Global Nutraceuticals Market Report and Forecast 2024-2032

Global Nutraceuticals Market Outlook

The global nutraceuticals market size reached a value of about USD 525.61 billion in 2023. During the forecast period of 2024-2032, the market is expected to grow at a CAGR of 8.20% to attain a value of USD 1,068.35 billion by 2032.

Global Nutraceuticals Market Trends

Nutraceuticals are pharmaceutical alternative products that are derived from food sources. These products are made to provide health benefits and nutritional value while providing protection against chronic diseases. Nutraceuticals are also known as medical foods, phytochemicals, functional foods, and nutritional supplements.

• The increasing demand for health supplements is a major driving factor for the market. This rise in demand can be attributed to the rising preference of consumers towards organic and healthy products instead of chemical-based products.

• People are increasingly adopting nutrient-enriched foods in their daily diet. With the availability of multiple approved products in the market, the availability of various options for consumers can aid the nutraceuticals market development.

• The market value is likely to inflate during the forecast period due to the rising investments by key players in the market for the development of innovative and improved products. High investment in research and development can help manufacturers in the production process and positively impact the technology used in production.

Global Nutraceuticals Market Analysis

Based on product type, the market can be segmented into functional beverages, functional food, and dietary supplements. Based on the distribution channels, it can be bifurcated into hypermarkets and supermarkets, pharmacies, online, and speciality stores, among others.

Based on forms, the market can be divided into powder, capsule and tablets, and liquid, among others. The regional markets for the nutraceutical market can be divided into North America, Europe, the Asia Pacific, Latin America, the Middle East, and Africa.

The comprehensive EMR report provides an in-depth assessment of the market based on Porter's five forces model along with giving a SWOT analysis. The report gives a detailed analysis of the following key players in the nutraceuticals market, covering their competitive landscape and the latest developments like mergers, acquisitions, investments, and expansion plans.

• General Mills Inc.

• Nestle SA

• Koninklijke DSM N.V.

• Innophos Holdings, Inc.

• W. R. Grace & C

• Others

Product Types Available in the Nutraceutical Market

The market, based on product types, can be bifurcated into functional beverages, functional food, and dietary supplements. Among these types, the functional beverage segment is expected to hold the largest market share due to the rising number of health-conscious consumers. The market is also expected to experience significant growth due to consumers shifting from sugar-heavy drinks to low-calorie and functional beverages.

Distribution Channels in the Market for Nutraceuticals

Based on distribution channels, the market divisions include hypermarkets and supermarkets, pharmacies, online, and speciality stores, among others.

The online segment is expected to lead the growth of the market due to the increasing internet network penetration and cost-effectiveness of the business. The distribution channel does not require a warehouse to be maintained by the merchants.

These marketplaces are increasing in popularity due to several factors, such as the availability of a wide variety of products, low-price offers, free shipping, and multiple offers are likely to enhance market growth.

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Competitive Landscape

General Mills Inc. is one of the leading nutraceuticals companies in the food industry. It is headquartered in Minnesota, United States, and has been operating in various fields, including food production, marketing, and consumer packaged goods. The company was founded in 1866 and since then its product portfolio has developed to include many iconic brands, such as Cheerios, Pillsbury, Betty Crocker, Nature Valley, Old El Paso, Blue Buffalo, and Häagen-Dazs, among many others.

Nestle SA is a Swiss multinational conglomerate with a focus on the food and drinks production industry. It is one of the largest publicly owned food companies. The company has been active since 1866, constantly innovating with products to introduce the market to better food, health, and nutritional health solutions.

The company has one of the widest ranges of food and beverages, including coffee, dairy, confectionary, culinary and frozen foods, ice cream, infant nutrition, healthcare nutrition, F&B solutions, and pet care.

Koninklijke DSM N.V. is a multinational corporation, headquartered in Heerlen, Netherlands. The company operates in the field of nutrition, health, and sustainable living. DSM is actively developing innovative solutions for human nutrition, animal nutrition, personal care, aroma, medical devices, green products, and mobility and connectivity.

The company’s specialization lies in sustainability, health, vitamins, animal nutrition, pharmaceuticals, aquaculture, medical nutrition, and baking ingredients.

Other market players include Innophos Holdings, Inc. and W. R. Grace & Co., among others.

Key Highlights of the Report