Nutraceutical Market Share & Trends Analysis, By Type (Functional Food, Functional Beverages, Dietary Supplements, Others), By Form (Powder, Liquid, Tablets, Others) & By Region Forecast - Global Market Insights 2022 to 2032
Analysis of Nutraceutical Market Covering 30+ Countries Including Analysis of US, Canada, UK, Germany, France, Nordics, GCC countries, Japan, Korea and many more
Nutraceutical Market Outlook (2022 to 2032)
Products known as nutraceuticals are those that serve medical goals in addition to nutritional ones. A product may be used to treat a chronic condition or for physiological objectives. they are products made from whole foods, food additives, herbs, phytonutrients, probiotics, vitamins, minerals, and microbial sources.
Nutraceuticals, unlike conventional medications, are produced naturally and cannot thus be patented. Although pharmaceuticals and these substances can be combined to treat illnesses, only pharmaceutical substances are approved by the government.
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What are the major drivers of market growth?
The benefits of these are diverse and their new uses are being discovered newly. Both physical and psychological health parameters can be addressed by the array of ailments. Improvement in overall health is achieved with the use of nutraceuticals in the diet. These help in the reduction of anxiety and drug cravings. Additionally, the right consumption of these can prevent chronic diseases and is further likely to increase life expectancy.
With its wide range of benefits, they 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.
Customized diet plans to impel growth in the forecast period.
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 food options aimed at promoting wellness.
There is a rapid increase in the demand for nutraceuticals due to their nutritional as well as medicinal properties. Rising awareness regarding the consumption of healthy food and an increasing number of health-conscious people are the major factors expected to drive the growth of the market.
The increasing demand for preventive health care and the rising cost of health care are factors expected to fuel the demand for nutraceuticals. Growing awareness regarding the benefits of nutraceuticals is expected to fuel the growth of the global market in terms of value as well as volume over the forecast period.
The evolving definition of health and wellness, and increasing preference for specialty ingredients are gaining center stage in these ingredients market space. An inclination toward specialty ingredients is being reinforced, owing to multiple benefits such as upgraded health, improved taste and texture, and enhanced shelf life.
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What are opportunities for the manufacturers?
The market is robustly growing to create many opportunities for market participants. The players operating in the market are focusing on introducing new and innovative products in order to increase their product portfolio and market presence.
There is a rising demand for natural products and thus manufacturers have opportunities for launching products with natural ingredients and increasing their product sales. There is a rising demand for health supplements from the population below age 40, the manufacturers can target a particular group of the population and meet their nutraceutical product requirements.
There is a growing trend for personalized medicines, and launching customized products for a particular age group or certain region can help to boost the market. With increasing opportunities and the launch of innovative products, the nutraceutical market is expected to grow positively during the forecast period.
Regulation and Quality Control
As per these control measures -
- Dietary components and final dietary supplement products like nutraceuticals are also subject to FDA regulation. Dietary components are governed by a distinct set of rules by the FDA than "ordinary" food and medication items. In accordance with the 1994 Dietary Supplement Health and Education Act (DSHEA).
- Marketing tainted or misbranded goods is banned for producers and distributors of dietary supplements and ingredients. The Federal Food, Drug, and Cosmetic Act, as revised by DSHEA and FDA rules, states that these companies are in charge of examining the safety and labeling of their products before marketing to make sure they comply with all of those standards.
- After a product enters the market, the FDA has the power to take legal action against any adulterated or falsely labeled dietary component.
Region Wise Insights
The global nutraceutical market can be regionally segmented into North America, Latin America, Asia-Pacific, Europe, and MEA. North America currently dominates the global market and is expected to follow the same trend during the forecast period due to the growing geriatric population looking for health supplements.
The market in Europe, with Germany and France being the major consumers of nutraceuticals, is projected to grow at a significant rate during the forecast period. Asia-Pacific is expected to be the fast-growing market due to increasing demand for functional food in China, India, and Japan. The markets in Latin America and MEA are also expected to witness significant growth due to growing urbanization in South America, Brazil, Mexico, and other countries.
The global market is growing at a robust pace. Examples of some of the key players operating in the global nutraceutical market are Nestle, Cargill, PepsiCo Inc., Amway Enterprises, General Mills, Inc., Herbalife International Inc., Kellogg Co., Marlyn Nutraceuticals, Yakult Honsha Co. Ltd., and Royal DSM.
Segmentation of Nutraceutical Market Research
On the basis of Type :
- Functional Food
- Probiotics Fortified Food
- Omega Fatty Acid Fortified Food
- Fortified Flour
- Ionized Salts
- Functional Beverages
- Vegetable and Fruit Drinks and Juices
- Non- carbonated Drinks
- Dairy Drinks
- Dietary Supplements
- Personal Care
- Functional Food
On the basis of The Form :
- Semi-Solid Pills
On the basis of the Region :
- North America
- Latin America
- East Asia
- South Asia
- FAQs -
There is a growing trend for personalized medicines, and launching customized products for a particular age group or certain region can help to boost the market.
The key players operating in the global nutraceutical market are Nestle, Cargill, PepsiCo Inc., Amway Enterprises, General Mills, Inc., Herbalife International Inc., Kellogg Co., Marlyn Nutraceuticals, Yakult Honsha Co. Ltd., Royal DSM.
The increasing prevalence of the herbal segment is currently driving the demand.
Vitamins and Minerals are likely to open new expansion frontiers.
The market is in Europe, with Germany and France being the major consumers of nutraceuticals.