Nutraceuticals Market Poised for Growth Amid Rising Health Consciousness and Regulatory Challenges 2024-2028

The nutraceuticals market is set to witness substantial expansion, with projections indicating a market size increase of USD 279.80 billion between 2023 and 2028, progressing at a CAGR of 9.58%. The rising prevalence of chronic diseases, increasing healthcare costs, and growing consumer preference for functional foods, beverages, and dietary supplements are key factors fueling this growth. However, market expansion faces obstacles such as high production costs, lengthy manufacturing processes, and regulatory complexities.

For more details about the industry, get the PDF sample report for free

Market Segmentation

By Distribution Channel

• Offline: The offline segment accounted for USD 223.70 billion in 2018, dominated by supermarkets, department stores, hypermarkets, and convenience stores. These retail chains have dedicated nutraceutical sections, facilitating product availability and visibility.
• Online: E-commerce platforms are gaining traction due to the convenience and accessibility they offer, especially for personalized nutrition products.

By Product Type

• Functional Food
• Functional Beverages
• Dietary Supplements

Regional Market

North America

• United States: Leading the market with a high number of suppliers offering nutraceutical products such as ENSURE ORIGINAL SHAKE by Abbott.
• Canada: Increasing demand for dietary supplements and functional foods due to health awareness.

Europe

• United Kingdom: Growing preference for personalized nutrition among consumers.
• Germany: Market expansion driven by the adoption of probiotic and prebiotic food products.
• France: Increased investment in functional beverages by key industry players.

APAC

• China: Rapid urbanization and increasing disposable income fueling the demand for nutraceuticals.
• India: Rising health concerns and government initiatives promoting nutritional supplements.

South America

• Brazil: Significant market share due to an increasing number of fitness-conscious consumers.
• Argentina & Chile: Expanding dietary supplement market with growing retail presence.

Middle East & Africa

• Saudi Arabia: Growth driven by awareness campaigns promoting functional foods.
• South Africa: Increasing adoption of nutraceutical snacks and supplements.

Market Dynamics

Key Drivers

• Increasing malnutrition among children: Malnutrition contributes to one-third of total deaths worldwide, creating demand for nutrient-rich nutraceutical products.
• Rising healthcare costs and chronic diseases: Consumers seek self-directed care through dietary supplements and functional foods.
• Growing fitness trends and urbanization: Consumers are prioritizing preventive healthcare solutions.

Major Trends

• Personalized nutrition gaining traction: Individuals with gut-related issues prefer tailored nutritional solutions.
• Expansion of plant-based nutraceuticals: Demand for plant-derived proteins, polyphenols, and carotenoids is rising.
• Probiotic and prebiotic innovations: Companies like Nestlé and General Mills are introducing new products catering to gut health and immunity.

Challenges

• Stringent healthcare regulations and compliance: Regulatory frameworks impact product approvals and distribution.
• High production costs and complex manufacturing processes: These factors hinder affordability and scalability.

Get more details by ordering the complete report

Key Companies in the Nutraceuticals Market

Some of the key companies of the Nutraceuticals Market are as follows:

• Abbott Laboratories
• Advanced Orthomolecular Research Inc.
• Amway Corp.
• Archer Daniels Midland Co.
• BASF SE
• Bayer AG
• Better Being Corp.
• Cargill Inc.
• COSUCRA
• Danone SA
• General Mills Inc.
• Herbalife International of America Inc.
• Innutrigel AG
• International Flavors and Fragrances Inc.
• LKK Health Products Group
• Nestle SA
• PepsiCo Inc.
• Pfizer Inc.
• RBK NUTRACEUTICALS Pty Ltd.
• The Coca Cola Co.

Recent Developments in the Nutraceuticals Market

• December 2023: Nestlé SA launched personalized nutritional supplements focusing on gut health and immunity.
• November 2023: PepsiCo Inc. introduced functional beverages infused with probiotics for digestive health.
• October 2023: Herbalife International of America Inc. partnered with biotech firms to enhance plant-based nutraceutical formulations.
• September 2023: Abbott Laboratories launched a new line of protein-rich nutritional bars for weight management and active lifestyles.