Redding, California, Jan. 30, 2023 (GLOBE NEWSWIRE) -- According to a new market research report titled, ‘Nutraceutical Products Market by Type (Functional Food {Confectionery Products, Dairy Products}, Functional Beverages, Dietary Supplements), Source (Vitamin, Mineral), Distribution Channel (Specialty Stores, E-commerce) - Global Forecast to 2030,’ in terms of value, the nutraceutical products market is projected to reach $691.87 billion by 2030, at a CAGR of 7.8% during the forecast period 2023–2030.
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Nutraceuticals are substances that protect against chronic diseases. These are applied to products such as cereals, soups, and beverages and are also used as medicine. Nutraceuticals improve health, delay aging, prevent chronic diseases, and increase life expectancy. Nutraceutical products can be categorized into functional food, functional beverages, and dietary supplements. People’s rising interest in nutraceuticals is mainly due to their nutritional and therapeutic effects.
The Impact of COVID-19 on the Nutraceutical products Market
The COVID-19 pandemic adversely hit many economies globally. Complete lockdowns and movement restrictions were imposed to curb the spread of the virus. Many industries were impacted, including food & beverages, animal feed & pet food, personal care, and supplements industries.
However, the outbreak of the COVID-19 pandemic positively impacted the nutraceutical products market. It resulted in increased consumer awareness regarding health and high immunity. As a result, people started buying nutritional products in bulk quantities. The demand for nutraceutical products containing vitamins, minerals, zinc, sodium, and omega-3 fatty acids and functional food and beverages soared due to customers' increased tendency to buy in quantity during the lockdowns. This fueled the launch of numerous products to cater to the rising need. Furthermore, manufacturers were encouraging people to buy their products from online platforms to stay safe in their homes.
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During the COVID-19 pandemic, many medical practitioners advised patients across the globe to introduce functional food & beverages and dietary supplements in their daily regime to support their immune systems. Nutraceuticals augment the immune system to prevent cancer, neurological conditions, gastroenterological disorders, inflammatory diseases, and other infections. Thus, these health benefits associated with nutraceuticals are expected to support the growth of the nutraceutical products market in the post-COVID-19 period as well.
Key Findings in the Nutraceutical Products Market Study
The nutraceutical products market is segmented by type (functional food {bakery products, confectionery products, snacks, dairy products, infant food products, and other functional foods}, functional beverages {energy drinks, sports drinks, fortified juices, dairy-based beverages, and other functional beverages}, and dietary supplements {tablets, liquid, powder, and other forms}); source (vitamins, proteins and amino acids, probiotics, minerals, omega-3 fatty acids, fibers & specialty carbohydrates, prebiotic, phytochemical & plant extracts, and other sources); and distribution channel (supermarkets & hypermarkets, convenience stores, specialty stores, pharmacies and drug stores, e-commerce, and other distribution channels). The study also evaluates industry competitors and analyzes the regional and country-level markets.
Based on type, the nutraceutical products market is primarily segmented into functional food, functional beverages, and dietary supplements. In 2023, the functional food segment is expected to account for the largest share of the global nutraceutical products market. However, the functional beverages segment is projected to register the highest CAGR during the forecast period of 2023–2030. The growth of this segment is attributed to the increase in the number of fitness enthusiasts and growing consumer inclination towards a healthy lifestyle. Moreover, the growing demand for functional beverages due to the availability of new flavors, the growing e-commerce industry, increased consumption of regular sports drinks, and a rise in health expenditure are further expected to support the growth of this market during the forecast period.
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Based on source, in 2023, the vitamin segment is expected to account for the largest share of the global nutraceutical products market due to the growing number of vitamin deficiency cases among young adults, adolescents, and children. Moreover, increasing demand for immunity-boosting products is further expected to support the large market share of this segment.
Based on distribution channel, the e-commerce segment is projected to register the highest CAGR during the forecast period. The benefits offered by the e-commerce sales channels, such as the availability of a wide variety of products, easy accessibility and affordability, comparatively higher discounts than offline stores, and home delivery services, are expected to drive the growth of this segment at the highest CAGR during the forecast period.
Based on geography, the nutraceutical products market is segmented into North America, Europe, Asia-Pacific, Latin America, and the Middle East & Africa. Asia-Pacific is slated to register the fastest growth rate during the forecast period due to the increasing demand for dietary supplements, rising awareness regarding the health benefits of nutritional products, increasing disposable incomes, rapid urbanization, and rising health wellness trends. Moreover, the rapid economic growth in countries such as China, Japan, and India is leading to a surge in demand for fortified nutritional food and beverages products, which is further expected to support the growth of this market during the forecast period.
Key Players
Some of the key players operating in the nutraceutical products market include Abbott Laboratories (U.S.), Amway Corp (U.S.), Cargill, Incorporated (U.S.), Conagra Brands, Inc. (U.S.), Danone S.A. (France), General Mills Inc. (U.S.), Herbalife Nutrition Ltd. (U.S.), Glanbia plc (Ireland), Herbalife Nutrition Ltd. (U.S.), International Flavors & Fragrances Inc. (U.S.), Kellogg Company (U.S.), Kerry Group plc. (Ireland), Koninklijke DSM N.V. (The Netherlands), Nestle S.A. (Switzerland), and PepsiCo, Inc. (U.S.).
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Scope of the Report:
Nutraceutical Products Market, by Type
- Functional Food
- Bakery Products
- Confectionery Products
- Snacks
- Dairy Products
- Infant food Products
- Other Functional Foods
- Functional Beverages
- Energy Drinks
- Sports Drinks
- Fortified Juices
- Dairy-based Beverages
- Other Functional Beverages
- Dietary Supplements
- Tablets
- Liquid Form
- Powder Form
- Other Forms
Nutraceutical Products Market, by Source
- Vitamins
- Proteins and Amino Acids
- Probiotic
- Minerals
- Omega-3 Fatty Acids
- Fibers & Specialty Carbohydrates
- Prebiotic
- Phytochemical & Plant Extracts
- Other Sources
Nutraceutical Products Market, by Distribution Channel
- Supermarkets & Hypermarkets
- Convenience Stores
- Specialty Stores
- Pharmacies and Drug Stores
- E-commerce
- Other Distribution Channels
Nutraceutical Products Market, by Geography
- North America
- U.S.
- Canada
- Europe
- France
- Germany
- Italy
- U.K.
- Spain
- Rest of Europe
- Asia-Pacific (APAC)
- China
- India
- Japan
- Australia
- South Korea
- Rest of APAC (RoAPAC)
- Latin America
- Brazil
- Mexico
- Rest of Latin America (RoLATAM)
- Middle East & Africa
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