The global nutraceuticals market value is likely to jump from US$ 418,080 million in 2023 to US$ 703,122.075 million by 2033. This anticipated growth is expected to be driven by a steady CAGR of 5.3% in nutraceutical sales over the next decade.
The nutraceutical sales are set to keep growing. People like them because they are easy to store, can do many good things at once, and people are learning more about them. The popularity of nutraceutical products is going up fast. People are learning more about how nutraceuticals and their supplements can be good for their health. They help with health problems like obesity, heart disease, cancer, high cholesterol, arthritis, and diabetes.
People also like personalized nutrition, where they get food tailored to their needs. This is especially popular among people with stomach problems that regular medicine cannot fix. Many people want multivitamins and single vitamins from these products all over the world. Similarly, many athletes around the world are joining sports at the national and international levels. This is leading more people to opt for functional beverages.
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More individuals are spending money on health care, residing in urban areas, and battling obesity, chronic heart disease, and other health issues. For this reason, the market for nutraceuticals is expanding quickly. Omega fatty acids found in functional meals assist people in maintaining a healthy weight and enhance blood circulation.
Natural foods and herbal products have recently gained a lot of attention. They like them over chemical-laden foods. In North America and Europe in particular, this trend is quite powerful. People are more likely to pay more for natural products in these two regions.
Nutraceuticals in innovative forms, such as jelly, gummies, and soft gels, are also making their way into the market. Because these variations exist in a variety of sizes, shapes, flavors, and intensities, there is a rising preference for them. The market is growing as more and more children are becoming interested in these nutraceuticals.
The nutraceutical industry’s new technology is increasing consumer demand for these items. They are offering customers individualized advise depending on their diet and health by leveraging modern technology such as artificial intelligence. As a result, during the projected period, artificial intelligence will play a critical role in the global expansion of the nutraceutical business.
Key Takeaways from the Nutraceuticals Market:
- In 2022, the United States asserted its dominance in the nutraceuticals industry, boasting a commanding 23.4% global market share, underpinned by its robust research and development capabilities.
- The nutraceuticals industry in the United Kingdom is poised for substantial growth, with a projected CAGR of 7.8% through 2033, driven by increasing consumer awareness of health and wellness.
- Japan’s 2.4% share of the nutraceuticals industry in 2022 was bolstered by its reputation for producing high-quality and innovative health and wellness products.
- India’s rapid development in the nutraceuticals industry, with a CAGR of 4.4% over the forecast period, is driven by a growing trend towards natural and organic products.
- Germany’s significant 12.9% share of the global nutraceuticals industry in 2022 can be attributed to its reputation for high-quality manufacturing standards
- China’s anticipated rise in the nutraceuticals industry, with a projected CAGR of 6.5% over the forecast period, is propelled by a surge in demand for dietary supplements.
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Key Players and Strategies for Success in the Nutraceuticals Market
In recent years, the nutraceuticals industry has emerged as a dynamic and rapidly expanding sector within the global market. In this dynamic landscape, key players employ multiple strategies to meet the evolving needs of consumers and establish their foothold in an increasingly competitive market. Here are key points about key players and strategies for success in the nutraceuticals market:
- Invest in research to develop innovative and effective nutraceutical products.
- Create strong branding and marketing campaigns to stand out in a competitive market.
- Stay up-to-date with regulations and ensure products meet compliance standards.
- Collaborate with healthcare professionals, fitness influencers, or retail chains to expand distribution.
- Stay adaptable to changing consumer preferences and health trends in the market.
Recent Developments the Nutraceuticals Market
In June 2022, Kellogg’s Special K introduced new Protein Snack Bars. These bars have 6 grams of protein and only 90 calories. They come in sweet berry vanilla and rich chocolaty brownie sundae flavors.
In April 2021, Nestlé NIDO 3+ unveiled a better recipe designed specifically for kids aged three to five. This new and improved recipe has just the right amount of Vitamin A, Zinc, and Iron, the nutrients young children need.
Key Companies Profiled in the Nutraceuticals Market
- General Mills Inc.
- The Natures Bounty Co. (NBTY)
- Amway Enterprises
- Herbalife International, Inc.
- Royal DSM NV
- Pepsi Co.
- Yakult Honsha Co., Ltd.
- Groupe Danone
- Bayer AG
- BASF SE
- Abbott Laboratories
- Chobani LLC