According to a research report published by Spherical Insights & Consulting, The Global Nutraceutical Product Market Size Expected to Grow from USD 374 Billion in 2023 to USD 586 Billion by 2033, at a CAGR of 4.59% during the forecast period 2023-2033.

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Nutraceuticals are actual products intended for use with supplements and food. These substances are therefore referred to as bioceuticals, as they are made from food ingredients and/or food extracts. Today’s markets offer these products in various forms, serving a multitude of purposes. Growth in population aging and incidence of chronic diseases, advancing innovations and new product developments, rising demand for nutrition-enriched products, and rising demand for functional beverages are the major drivers for the global market of nutraceutical products. The principal forces behind the growth of the nutraceutical product market include increased consumer awareness regarding several diseases associated with improper nutrient intake due to poor diets and increasing concerns to maintain balanced diets. However, a good number of nutraceutical products are also costly, which again would restrict a part of market growth for this specific segment. There is also the hurdle of counterfeiting associated with the other segment, curbing growth in the nutraceutical market.

Browse key industry insights spread across 200 pages with 120 Market data tables and figures & charts from the report on the Global Nutraceutical Product Market Size, Share, and COVID-19 Impact Analysis, By Product Type (Dietary Supplements, Functional Foods, and Functional Beverages), By Source (Vitamins, Probiotics, Minerals, and Prebiotics), By Distribution Channel (Specialty Stores, Supermarkets & Hypermarkets, Conventional Stores, Drug Stores & Pharmacies, Online Retail Stores, and Others), and By Region (North America, Europe, Asia-Pacific, Latin America, Middle East, and Africa), Analysis and Forecast 2023 – 2033

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The dietary supplements segment is anticipated to grow at the fastest pace in the global nutraceutical product market during the forecast period.

The nutraceutical product market is categorized by product type into dietary supplements, functional foods, and functional beverages. Among these, the dietary supplements segment is anticipated to grow at the fastest pace in the nutraceutical product market during the forecast period. The growth is attributed to these, which have come to be an often-demanding use for dietary supplements concerning the health benefits they confer. Dietary supplements include improvements in gut microflora balance conditions, functions of the intestine such as bulking and regularity, calcium absorption and bone density, immune function, toxins that can lead to fatty liver and other diseases, blood sugar homeostasis, and, possibly, cancer risk reduction.

The probiotic segment is expected to grow at the highest pace in the global nutraceutical product market during the forecast period. 

Based on the source, the global nutraceutical product market is divided into vitamins, probiotics, minerals, and prebiotics. Among these, the probiotic segment is expected to grow at the highest pace in the nutraceutical product market during the forecast period. The segmental growth is due to the fact that there are numerous kinds of microbial organisms with various different types of beneficial impacts on human beings. For these reasons, probiotic compounds have found their way into the top few lists of the important ingredients in dietary supplements and health products.    

The conventional stores segment is expected to hold the largest share of the global nutraceutical product market during the forecast period.

Based on the distribution channel, the global nutraceutical product market is divided into specialty stores, supermarkets & hypermarkets, conventional stores, drug stores & pharmacies, online retail stores, and others. Among these, the conventional stores segment is expected to hold the largest share of the global nutraceutical product market during the forecast period. The growth is driven; traditional stores usually provide consumer-friendly products at inexpensive prices. As such, most consumers who prefer nutraceutical products now tend to go for these outlets.

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Europe is projected to hold the largest share of the global nutraceutical product market over the forecast period.

Europe is projected to hold the largest share of the global nutraceutical product market over the forecast period. Nutraceuticals are emerging as more popular products in Europe due to increased pressure from consumers and authorities. As far as the sale of nutraceuticals is concerned, Western Europe is still the market leader, as the products are primarily distributed through pharmacies. The increasing rates of obesity and cardiovascular diseases, as well as obesity-related ailments, are expected to boost nutraceutical sales in the entire projected period.

Asia Pacific is expected to grow at the fastest CAGR of the global nutraceutical product market during the forecast period. As a result of increasing population, the standard of living, and more disposable income, the market is growing. Public awareness of dietary factors that improve health is also expected to be the key driver of market growth. The growth of the region’s market has emerged from rising demand for functional foods and drinks in many Asian Pacific countries.

Competitive Analysis:

The report offers the appropriate analysis of the key organizations/companies involved within the global nutraceutical products along with a comparative evaluation primarily based on their product offering, business overviews, geographic presence, enterprise strategies, segment market share, and SWOT analysis. The report also provides an elaborative analysis focusing on the current news and developments of the companies, which includes product development, innovations, joint ventures, partnerships, mergers & acquisitions, strategic alliances, and others. This allows for the evaluation of the overall competition within the market.

Major vendors in the global nutraceutical product market are Abbott Laboratories, Amway Corporation, Conagra Brands, Inc., Danone S.A., General Mills Inc., Glanbia plc, Herbalife Nutrition Ltd., International Flavors & Fragrances Inc., Kellogg Company, Nestle S.A., PepsiCo, Inc., The Coca-Cola Company, Hearthside Food Solutions LLC, Mars, Incorporated, Meiji Holdings Co., Ltd, Royal FrieslandCampina N.V.

Key Target Audience

• Market Players
• Investors
• End-users
• Government Authorities
• Consulting and Research Firm
• Venture capitalists
• Value-Added Resellers (VARs)

Key Market Development

• In April 2023, Fonterra, that New Zealand dairy giant introduced functional beverage products ready to capture the increasing demand for ready-to-drink beverages all across South East Asia under its Anchor and Fernleaf brands. The company worked with the convenience store chain 7-Eleven to sell its functional dairy beverages Actif-Fiber and Anchor-Beaute.

Market Segment

This study forecasts revenue at global, regional, and country levels from 2020 to 2033. Spherical Insights has segmented the global nutraceutical product market based on the below-mentioned segments:

Global Nutraceutical Product Market, By Product Type

• Dietary supplement
• Functional food
• Functional beverages

Global Nutraceutical Product Market, By source

• Vitamins
• Probiotic
• Minerals
• prebiotics

Global Nutraceutical Product Market, By Distribution Channel

• Speciality stores
• Supermarket & hypermarket
• Conventional stores
• Drug stores and pharmacies
• Online retail stores
• Others

Global Nutraceutical Product Market, By Regional

• North America
  • US
  • Canada
  • Mexico
• Europe
  • Germany
  • UK
  • France
  • Italy
  • Spain
  • Russia
  • Rest of Europe
• Asia Pacific
  • China
  • Japan
  • India
  • South Korea
  • Australia
  • Rest of Asia Pacific
• South America
  • Brazil
  • Argentina
  • Rest of South America
• Middle East & Africa
  • UAE
  • Saudi Arabia
  • Qatar
  • South Africa
  • Rest of the Middle East & Africa

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