The Nutraceutical Ingredients Market is being driven by Health benefits of nutraceutical ingredients
The Nutraceutical Ingredients Market is expected to grow at a CAGR of 3.6% during 2023 and 2028. During this period, the market is also expected to show a growth of USD 9.1 billion. The nutraceutical ingredients market is experiencing significant growth due to the increasing consumer preference for personalized nutrition. This trend is driven by advancements in technology and a better understanding of the role of nutrition in preventing and treating various health conditions. To cater to individualized dietary needs, companies are analyzing factors such as genetics, lifestyle, and health objectives. In response, market players are investing heavily in research and development to produce customizable nutraceutical products tailored to specific client requirements. This personalized approach is expected to dominate the market landscape throughout the forecast period.
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The market is segmented based on
According to Technavio, There are several factors that are causing the market to flourish during the forecast period, which are as follows:
However, the market also witnesses some limitations, which are as follows:
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Market Scope |
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Report Coverage |
Details |
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Page number |
177 |
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Base year |
2023 |
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Historic period |
2018-2022 |
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Forecast period |
2024-2028 |
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Growth momentum & CAGR |
Accelerate at a CAGR of 3.6% |
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Market growth 2024-2028 |
USD 9.1 billion |
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Market structure |
fragmentation |
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YoY growth 2023-2024(%) |
3.4 |
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Key countries |
US, China, Germany, Japan, and France |
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Competitive landscape |
Leading Companies, Market Positioning of Companies, Competitive Strategies, and Industry Risks |
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The Nutraceutical Industry has witnessed significant growth in recent years, driven by consumer health consciousness and the demand for functional benefits in various sectors including food, beverages, personal care products, and animal nutrition. Nutraceutical ingredients, such as probiotics, provide primary nutritional value and innovative solutions for digestive health, physical fitness benefits, and micronutrient shortages. Dietary supplements and fortified food products have gained popularity as preventive methods against lifestyle-related diseases. The market for dry nutraceutical ingredients, including probiotics, is expected to grow due to their long shelf life and ease of use. The Trust Transparency Center and advancements in technology, such as 3D printing, are driving innovation in the nutraceutical industry. Consumer behavior is shifting towards personalized nutrition and animal feed is being fortified with nutraceutical ingredients to improve animal health and productivity. Probiotics, a key nutraceutical ingredient, offers functional benefits for both humans and animals. The market for probiotics in animal nutrition is expected to grow due to the increasing demand for high-quality animal products and the need to improve animal health and productivity. Eating practices and lifestyle continue to influence the nutraceutical industry, with consumers seeking convenient and healthy options. The nutraceutical industry is poised for continued growth as consumers seek to improve their health and wellness through functional foods and dietary supplements.
The commodity chemicals market encompasses businesses primarily engaged in the production of industrial and fundamental chemicals, such as plastics, synthetic fibers, films, commodity-based paints and pigments, explosives, and petrochemicals. This market excludes chemical companies specializing in diversified chemicals, fertilizers and agricultural chemicals, industrial gases, and specialty chemicals. According to Technavio's market analysis, the global commodity chemicals market size is determined by the consolidated revenue generated by the manufacturers of these industrial and basic chemicals. Key growth drivers for the commodity chemicals market include the escalating demand for plastic packaging and the increasing preference for lightweight, corrosion-resistant materials in various industries, leading to continuous innovation in the market. Plastic, being the most widely used material in the packaging sector worldwide, significantly influences the market dynamics and the utilization of chemicals in the production of plastic packaging materials. Industries are leveraging the products belonging to the market for customer engagement, transactional notifications, and promotional offers.
Technavio Research
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