Meticulous Research®—a leading global market research company, published a research report titled, ‘Nutraceutical Products Market by Type (Functional Food {Confectionery Products, Dairy Products}, Functional Beverages, Dietary Supplements), Source (Vitamin, Mineral), Distribution Channel (Specialty Stores, E-commerce) – Global Forecast to 2030.’
According to this latest publication from Meticulous Research®, the global nutraceutical products market is projected to reach $691.87 billion by 2030, at a CAGR of 7.8% from 2023 to 2030. The growth of the nutraceutical products market is mainly attributed to the growing demand for nutrition-enriched products, rising demand for functional beverages, increasing geriatric population and prevalence of chronic diseases, growing innovations, and new product developments. However, the high cost of nutraceutical products is expected to restrain the growth of this market to a notable extent.
The nutraceutical products market is segmented by type (functional food [dairy products, bakery products, snacks, confectionery products, infant food products, other functional food], functional beverages [energy drinks, sports drinks, fortified juices, dairy-based beverages, other functional beverages], dietary supplements [tablets, capsules, powder form, liquid form, other dietary supplements], source (vitamins, probiotics, minerals, proteins and amino acids, omega-3 fatty acids, prebiotics, phytochemical & plant extracts, fibers & specialty carbohydrates, other sources), distribution channel (supermarkets & hypermarkets, convenience stores, pharmacies & drug stores, specialty stores, e-commerce, other distribution channels), and geography (North America, Europe, Asia-Pacific, Latin America, and the Middle East & Africa). The study also evaluates industry competitors and analyzes the market at regional and country levels.
Based on type, in 2023, the functional food segment is expected to account for the largest share of the global nutraceutical products market. The large market share of this segment is attributed to the growing demand for nutritional & fortifying food products and rising awareness about the health benefits of consuming these products. Consumers are increasingly drawn to food with functional ingredients to lower the risk of specific health concerns, such as obesity, weight loss, diabetes, and cardiovascular diseases, which contribute to the growth of this segment.
Based on source, the prebiotics segment is slated to register the highest CAGR during the forecast period. This segment’s rapid growth is attributed to the rising chronic disorders and increasing health concerns regarding gut health, increasing consumption of prebiotics, and rising awareness about the benefits of prebiotics. The growing use of prebiotics in infant formulas is expected to create growth opportunities for players in this market.
Based on distribution channel, in 2023, the supermarkets & hypermarkets segment is expected to account for the larger share of the global nutraceutical products market. The large market share of this segment is attributed to rapid urbanization, rising per capita disposable incomes, consumers’ increasing adoption of healthy eating habits, and increased sales of functional food and beverages in well-established supermarkets and hypermarkets.
Based on geography, in 2023, North America is expected to account for the largest share of the nutraceutical products market. The large market share of this region is attributed to the well-established food & beverage industry; high awareness of the health benefits of nutraceuticals; the growing popularity of protein bars, shakes, and cookies among millennials; the rising demand for clean-label nutraceutical products; growing vegan trend and increasing health-conscious consumers; and advancements in nutrition and technology.
Key Players
The global nutraceutical products market is characterized by a moderately competitive scenario due to the presence of many large and small-sized global, regional, and local players. The key players operating in the global nutraceutical products market are Abbott Laboratories (U.S.), Amway Corporation (U.S.), Conagra Brands, Inc. (U.S.), Danone S.A. (France), General Mills Inc. (U.S.), Glanbia plc (Ireland), Herbalife Nutrition Ltd. (U.S.), International Flavors & Fragrances Inc. (U.S.), Kellogg Company (U.S.), Nestle S.A. (Switzerland), PepsiCo, Inc. (U.S.), The Coca Cola Company (U.S.), Hearthside Food Solutions LLC (U.S.), Mars, Incorporated (U.S.), Meiji Holdings Co., Ltd (Japan), and Royal FrieslandCampina N.V. (Netherlands).
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Key Questions Answered in the Report-
- What is the current value of revenue generated by the global nutraceutical products market?
- At what rate is the global nutraceutical products demand projected to grow for the next 5–7 years?
- What are the historical market sizes and growth rates of the global nutraceutical products market?
- What are the major factors impacting the growth of this market at the global and regional levels? What are the major opportunities for existing players and new entrants in the market?
- Which segments in terms of type, source, and distribution channel create major traction for the manufacturers in this market?
- What are the key geographical trends in this market? Which regions/countries are expected to offer significant growth opportunities for the manufacturers operating in the nutraceutical products market?
- Who are the major players in the global nutraceutical products market? What are their specific product offerings in this market?
- What are the recent strategic developments in the global nutraceutical products market? What are the impacts of these strategic developments on the market?
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