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[Research Report] The nutraceuticals market was valued at US$ 252,535.4 Mn in 2018 and is projected to be worth US$ 465,709.8 Mn by 2027, growing at a CAGR of 7.1 % during the forecast period.
Market Insights and Analyst View:
Nutraceuticals are products that are categorized under food but are also used for medicinal purposes. Various types of nutraceuticals available in the market are used for various applications including immunity, digestive health, weight management, sports, etc. These products are considered food supplements or additives but are unregulated in many parts of the world. The demand for Nutraceuticals products is increasing rapidly owing to increasing awareness regarding the health benefits of consuming nutraceuticals.
Growth Drivers and Challenges:
The rising demand for nutraceuticals due to its medical benefits is a significant factor driving the growth of the global nutraceuticals market. They contain antioxidants, probiotics, and polyunsaturated fatty acids, which help manage health issues such as obesity, cardiovascular disease, cancer, cholesterol, arthritis, and diabetes. Additionally, the growing preference for personalized nutrition globally is one of the key nutraceutical market trends that further drives market growth. The customized nutrition trend is growing, particularly among individuals with gut-related medical conditions with ineffective generic treatment. Multivitamins and single vitamins account for a massive demand from consumers across the globe. These factors are expected to boost the demand for nutraceuticals.
Moreover, sports drinks are gaining popularity among athletes and other individuals involved in energetic physical activities. The millennial generation exponentially fuels the demand for sports drinks due to its high buying capacity, willingness to pay for health products, acute interest in sports, and growing inclination toward fitness activities. Thus, the growing demand for sports drinks further drives the global nutraceutical market growth. However, the challenging regulatory environment and the threat of counterfeit dietary supplements hamper the global market growth.
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Nutraceuticals Market: Strategic Insights
Market Size Value in US$ 252,535.4 Million in 2018 Market Size Value by US$ 465,709.8 Million by 2027 Growth rate CAGR of 7.1 % from 2019-2027 Forecast Period 2019-2027 Base Year 2019
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Customize Research To Suit Your Requirement
We can optimize and tailor the analysis and scope which is unmet through our standard offerings. This flexibility will help you gain the exact information needed for your business planning and decision making.
Nutraceuticals Market: Strategic Insights
Market Size Value in | US$ 252,535.4 Million in 2018 |
Market Size Value by | US$ 465,709.8 Million by 2027 |
Growth rate | CAGR of 7.1 % from 2019-2027 |
Forecast Period | 2019-2027 |
Base Year | 2019 |
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Speak to AnalystReport Segmentation and Scope:
The “Global Nutraceuticals Market” is segmented based on type, application, and geography. Based on type, the market is categorized into functional food, functional beverages, dietary supplements, and personal care & pharmaceuticals. Based on application, the nutraceuticals market is segmented into general wellness, beauty & anti-aging, wright management, digestive health, sports & energy. The nutraceuticals market based on geography is segmented into North America (US, Canada, and Mexico), Europe (Germany, France, Italy, UK, Russia, and Rest of Europe), Asia Pacific (Australia, China, Japan, India, South Korea, and Rest of Asia Pacific), Middle East & Africa (South Africa, Saudi Arabia, UAE, and Rest of Middle East & Africa), and South & Central America (Brazil, Argentina, and Rest of South & Central America)
Segmental Analysis
Based on type, the nutraceuticals market is segmented into functional food, functional beverages, dietary supplements, and personal care & pharmaceuticals. The functional food segment is significant globally, contributing to the rising nutraceuticals market share. The bacteria present in Nutraceuticals help improve the gut flora, and the introduction of minerals and vitamins in functional food through Nutraceuticals is proven to prevent deficiency diseases. The application of Nutraceuticals in functional food has been proven to prevent cardiovascular diseases. Functional foods are known to be rich in proteins that help in improving the immunological response in the body. Besides disease prevention, Nutraceuticals functional food has also been proven to play a vital role in disease management and therapy. According to International Food Information Council (IFIC), nearly two-thirds of US adult’s healthfulness plays a significant role in their food & beverage purchase decisions. This shifting preference of consumers toward functional food contributes to the increasing segment share.
Regional Analysis:
Based on geography, the nutraceuticals market is divided into five key regions: North America, Europe, Asia Pacific, South & Central America, and Middle East & Africa. The global nutraceuticals market was dominated by North America, which accounted for US$ 93,520 million in 2018. Asia Pacific is a second major contributor holding more than 30% share in the global market. Additionally, Europe is expected to grow considerably at a CAGR of 6.9% over the forecast period. Increasing pressure from European consumers and regulatory authorities drives the need for nutraceutical products in the region. Western Europe thrives in nutraceutical sales mainly through health professional pharmacy-based distribution. The rising prevalence of obesity and cardiovascular disease are expected to lead the nutraceutical industry in the forecast period in Europe. These are the factors expected to fuel the growth of the nutraceutical market size in the region.
