Nutraceuticals Market to Reach $599.71 Billion by 2030: Grand View Research, Inc.

SAN FRANCISCO, April 19, 2023 /PRNewswire/ -- The global nutraceuticals market size is expected to reach USD 599.71 billion by 2030, according to a new report by Grand View Research, Inc. It is expected to expand at a CAGR of 9.4% from 2023 to 2030. Rising awareness regarding calorie reduction and weight loss in the major markets including the U.S., China, and India is expected to promote the application of the health and wellness segment and thus, in turn, will have a substantial impact on the industry. 

Key Industry Insights & Findings from the report:

• In the functional food product segment, the prebiotics and probiotics segment is projected to witness significant growth over the forecast period owing to the majority of food manufacturing companies using probiotics as a primary ingredient to provide better nourishment and reduce health problems caused by harmful bacteria.
• Based on ingredients, in 2022, probiotics held a dominant position in the market; accounting for a share of 26.47%.
• In the dietary supplement product segment, vitamins emerged as the largest segment in 2021. The segment is expected to witness significant growth in the coming years.
• In terms of product, the functional foods segment dominated the market with a revenue share of 37.78% in 2022. Rising healthcare costs, coupled with the increasing geriatric population across the world, is anticipated to assist the segment growth over the forecast period.
• North America accounted for the largest revenue share of over 35.50% in 2022. The growing health concerns amongst consumers and increasing awareness regarding nutraceuticals are likely to be the major drivers of the North America market.
• The market represents a highly competitive landscape. Key market players dominate the market space and have been focusing on various strategic initiatives including mergers & acquisitions, product innovation, and portfolio expansion.

Read 220 page full market research report, "Nutraceuticals Market Size, Share & Trends Analysis Report By Product (Dietary Supplements, Functional Foods, Functional Beverages), By Ingredient, By Application, By Region, And Segment Forecasts, 2023 - 2030", published by Grand View Research.

Nutraceuticals Market Growth & Trends

Nutraceuticals are products that provide health advantages and additional nutrition to the human body. It comprises fortified nutrients, such as taurine, CoQ10, omega-3, calcium, zinc, and antioxidants, that develop the complete health of consumers. These nutrients further benefit in averting medical conditions such as hypertension, diabetes, heart diseases, and allergies. As nutraceuticals develop the digestive and immune systems and enhance the cognitive behavior of consumers, their demand is witnessing a surge at the global level.

The increasing trend among consumers to alter dietary habits is likely to boost the demand for nutraceuticals. The consumer belief that improper diet results in an increase in costs on pharmaceuticals is anticipated to boost the demand for nutraceuticals. This would also help the government as it would result in lesser expenditure on healthcare and low social security costs.

A rise in disposable income, increasing consumer awareness concerning health issues, and rapid urbanization are likely to boost the market growth over the forecast years. A positive outlook towards medical nutrition owing to the high prevalence of weight management programs, along with cardiovascular diseases, is anticipated to propel the product demand.

The rise and evolution of wellness-focused diets such as keto and paleo are driving food producers to cater their products in this direction. Functional food products such as probiotics and omega-3 are highly used in yogurt and fish oils in order to reduce the risk of cardiovascular diseases and develop the quality of intestinal microflora, which is further projected to fuel the growth of the functional food segment over the coming years.

Nutraceuticals Market Segmentation

Grand View Research has segmented the nutraceuticals market based on ingredient, product, application, and region:

Nutraceuticals Market - Ingredient Outlook (Revenue, USD Million, 2017 - 2030)]

• Aloe vera
• Amino acids
• Botanical Ingredients
• Ashwagandha
• Curcumin
• Ginseng
• Hemp
• Others
• Cannabidiol (CBD)
• Carbohydrates
• Carnitine
• Food Color
• Carotenoids
• Astaxanthin
• Lutein
• Lycopene
• Other carotenoids (Zeaxanthin, Betacarotene)
• Spirulina
• Collagen
• Colostrum
• Cultures and fermentation starters
• Dairy ingredients
• Emulsifiers
• Enzymes
• Essential oils
• Fat replacers
• Fats and oils
• Fibres
• Flavours
• Fruit and vegetable products
• Glucosamine / Chondroitin
• Isoflavones
• Juices and concentrates
• Krill
• Lipids / Fatty Acids
• Marine ingredients
• Minerals
• Calcium
• Iron
• Magnesium
• Selenium
• Others
• Omega-3s
• Marine Derived
• Plant-derived
• Prebiotics
• Probiotics
• Proteins
• Sweeteners
• Stevia
• Monkfruit
• Others (Honey, sucrose, fructose, etc.)
• Vitamins
• Vitamin A
• Vitamin B
• Vitamin C
• Vitamin D
• Vitamin E
• Vitamin K
• Whey proteins
• Other

