Nutraceuticals Market Size, Share & Growth | Forecast [2031]

Report Description

The global nutraceuticals market size is projected to expand at a CAGR of 7.5% during the forecast period, 2021–2028. The growth of the market is attributed to increasing demand for nutraceuticals with medicinal advantages.

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Nutraceutical products are substances that provide physiological advantages, protect against chronic illnesses, promote health, and slowdown the aging process. Nutraceuticals helps to manage health problems such as obesity, cardiovascular disease, cancer, cholesterol, arthritis, and diabetes.

The breakout of COVID-19 pandemic increased the demand for nutraceuticals as dietary components provide medicinal or health advantages to prevent illnesses and strengthen the general immune system. The demand for nutraceutical products increased around the world due to the flexibility of storage options, the presence of combined formulations with multiple benefits, increased consumer education level, informed consumers, and the rise in health concerns among connected consumers during this pandemic period.

Furthermore, the pandemic is a cornerstone to the beginning of invalid claims and clever marketing claims phrases that has customers. In India, for example, the ICMR & the FSSAI have reached an impasse with the claims and are requesting clinical confirmation of the goods. The Indian Council of Medical Research (ICMR) has launched a massive clinical trial on the Ayush component for immunity, which has been tested on over 10,000 police officers.

Market Trends, Drivers, Restraints, and Opportunities

• Rising awareness about the advantages such as high in antioxidants, probiotics, and polyunsaturated fatty acids is projected to boost the market growth.
• High cost of dietary supplements can restrain the market.
• Increasing preference for individualized nutrition is estimated to drive the market.

Scope of the Report

The report on the global nutraceuticals market includes an assessment of the market, trends, segments, and regional markets. Overview and dynamics have also been included in the report.

Nutraceuticals Market Segment Insights

Cereals segment is expected to grow at a rapid pace

Based on functional foods, the market is divided into cereals, bakery & confectionery, dairy, snacks, and others. The cereals segment is expected to grow at a rapid pace during the forecast period due to awareness about health advantages, performance, and perceived wellbeing of functional foods.

Sports drinks segment to grow at a steady pace

On the basis of functional beverages, the market is segregated into energy drinks, sports drinks, fortified juice, dairy & dairy alternative beverages, and others. The energy drinks segment is anticipated grow at a steady pace during the forecast period.

Vitamins segment to hold a major market share

In terms of dietary supplements, the market is classified as vitamins, minerals, botanical, enzymes, fatty acids, proteins, and others. The vitamins segment is anticipated to hold a key share of the market in the coming years due to rising health-consciousness. Companies are modifying their distribution systems to separate themselves from the competition and create space in a saturated market.

Soft chews, chewing gum, gummy bears, patches, lollipops, and quick-dissolving strips have joined the list of newer modalities of administration, which include soft chews, chewing gum, gummy bears, patches, lollipops, and quick-dissolving strips. Single-serving quantities of fortified food are available. Furthermore, dietary supplements are increasingly being delivered in different forms such as pudding-like squeeze packets for omega 3 fish oil, joint juice for glucosamine, and calcium in chocolate chew.

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Drug stores/pharmacies segment to exhibit a robust CAGR

Based on distribution channels, the market is categorized as specialty stores, supermarkets/hypermarkets, convenience stores, drug stores/pharmacies, online retail stores, and others. The drug stores segment is estimated to grow at a robust pace during the forecast period. On the other hand, the online retail stores is expected to hold a significant market share in the projected timeline.

Europe is anticipated to constitute a key market share

On the basis of regions, the global nutraceuticals market is classified as North America, Europe, Asia Pacific, Latin America, and Middle East & Africa. Europe is expected to constitute a key share of the market during the projected period forecast period due to anti-aging concerns. The demand for nutraceutical goods is increasing as a result of mounting consumer and regulatory pressure in Europe.

In the projected term, growing obesity, cardiovascular illness, and obesity disease are estimated to dominate the nutraceutical sector. Additionally, functional bottled water is becoming more preferred in countries in Europe. Strong promotion for Coca-Glacéau Cola's VitaminWater brand improved sales, as did increased usage during sports and exercise.