Moreover, the growing health concerns amongst consumers and increasing awareness of consuming nutraceuticals are likely to be the primary drivers of the North American market. Additionally, an increase in the aging population, spending patterns on healthcare products, and changing lifestyles have enhanced the growth of the nutraceutical industry in the region. Vast product portfolio and government regulations regarding nutraceutical products are a few factors that suppress this market in Europe.
Industry Developments and Future Opportunities:
Various initiatives taken by the key players operating in the nutraceuticals market are listed below:
- In June 2022, Kellogg's Special K launched new protein snack bars containing 6 grams of protein and 90 calories. The snack bar is offered in two delectable flavors, sweet Berry Vanilla and rich chocolaty Brownie Sundae, and provides a simple on-the-go protein grab without compromising taste.
- In January 2022, OHMG, the owner of the United Kingdom functional drinks brand, launched water with three different forms of magnesium. The magnesium citrate, magnesium threonate, and magnesium glycinate ingredients in the OHMG range will each provide various functional benefits.
- inAugust 2022, one of the key dietary supplement brands, Youtheory launched a line of new liquid dietary supplements post its acquisition by Jamieson Wellness Inc. The new product comprises of ingredients such as B12B6, K2D3, and ashwagandha offered in liquid and capsule forms.
Covid-19 Impact:
The COVID-19 pandemic affected almost all industries in various countries. Lockdowns, travel restrictions, and business shutdowns in North America, Europe, Asia Pacific (APAC), South & Central America (SAM), and the Middle East & Africa (MEA) hampered the growth of several industries, including the food & beverages industry. The shutdown of manufacturing units disturbed global supply chains, manufacturing activities, delivery schedules, and essential and nonessential product sales. Various companies witnessed delays in product deliveries and a slump in sales of their products in 2020. Before the onset of the COVID-19 outbreak, the nutraceuticals market was mainly driven by the rising demand for products that support digestive and immune health.
Further, the COVID-19 pandemic positively impacted the nutraceuticals market as consumers gravitated toward immunity-boosting and nutritious products as the number of COVID-19 patients increased. Due to the impacts of the COVID-19 pandemic, consumers have been increasingly attentive to their health and wellness. Furthermore, the market witnessed an increased demand for digestive and immune health products. As a result, sales of dietary supplements consisting of vitamins, multivitamins, probiotics, and other immunity-boosting functions have also increased. This factor provided a substantial growth opportunity for the nutraceuticals market during the pandemic.
Competitive Landscape and Key Companies:
Top 10 companies operating in the global nutraceuticals market include Amway, The Nature’s Bounty Co., Nestle SA, General Mills, Inc., Kellogg Co., Herbalife International of America Inc., Abbott, Danone SA, GlaxoSmithKline Plc, Helion Nutraceuticals LLC, among others. These players offer nutraceuticals with innovative features to attract a large number of consumers. These players also covered u der nutraceuticals supplements market and nutraceutical products market.
Report Coverage
Revenue forecast, Company Analysis, Industry landscape, Growth factors, and Trends
Segment Covered
Type ; Application
Regional Scope
North America, Europe, Asia Pacific, Middle East & Africa, South & Central America
Country Scope
US, Canada, Mexico, UK, Germany, Spain, Italy, France, India, China, Japan, South Korea, Australia, UAE, Saudi Arabia, South Africa, Brazil, Argentina
Frequently Asked Questions
In 2018, functional food holds the largest market of global nutraceuticals market, which continues to maintain its dominance in the forecast period of 2027. Continuous rise in demand for fortified and nutritional food products have been primarily driving the market of functional food.
North America accounted for the largest market share in the global nutraceuticals market. Several domestic and international companies have a strong foothold in the North American region. In the North America region, the USA is a major market for nutraceuticals.
Nutraceuticals are basically a food stuff like dietary supplements or a fortified food, which provides health benefits, apart from its basic nutritional value. Nutraceuticals can also be defined as a hybrid of pharmaceuticals and nutrition that plays an essential role in maintaining normal physiological function of the individual’s body.
The List of Companies - Nutraceuticals Market
- Amway
- The Nature’s Bounty Co.
- Herbalife International of America, Inc.
- Mills, Inc.
- Kellogg Co.
- Abbott
- Nestle SA
- Danone S.A.
- GlaxoSmithKline plc.
- Helion Nutraceuticals, LLC.
The Insight Partners performs research in 4 major stages: Data Collection & Secondary Research, Primary Research, Data Analysis and Data Triangulation & Final Review.
- Data Collection and Secondary Research:
As a market research and consulting firm operating from a decade, we have published many reports and advised several clients across the globe. First step for any study will start with an assessment of currently available data and insights from existing reports. Further, historical and current market information is collected from Investor Presentations, Annual Reports, SEC Filings, etc., and other information related to company’s performance and market positioning are gathered from Paid Databases (Factiva, Hoovers, and Reuters) and various other publications available in public domain.
