Nutraceutical Supplements Market
Nutraceutical Supplements Market By Product Type (Vitamins & Mineral, Herbal, Protein & Amino Acid and Prebiotics & Probiotics Nutraceutical Supplements), By Form (Nutraceutical Supplement Softgels, Capsules, Liquids and Tablets) - Forecast 2021 to 2031
Nutraceutical Supplements Market Outlook
The global market for nutraceutical supplements is anticipated to surpass US$ 81 Bn in 2021, expand more than twofold through 2031. The strong growth of nutraceutical products can be attributed to the increasing prevalence of chronic diseases, such as diabetes, cholesterol, and obesity among others.
Moreover, factors like the increasing geriatric population and the growing demand for alternate pharmaceutical products are significantly contributing to the growth of nutraceutical products.
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Key Points Covered in Nutraceutical Supplements Industry Survey
- Market Estimates and Forecasts (2016-2031)
- Key Drivers and Restraints Shaping Market Growth
- Segment-wise, Country-wise, and Region-wise Analysis
- Competition Mapping and Benchmarking
- Brand Share and Market Share Analysis
- Key Product Innovations and Regulatory Climate
- COVID-19 Impact on Nutraceutical Supplements and How to Navigate
- Recommendation on Key Winning Strategies
Consumption Analysis of Nutraceutical Supplements from 2016-2020 Vs Market Outlook for 2021 to 2031
As per Fact.MR – market research and competitive intelligence provider, from 2016 to 2020, global nutraceutical supplements demand expanded at a CAGR of 6%, registering an impressive valuation of over US$ 80 Bn. Rising consumer awareness on fitness and health is increasing demand for on-the-go nutritional snacks, contributing to enhanced growth.
With its wide range of benefits, nutraceuticals have shown significant demand from patients with medical indications related to oxidative stress including allergy, cardiovascular diseases, eye conditions, Alzheimer's disease, obesity, and Parkinson's disease.
Considering these factors, the market is projected to witness immense growth, surpassing the valuation of US$ 175 Bn, expanding a CAGR of over 8% through 2031.
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How are Personalized Nutrition Objectives Stimulating Nutraceutical Supplements Demand?
The trend of personalized nutrition signifies an unprecedented rise in the propensity for health and wellness attributes. Consumers are increasingly oriented toward tracking crucial aspects of their personal well-being by closely evaluating their dietary patterns. Increasing healthcare costs are leading to the rising consumer preference for simple and over-the-counter medicines.
As consumers across the globe are highly invested in achieving their nutrition goals, a personalized approach to nutrition is gaining immense traction. This trend is foreseen to invigorate the demand for new nutraceutical supplements aimed at promoting wellness.
Prominent Manufacturers to Leverage R&D Partnerships with Scientific Communities?
Manufacturers of nutraceutical supplements are proactively investing in research and development activities, and stakeholder relationships, which will enable them to facilitate business expansion with product diversification and strengthen ties with scientific communities.
For instance, Herbalife Nutrition, a globally renowned company on a mission to inculcate nutritional habits across the world without compromising on taste, was declared the world's #1 brand in Weight Management and Wellbeing by Euromonitor International Ltd. in April 2021.
Likewise, Herbalife Nutrition and The Herbalife Nutrition Foundation announced a partnership with the Asociacion Mexicana de Bancos de Alimentos. The partnership aims at donating US$ 50,000 to provide nutritious food to needy families across Mexico, under the Nutrition for Zero Hunger Initiative. The company is committed to eradicating hunger and offering nutritional food to all in need of it.
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Why is Consumer Demand for Specialty Ingredients Projected to Grow?
The evolving definition of health and wellness, and increasing preference for specialty ingredients is gaining center stage in the nutraceutical ingredients market space. Inclination toward specialty ingredients is being reinforced, owing to multiple benefits such as upgraded health, improved taste and texture, and enhanced shelf life.
In February 2021, Bayer announced the launch of “The Nutrient Gap” initiative so as to expand access to vitamins and minerals for 50 million people across the world by the year 2030. The primary focus of the initiative would be on pregnant women and children in underserved communities.
The brand understands the importance of taking nutrients in the right ways during the initial 1000 days of life. This initiative by Bayer will enhance its Consumer Health Division sustainability commitment.
What is the Demand Outlook for Nutraceutical Supplements in the U.S?
The U.S currently dominates the global nutraceutical market, holding 30% of the revenue share, and is expected to follow the same trend during the forecast period due to the growing geriatric population looking for health supplements.
The market is projected to bolster owing to the strong presence of leading market players, high prevalence of cancer owing to lifestyle disorders, ongoing modernization and expansion of health care infrastructure, and a well-established health care infrastructure.
The U.S. Department of Health and Human Services (HHS) has received the President’s Fiscal Year (FY) 2021 Budget support, helping prioritize key investments and proposing US$ 94.5 billion in discretionary budget authority and US$ 1.3 trillion in mandatory funding, which will heighten future prospects for nutraceutical supplements sales.
What are the Growth Opportunities for the Market in India?
