Market Research Future Insights
According to MRFR analysis, the global nutraceuticals market is expected to register a CAGR of ~ 7.90% from 2021 to 2030 and hold a value of over ~USD 437650.0 million by 2030.
Nutraceuticals are cast-off as pharmaceutical alternatives. In recent times, nutraceutical products have increased suggestively. They can give increase several psychological benefits to the users while protecting them from different kinds of chronic medical conditions, refining health, delaying the aging process, growing life expectancy, or supporting the structure or function of the body. The Centers for Disease Control and Prevention (CDC) has highlighted the National Health and Nutrition Examination Survey findings, which display that 57.6 % of U.S. adults over the age of 20 use dietary supplements. The increase in nutraceutical products has played a key role in growing the demand in the nutraceuticals market setting. A comprehensive nutraceutical industry examination has been performed to ascertain its growth potential in the future. Numerous nutraceuticals market trends have been considered in the analysis as they could influence the market growth in the imminent market.
The nutraceuticals market is one of the rare markets that the COVID-19 pandemic has positively impacted. Due to the high occurrence of the infection, people have been showing their proclivity towards healthy and nutritionally rich products. As nutraceutical products are rich in nutritional gratified and help boost immunity, the demand in the market could flow further in the forecasted period. Thus, the nutraceuticals market revenue is anticipated to rise as people adopt healthier lifestyles.
Key Players
Some of the key market players are 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.
Market Segmentation
The global nutraceuticals market has been segmented into product type, source, form, and distribution channel.
Based on type, The global nutraceuticals market can be segmented into vitamins and minerals, proteins, probiotics, peptides, omega-3 fatty acids, and others. The vitamins and minerals segment is projected to drive the global market growth during the forecasted period. The "proteins and peptides' segment is also projected to showcase exemplary performance in the future and contribute to the expanded nutraceuticals market size. The chief factor that could lead to its growth is the increase in demand for protein-rich nutraceutical products.
Based on the source, the global nutraceuticals market can be segmented into three categories: plant, animal, and microbial. During the forecasted period, the plant-based market segment is projected to take a leadership position. The high inclination of people towards veganism could serve as the catalyst that lifts the growth potential of the specific nutraceuticals industry segment. The microbial segment is likely to experience an outpouring in demand due to the upsurge in awareness.
Based on form, the global nutraceuticals market can be segmented into capsules, tablets, soft gels, powders and liquids, and gummies. The capsules, tablets, and soft gels segment are likely to main to the nutraceuticals industry growth in the imminent.
Based on the distribution channel, the global nutraceuticals market can be divided into store-based and non-store-based categories. The store-based segment of the market can be divided into supermarkets and hypermarkets, specialty stores, and others. Nutraceuticals market insights project that the store-based segment could play a key role in determining the performance of the global market during the forecasted period.
Regional Analysis
The global nutraceuticals market outlook is led by North America, owing to the presence of major manufacturers, high disposable income, and a growing focus on physical appearance.
Europe reported the highest share, predominantly due to the greater elderly population and growing occurrence of chronic ailments. Asia Pacific is expected to advance at the highest compounded annual growth rate, primarily due to the growing popularity of e-commerce websites, growing awareness about the importance of well-being and health, and the increasing middle-class populace. The Middle East, Latin America, and African regions are expected to exhibit note-worthy growth in the projected period.
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