Several associations trade associates, technical forums, institutes, societies and organizations are accessed to gain technical as well as market related insights through their publications such as research papers, blogs and press releases related to the studies are referred to get cues about the market. Further, white papers, journals, magazines, and other news articles published in the last 3 years are scrutinized and analyzed to understand the current market trends.
- Primary Research:
The primarily interview analysis comprise of data obtained from industry participants interview and answers to survey questions gathered by in-house primary team.
For primary research, interviews are conducted with industry experts/CEOs/Marketing Managers/Sales Managers/VPs/Subject Matter Experts from both demand and supply side to get a 360-degree view of the market. The primary team conducts several interviews based on the complexity of the markets to understand the various market trends and dynamics which makes research more credible and precise.
A typical research interview fulfils the following functions:
- Provides first-hand information on the market size, market trends, growth trends, competitive landscape, and outlook
- Validates and strengthens in-house secondary research findings
- Develops the analysis team’s expertise and market understanding
Primary research involves email interactions and telephone interviews for each market, category, segment, and sub-segment across geographies. The participants who typically take part in such a process include, but are not limited to:
- Industry participants: VPs, business development managers, market intelligence managers and national sales managers
- Outside experts: Valuation experts, research analysts and key opinion leaders specializing in the electronics and semiconductor industry.
Below is the breakup of our primary respondents by company, designation, and region:
Once we receive the confirmation from primary research sources or primary respondents, we finalize the base year market estimation and forecast the data as per the macroeconomic and microeconomic factors assessed during data collection.
- Data Analysis:
Once data is validated through both secondary as well as primary respondents, we finalize the market estimations by hypothesis formulation and factor analysis at regional and country level.
- 3.1 Macro-Economic Factor Analysis:
We analyse macroeconomic indicators such the gross domestic product (GDP), increase in the demand for goods and services across industries, technological advancement, regional economic growth, governmental policies, the influence of COVID-19, PEST analysis, and other aspects. This analysis aids in setting benchmarks for various nations/regions and approximating market splits. Additionally, the general trend of the aforementioned components aid in determining the market's development possibilities.
- 3.2 Country Level Data:
Various factors that are especially aligned to the country are taken into account to determine the market size for a certain area and country, including the presence of vendors, such as headquarters and offices, the country's GDP, demand patterns, and industry growth. To comprehend the market dynamics for the nation, a number of growth variables, inhibitors, application areas, and current market trends are researched. The aforementioned elements aid in determining the country's overall market's growth potential.
- 3.3 Company Profile:
The “Table of Contents” is formulated by listing and analyzing more than 25 - 30 companies operating in the market ecosystem across geographies. However, we profile only 10 companies as a standard practice in our syndicate reports. These 10 companies comprise leading, emerging, and regional players. Nonetheless, our analysis is not restricted to the 10 listed companies, we also analyze other companies present in the market to develop a holistic view and understand the prevailing trends. The “Company Profiles” section in the report covers key facts, business description, products & services, financial information, SWOT analysis, and key developments. The financial information presented is extracted from the annual reports and official documents of the publicly listed companies. Upon collecting the information for the sections of respective companies, we verify them via various primary sources and then compile the data in respective company profiles. The company level information helps us in deriving the base number as well as in forecasting the market size.
- 3.4 Developing Base Number:
Aggregation of sales statistics (2020-2022) and macro-economic factor, and other secondary and primary research insights are utilized to arrive at base number and related market shares for 2022. The data gaps are identified in this step and relevant market data is analyzed, collected from paid primary interviews or databases. On finalizing the base year market size, forecasts are developed on the basis of macro-economic, industry and market growth factors and company level analysis.
- Data Triangulation and Final Review:
The market findings and base year market size calculations are validated from supply as well as demand side. Demand side validations are based on macro-economic factor analysis and benchmarks for respective regions and countries. In case of supply side validations, revenues of major companies are estimated (in case not available) based on industry benchmark, approximate number of employees, product portfolio, and primary interviews revenues are gathered. Further revenue from target product/service segment is assessed to avoid overshooting of market statistics. In case of heavy deviations between supply and demand side values, all thes steps are repeated to achieve synchronization.
We follow an iterative model, wherein we share our research findings with Subject Matter Experts (SME’s) and Key Opinion Leaders (KOLs) until consensus view of the market is not formulated – this model negates any drastic deviation in the opinions of experts. Only validated and universally acceptable research findings are quoted in our reports.
We have important check points that we use to validate our research findings – which we call – data triangulation, where we validate the information, we generate from secondary sources with primary interviews and then we re-validate with our internal data bases and Subject matter experts. This comprehensive model enables us to deliver high quality, reliable data in shortest possible time.
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