Demand for nutraceutical supplements is projected to show a positive growth rate in India owing to the growing focus of the government on upgrading nutritional support programs via its healthcare infrastructure. Almost 40% of nutraceutical supplements demand will emanate from the Indian market.
In its budget for 2021-22, the Union Finance Minister of India announced an increase in the allocation for healthcare by 137% to Rs. 2.23 lakh crore (US$ 30 Bn). This will significantly help healthcare providers to invest in offering nutritional support to patients, significantly widening prospects for nutraceutical supplements.
What Share does the Vitamins and Mineral Supplements Hold in the Market?
Vitamins & minerals supplements will continue to witness significant demand in the coming years. The estimations find that vitamins & minerals supplements are expected to hold over 36% revenue of the nutraceutical supplements market in 2021.
Being the most commonly consumed dietary supplements, vitamins & minerals supplements consumption is expected to grow steadily throughout the forecast period.
How are Herbal and Protein & Amino Acid Nutraceutical Supplements Taking Over?
Herbal supplements and protein & amino acid supplements are projected to register comparable market revenues. Collectively, these segments will account for half the revenue share in 2021. Increasing preference for natural ingredients has led to significant demand for herbal supplements.
The study finds that protein & amino acid supplements revenues are expected to grow at an impressive y-o-y expansion of nearly 8.7% in 2021. Rising levels of dietary protein intake in daily consumption are responsible for the rising sales of protein & amino acid supplements.
What is Driving Demand for Softgels?
Fact.MR studied the demand-supply scenarios of different forms of nutraceutical supplements available. The study reveals that demand for the soft gel form of nutraceutical supplements remained higher in the past few years and the status quo will be maintained in the coming years.
In 2021, demand for softgels is projected to generate revenues worth over 1/4th. Owing to the superiority in delivery format and enhanced bioavailability, demand for softgels will continue to grow steadily in the future.
The global nutraceutical supplements market is highly competitive in nature. Leading players are focusing on strengthening their market position and gaining traction in the competitive global market.
- In January 2020, Kellogg’s announced the launch of a plant-based breakfast cereal designed for kids in a process involving over 1,000 children and 1,500 parents. This approach to product development was taken in order to combat the age-old issue of picky eaters – having children design the product may ensure they enjoy eating it.
- In April 2021, Nestlé and KKR entered into an agreement in which Nestlé will acquire core brands of The Bountiful Company for USD 5.75 billion. The transaction includes the high-growth brands- Nature's Bounty®, Solgar®, Osteo Bi-Flex®, and Puritan’s Pride® as well as the company's U.S private label business. These brands will be integrated into Nestlé Health Science, creating a global leader in vitamins, minerals, and nutritional supplements.
Historical Data Available for
|US$ Mn for Value & ‘000 Units for Volume|
Key Regions Covered
Key Countries Covered
Key Market Segments Covered
Key Companies Profiled
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Key Segments Covered
- Vitamins & Mineral Nutraceutical Supplements
- Herbal Nutraceutical Supplements
- Protein & Amino Acid Nutraceutical Supplements
- Prebiotics & Probiotics Nutraceutical Supplements
- Nutraceutical Supplement Softgels
- Nutraceutical Supplement Capsules
- Nutraceutical Supplement Liquids
- Nutraceutical Supplement Tablets
- Nutraceutical Supplement Powder & Granules
- Nutraceutical Supplements for Men
- Nutraceutical Supplements for Kids
- Nutraceutical Supplements for Women
- Unisex Nutraceutical Supplements
- Nutraceutical Supplement Sales via Drug Stores
- Nutraceutical Supplement Sales via Health & Beauty Stores
- Nutraceutical Supplement Sales via Modern Trade Channels
- Nutraceutical Supplement Sales via Direct Selling
- Nutraceutical Supplement Sales via Online Retailers
- Nutraceutical Supplement Sales via Convenience Stores
- FAQs -
According to Fact.MR, the nutraceutical supplements market is projected to surpass US$ 80 Bn in 2021.
From 2016 to 2020, sales of nutraceutical supplements expanded at a CAGR of 6%
The global market for nutraceutical supplements is projected to grow at over 8% CAGR through 2031.
According to Fact.MR, demand for nutraceutical supplements is expected to reach US$ 175 Bn by 2031
The increasing prevalence of herbal nutraceutical supplements is currently driving the demand
Vitamins and Minerals supplements are likely to open new expansion frontiers, expected to hold 36% of market revenue in 2021
The market across the US is projected to be highly lucrative, accounting for 3 out of 10 sales
India is anticipated to generate nearly 2/5th of total nutraceutical supplements demand in South Asia
Softgel nutraceutical supplements are likely to be most consumed, generating 1/4th of global sales
Tier-1 nutraceutical supplements manufacturers are likely to hold 40-45% of global revenues
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Is the market research conducted by Fact.MR?
Yes, the report has been compiled by expert analysts of Fact.MR, through a combination of primary and secondary research. To know more about how the research was conducted, you can speak to a research analyst.
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