Nutraceuticals Market 2021 | Global Industry Analysis, Trends, Size, COVID-19 Analysis, Application, Region, Product, Segmentation, and Forecast Up to 2030 | Grand View Research, Inc.

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According to a new report published by Grand View Research, In the wake of the COVID-19 pandemic, the demand for dietary supplements and functional foods has soared. Immunity boosting supplements have become mainstream over the past year and this has led to a significant change in buying patterns and consumer behavior. Moreover, after the COVID-19 pandemic, preventive healthcare measures such as dietary supplements will become a part of people’s everyday lives.

The global nutraceuticals market size is expected to reach USD 991.09 billion by 2030, according to a new report by Grand View Research, Inc. It is expected to expand at a CAGR of 9.0% from 2021 to 2030. Rising awareness regarding calorie reduction and weight loss in the major markets including the U.S., China, and India is expected to promote the application of the health and wellness segment and thus, in turn, will have a substantial impact on the industry.

Nutraceuticals are products that provide health advantages and additional nutrition to the human body. It comprises fortified nutrients, such as taurine, CoQ10, omega-3, calcium, zinc, and antioxidants, that develop the complete health of consumers. These nutrients further benefit in averting medical conditions such as hypertension, diabetes, heart diseases, and allergies. As nutraceuticals develop the digestive and immune systems and enhance the cognitive behavior of consumers, their demand is witnessing a surge at the global level.

The increasing trend among consumers to alter dietary habits is likely to boost the demand for nutraceuticals. The consumer belief that improper diet results in an increase in costs on pharmaceuticals is anticipated to boost the demand for nutraceuticals. This would also help the government as it would result in lesser expenditure on healthcare and low social security costs.

A rise in disposable income, increasing consumer awareness concerning health issues, and rapid urbanization are likely to boost the market growth over the forecast years. A positive outlook towards medical nutrition owing to the high prevalence of weight management programs, along with cardiovascular diseases, is anticipated to propel the product demand.

The rise and evolution of wellness-focused diets such as keto and paleo are driving food producers to cater their products in this direction. Functional food products such as probiotics and omega-3 are highly used in yogurt and fish oils in order to reduce the risk of cardiovascular diseases and develop the quality of intestinal microflora, which is further projected to fuel the growth of the functional food segment over the coming years.

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Nutraceuticals Market Report Highlights

In the functional food product segment, the prebiotics and probiotics segment is projected to witness significant growth over the forecast period owing to the majority of food manufacturing companies using probiotics as a primary ingredient to provide better nourishment and reduce health problems caused by harmful bacteria
Vitamins and minerals together held a significant revenue share in 2021 owing to increasing consumer interest in the relationship between diet and health, which, in turn, has increased the product demand
In the dietary supplement product segment, vitamins emerged as the largest segment in 2021. The segment is expected to witness significant growth in the coming years
In terms of product, the functional food segment accounted for the largest revenue share in 2021. Rising healthcare costs, coupled with the increasing geriatric population across the world, is anticipated to assist the segment growth over the forecast period
Asia Pacific held the largest revenue share in 2021. The expansion of the retail chain in countries such as India, Japan, and China has increased the rate of dietary supplements and functional food consumption in this region
The market represents a highly competitive landscape. Key market players dominate the market space and have been focusing on various strategic initiatives including mergers & acquisitions, product innovation, and portfolio expansion

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Nutraceuticals Market Segmentation

Grand View Research has segmented the global nutraceuticals market on the basis of product and region:

Nutraceuticals Product Outlook (Revenue, USD Million, 2017 – 2030)

Dietary Supplements
Functional Food
Functional Beverages

Nutraceuticals Dietary Supplements Product Outlook (Revenue, USD Million, 2017 – 2030)

Vitamins
Botanicals
Minerals
Proteins & Amino Acids
Fibers & Specialty Carbohydrates
Omega Fatty Acids
Others

Nutraceuticals Functional Food Product Outlook (Revenue, USD Million, 2017 – 2030)

Carotenoids
Dietary Fibers
Fatty Acids
Minerals
Prebiotics & Probiotics
Vitamins
Others

Nutraceuticals Functional Beverages Product Outlook (Revenue, USD Million, 2017 – 2030)

Energy Drinks
Sports Drinks
Functional Juices
Infants
Others

Nutraceuticals Regional Outlook (Revenue, USD Million, 2017 – 2030)

North America
U.S.
Canada
Mexico
Europe
U.K.
Germany
France
Italy
Spain
Russia
Asia Pacific
China
Japan
India
Australia & New Zealand
Central & South America
Brazil
Argentina
Middle East & Africa
South Africa

List of Key Players of Nutraceuticals Market

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.

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About Grand View Research

 

Grand View Research is a market research and consulting company that offers market research reports, syndicated and customized reports. The company is headquartered in San Francisco, California. It offers client engagement for business consulting and market intelligence from various domains. The clientele is based across various countries with queries coming from more than 50 industries worldwide.

Grand View Research helps its clients to make informed decisions by helping them understand current trends and scenarios. Every year Grand View Research accomplishes more than 300 multi-country market studies to optimize consulting for clients.

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