	The Hain Celestial Group General Mills Kraft Heinz Company Conagra Foods Kellogg’s Amway Nestlé S.A. Pfizer Inc. Barilla Group Freedom Food Group Limited

Why is Worldwide Consumption of Nutraceutical Supplements Increasing Significantly?

“Personalized Nutrition Trend Bolstering Demand for Nutraceutical Supplements”

Personalized nutrition trends are on the rise. Consumers are increasingly focused on monitoring essential aspects of their well-being and assessing their regular dietary habits. Escalating healthcare costs are driving consumer’s preferences towards over-the-counter and easily accessible medications.

Several consumers around the world are investing a noteworthy amount to achieve their nutrition goals. Personalized dietary practices are also gaining traction globally. These trends are projected to boost sales of nutraceutical supplements during the forecast period (2023 to 2033).

“Key Manufacturers’ Increasing Focus on R&D Partnerships with Scientific Communities”

Nutraceutical supplement suppliers are actively engaging in research and development (R&D) efforts. They are focusing on maintaining relationships with stakeholders, which is expected to facilitate business expansion through strengthened connections with scientific resources and product diversification efforts.

For instance :

• Euromonitor International Ltd. declared Herbalife Nutrition as a prominent brand in weight management & well-being in April 2021. This renowned company is working on a mission to impart nutritional habits globally without making any compromises with taste.

“Rising Consumer Demand for Specialty Ingredients”

Evolving definitions of wellness and health are leading to the rising preference for specialty ingredients in the production of nutraceutical supplements. Growing traction for specialty ingredients is attributed to their benefits, including improved taste and texture, enhanced shelf life, and upgraded health.

For instance :

• Bayer, in February 2021, launched “The Nutrient Gap” initiative to enhance access to minerals and vitamins for about 50 million people around the world by 2030-end. Children and pregnant women would be the primary focus of this initiative in underserved communities. This initiative is predicted to enhance its commitment to consumer well-being.

What are the Factors Projected to Inhibit the Demand Growth for Nutraceutical Supplements?

“Stringent Regulatory Frameworks with Complex Policies Governing Nutraceutical Supplement Production”

The implementation of stringent regulatory frameworks along with complex policies with the aim of commercialization of nutraceutical supplements is predicted to pose challenges against market growth. These guidelines ensure that only high-quality and safe nutraceutical supplements are launched in the global market. Therefore, manufacturers of nutraceutical supplements need to offer ample evidence to justify product quality. These factors are leading to increased investments by players and thus adversely impacting market growth opportunities.

How are Start-ups Generating Business Opportunities in the Nutraceutical Supplements Landscape?

“High Emphasis on Enhancing Quality of Nutraceutical Supplements”

New entrants need to concentrate on the production of quality nutraceutical supplements to gain prominence in the global market. In addition, the adoption of different food safety guidelines is forecasted to help in the introduction of a new line of high-quality nutraceutical supplements.

Country-wise Insights

What is Augmenting the Demand for Nutraceutical Supplements in the United States?

“Rising Geriatric Population and High Prevalence of Cancer”

The United States nutraceutical supplements market is projected to advance at a CAGR of 6.8% and reach a value of US$ 48.82 billion by 2033-end. The growing geriatric population is leading to increased sales of nutraceutical supplements, including dietary supplements, liquid dietary supplements, powder dietary supplements, etc.

The presence of some prominent players in the United States is estimated to contribute to market growth opportunities. Well-established healthcare infrastructure, ongoing expansion and modernization of healthcare facilities, and increased prevalence of cancer due to lifestyle disorders are boosting demand for nutraceutical supplements.

What are the Drivers for Market Expansion in South Korea and Japan?

“Rising Consumption of Convenience Food Products Due to Hectic Lifestyles”

Sales of nutraceutical supplements in South Korea are forecasted to increase at a CAGR of 5.6% and are estimated to reach a valuation of US$ 6.66 billion by the end of 2033. Demand for nutraceutical supplements in Japan is projected to register a 4.8% CAGR and reach US$ 6.66 billion by 2033-end.

Increasing consumption of convenience food products due to busy lifestyles is leading to the rising sales of nutraceutical supplements. The rapid economic growth in these countries is predicted to lead to a growing demand for different types of fortified nutritional food & beverages.

The food & beverage sector in these countries is undergoing a transformation because of the liberalization of FDI (foreign direct investment) in the food sector, diet diversification, and rapid urbanization. Consumer’s need for health & nutrition products, increasing purchasing power, and rising disposable income are projected to contribute to market expansion.

Category-wise Insights

Which Type of Nutraceutical Supplement is Gaining Traction in Terms of Sales?

“High Demand for Vitamin & Mineral Supplements”

Sales of vitamin & mineral supplements are forecasted to increase at a CAGR of 7.3% and reach a valuation of US$ 66.37 billion by 2033-end. Rising consumption of vitamins & minerals by a majority of people around the world is predicted to contribute to market growth opportunities in the coming 10 years.

Which Form of Nutraceutical Supplement Accounts for High Sales?

“Enhanced Bioavailability of Softgels Boosting Their Sales”

Sales of softgels are projected to advance at an 8.4% CAGR and reach a value of US$ 57.50 billion by 2033. Enhanced bioavailability and superiority in delivery formats are forecasted to boost the demand for softgels around the world over the decade.

Competition Analysis

Maintaining product standards, quality control, and strengthening supply chain management systems are some key initiatives that are contributing to market growth opportunities.

The global market is highly competitive due to the presence of several players. Prominent players are concentrating on strengthening their position and gaining traction in the global market.

For instance :

• Nestlé S.A. and KKP, in April 2022, entered into an agreement. Through this agreement, Nestlé acquired The Bountiful Company’s core brands for a specific amount. This traction included some high-growth brands that are projected to become part of Nestlé Health Science while creating a global leader in minerals, nutritional supplements, and vitamins.
• Kellogg’s, in January 2020, launched plant-based breakfast cereals for children as part of an initiative to involve more than 1,500 parents and 1,000 children. This initiative was taken by the company to combat issues of picky eating among children.

Key players in the nutraceutical supplements market include The Hain Celestial Group, General Mills, Kraft Heinz Company, Conagra Foods, Kellogg’s, Amway, Nestlé S.A., Pfizer Inc., Barilla Group, and Freedom Food Group Limited.

Segmentation of Nutraceutical Supplements Industry Research

• By Product Type :

  • Vitamins & Minerals
  • Prebiotics & Probiotics
  • Proteins & Amino Acids
  • Herbal

• By Form :

  • Capsules
  • Softgels
  • Tablets
  • Liquids
  • Powder & Granules

• By Consumer Orientation :

  • Men
  • Women
  • Kids
  • Unisex

• By Sales Channel :

  • Drug Stores
  • Modern Trade Channels
  • Health & Beauty Stores
  • Direct Selling
  • Convenience Stores
  • Online Retailers

• By Region :

  • North America
  • Europe
  • Asia Pacific
  • Latin America
  • Middle East & Africa