Nutraceuticals Market - Product Outlook (Revenue, USD Million, 2017 - 2030)

• Dietary supplements
• Functional foods
• Functional beverages

Nutraceuticals Market - Application Outlook (Revenue, USD Million, 2017 - 2030)

• Allergy & intolerance
• Animal nutrition
• Healthy ageing
• Bone & joint health
• Cancer prevention
• Children's health
• Cognitive health
• Diabetes
• Digestive / Gut health
• Energy & endurance
• Eye health
• Heart health
• Immune system
• Infant health
• Inflammation
• Maternal health
• Men's health
• Nutricosmetics
• Oral care
• Personalised nutrition
• Post Pregnancy and reproductive health
• Sexual health
• Skin health
• Sports nutrition
• Weight management & satiety
• Women's health
• Other

Nutraceuticals Market - Regional Outlook (Revenue, USD Million, 2017 - 2030)

• North America
• U.S.
• Canada
• Mexico
• Europe
• Germany
• France
• Italy
• U.K.
• Spain
• The Netherlands
• Asia Pacific
• China
• Japan
• India
• Australia & New Zealand
• South Korea
• Central & South America
• Brazil
• Argentina
• Middle East & Africa
• UAE
• South Africa

List of Key Players of Nutraceuticals Market

• Cargill, Incorporated
• Archer Daniels Midland Company
• DuPont
• Nestle S.A.
• Danone
• Royal DSM N.V.
• General Mills
• Innophos
• WR Grace
• Amway Corporation
• AOR Canada
• Arkopharma Laboratories S.A.
• Bactolac Pharmaceuticals, Inc.
• E.I.D Parry Ltd.
• Valensa International
• Matsun Nutrition
• Mead Johnson Nutrition Company
• Natrol Inc.
• The Hain Celestial Group, Inc.
• Herbalife Ltd.

Check out more related studies published by Grand View Research:

• Dietary Supplements Market - The global dietary supplements market size is expected to reach USD 327,420.1 million by 2030, registering a CAGR of 9.0% over the forecast period, according to a new report by Grand View Research, Inc. Growing awareness regarding personal health and wellness owing to changing eating habits and hectic lifestyles is expected to drive the demand for dietary supplements over the forecast period. Increasing urbanization and growing disposable income around the world is driving the demand for products that can cover the nutritional deficit at higher convenience is the key factor driving the demand for vitamins, minerals, proteins and amino acids, and other supplement products around the world.
• Functional Foods Market - The global functional foods market size is expected to reach USD 586.1 billion by 2030, according to a new report by Grand View Research, Inc., expanding at a CAGR of 8.5% over the forecast period in terms of revenue. The market for functional foods is expected to witness growth due to a shift from traditional to enriched nutraceutical products, increasing consumer awareness of maintaining overall wellness and health, and a rise in consumer demand for food products fortified with vitamins and minerals.
• Probiotics Dietary Supplements Market - The global probiotics dietary supplements market size is expected to reach USD 10.52 billion by 2028, according to a new report by Grand View Research, Inc. It is expected to expand at a CAGR of 7.0% from 2020 to 2028. the growing demand for solutions over concerns related to digestive health is expected to augment the market growth. Diarrhea, nausea, and vomiting are a few of the symptoms observed in COVID-19 patients. Studies on using probiotics against coronavirus infection have been carried out since the disease outbreak in 2020. For instance, in May 2020, a Spanish company BIOITHAS registered a clinical trial that includes administering probiotic capsules to adult COVID-19 patients requiring hospitalization. The study hypothesis states that probiotics are expected to have a positive effect on the gut microbiome and thereby reduce the severity of coronavirus infection.

Browse through Grand View Research's Nutraceuticals & Functional Foods Industry Research Reports.

About Grand View Research

Grand View Research, U.S.-based market research and consulting company, provides syndicated as well as customized research reports and consulting services. Registered in California and headquartered in San Francisco, the company comprises over 425 analysts and consultants, adding more than 1200 market research reports to its vast database each year. These reports offer in-depth analysis on 46 industries across 25 major countries worldwide. With the help of an interactive market intelligence platform, Grand View Research Helps Fortune 500 companies and renowned academic institutes understand the global and regional business environment and gauge the opportunities that lie ahead.

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