- Functional Food
- Functional Beverages
- Dietary Supplements
- Personal Care
Nutraceuticals Market size was valued at USD 390 billion in 2022. It is expected to grow USD 659.78 billion by 2029 at a CAGR of 7.8% from 2023-2029. Nutraceuticals are a broad term which any product derived from food sources and having additional health benefits than basic nutritional value of food. Nutraceuticals are food products that are believed to prevent or have significant effect upon illnesses or medical conditions. Nutraceuticals Market may be nutrients, herbs and dilatory supplements. For instance, omega-3 a traditionally non-vegetarian product has been developed with vegetarian variants, thereby allowing it to gain traction with the large Indian vegetarian population. Mergers, acquisitions and collaboration are key tools used by the players to capture the market revenue share. The report market dynamics elaborately to identify the current trends & drivers, future opportunities and possible challenges to the key stakeholders operating in the market. In addition, the market report includes human demographics; regulatory scenario, and competition analysis with vividly illustrated the competition dashboard to assess the market competition. Moreover, PBI analyzed global market to better equip clients with possible investment opportunities across the regions (regional Investment Hot-Spots) and market unmet needs (Product Opportunities).
Nutraceuticals Market Key Developments:
Fastest Growing Market
The nutraceuticals market is driven by multiple factors like new innovations such as probiotics, plant based products and increased preference of consumers for high protein diets. In addition to this, increased healthcare costs, increased prevalence of diseases prompted consumers and healthcare professionals to adopt nutraceuticals as alternative or complementary treatment option for several diseases. However, lack of awareness about the use of nutraceuticals and high cost of research and development is expected to hamper the nutraceutical market growth over forecast period. Moreover, high price of nutraceuticals leading to shifting of consumers towards the low priced pharmaceuticals.
The nutraceuticals market is projected to expand at a CAGR of 7.8% during the forecast period.
Koninklijke DSM N.V (Netherlands), PepsiCo, Inc. (U.S.), Groupe Danone (France), Bayer AG (Germany), Abbott Laboratories (U.S.), Chobani LLC (U.S.)
North America is the fastest-growing region for nutraceuticals market