Nutraceuticals Market Set to Reach US$1 Trillion by 2030, Fueled by Rising Health Awareness and COVID-19 Pandemic Boost
The global nutraceuticals market is on track to achieve a remarkable valuation of US$1 trillion by 2030, projecting an impressive Compound Annual Growth Rate (CAGR) of 9.5% over the forecast period. This significant growth is driven by a surge in health-consciousness among consumers, heightened by the COVID-19 pandemic, which underscored the importance of a strong immune system.
In a comprehensive market analysis, it was found that the global nutraceuticals market witnessed steady growth, with the pandemic acting as a catalyst for increased demand. Nutraceuticals, which offer a wide range of health benefits, have gained popularity due to their convenience, flexibility, and ability to boost overall health. Consumers are increasingly recognizing the advantages of specific dietary supplements, driving the market’s growth trajectory.
- The nutraceuticals market was valued at US$355.8 billion in 2019 and is expected to grow at a CAGR of 9.5% between 2023 and 2030.
- The COVID-19 pandemic played a significant role in boosting market growth, with consumers prioritizing immune health.
- Dietary supplements are projected to remain a top-selling category, while functional foods and beverages are expected to see increased demand.
- North America is anticipated to maintain its dominant position in the nutraceuticals market by the end of 2030.
- Increased prevalence of chronic diseases and rising sales of dietary supplements: The rise in chronic disorders has heightened awareness about the health benefits of nutraceutical consumption. Dietary supplements are recommended for geriatric individuals and are being incorporated into infant nutrition products, driving market growth.
- Growing demand for functional products: Consumers are increasingly focused on improving their health and immunity, leading to the popularity of functional foods and nutraceuticals. These products contain essential nutrients, herbs, and dietary supplements, contributing to improved overall well-being.
- Lack of clarity on recommended daily intake: Consumers often face confusion regarding the recommended daily intake of nutritional supplements, hindering market growth. Awareness about dietary supplements remains limited in rural and semi-urban areas.
- Dietary Supplements Dominate: Dietary supplements account for over 38% of total market sales, driven by consistent growth in protein, vitamins, amino acids, and Omega-3 supplements.
- Functional Foods & Beverages Flourish: Functional foods and beverages have a strong consumer base due to perceived health benefits. Energy products, in particular, are popular among health-conscious individuals and athletes.
- Specialty Stores Gain Ground: Conventional stores currently contribute more than 50% of total nutraceutical sales, but specialty stores are steadily increasing their market share.
Regional Growth Opportunities:
- North America Leads: North America leads the global nutraceuticals market, accounting for over 30% of market share as of 2022. Continual product launches and increasing demand are driving factors.
- Europe and Asia Pacific: Europe holds nearly 26% of the market share, while the Asia Pacific region is expected to experience the fastest CAGR in the coming years due to changing lifestyles and heightened health concerns.
The global nutraceuticals market is highly competitive, with numerous local and international manufacturers. Key players in the industry include BASF Corporation, Cargill Inc., DSM, Lonza, Corbion, Ingredion Incorporated, Archer-Daniels-Midland Company, Friesland Campina, Kerry PLC, and Olam International Ltd. The market sees ongoing mergers and acquisitions as companies seek a competitive edge.
The global nutraceuticals market is poised for substantial growth, driven by increasing health awareness, a surge in chronic diseases, and the desire for functional, health-focused products. As consumers prioritize their well-being, the market is set to flourish, reaching a valuation of US$1 trillion by 2030.
Global Nutraceuticals Industry Analysis, Size, Share, Growth, Trends, Regional Outlook, and Forecast 2023-2030 – (By Product Type, By Distribution Channel, By Diet Coverage, By Geographic Coverage and By Company) https://www.fairfieldmarketresearch.com/report/nutraceuticals-market
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