Nutraceutical Market Size to Surpass USD 895.76 Billion by 2031, Predicted CAGR of 7.5%| The Insight Partners
NEW YORK, Dec. 3, 2024 /PRNewswire/ -- According to a new comprehensive report from The Insight Partners, the global Nutraceuticals Market Strategies, Top Players, Growth Opportunities, Analysis and Forecast by 2031 is observing significant growth owing to increased consumer focus on preventive health along with the rising product innovations and strategic developments by key manufacturers.
The nutraceuticals market report comprises a detailed analysis of various types of nutraceuticals and their potential use for maintaining good health, which are expected to drive the market toward significant growth in the coming years. The report runs an in-depth analysis of market trends, key players, and future opportunities.
The report from The Insight Partners, therefore, provides several stakeholders—including ingredient manufacturers, raw material suppliers, herbal extracts manufacturers, API manufacturers, retailers, distributors, wholesalers, traders, and others—with valuable insights into how to successfully navigate this evolving market landscape and unlock new opportunities.
The List of Companies - Nutraceuticals Market
- Glanbia Plc
- NOW Health Group Inc
- Amway Corp
- Nature's Bounty
- Garden of Life LLC
- Danone SA
- GNC Holdings, LLC
- Quest Nutrition LLC
- Kellanova
- Chobani LLC
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Overview of Report Findings
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Market Segmentation
- Based on type, the nutraceuticals market is segmented into functional foods, functional beverages, and dietary supplements. The functional foods segment held the largest share of the market in 2023.
- In terms of distribution channel, the nutraceuticals market is segmented into supermarkets and hypermarkets, specialty stores, online retail, and others. The supermarkets and hypermarkets segment held the largest share of the nutraceuticals market in 2023.
- The nutraceuticals market is segmented into five major regions: North America, Europe, APAC, Middle East and Africa, and South and Central America.
Report Scope
Feature of the Report | Details |
Market Size in 2023 | US$ 500.77 billion in 2023 |
Projected Market Size in 2031 | US$ 895.76 billion by 2031 |
CAGR Growth Rate | 7.5 % |
Base Year | 2023 |
Forecast Period | 2023-2031 |
Key Segment | By Type, Application, Connectivity and Region |
Report Coverage | Revenue Estimation and Forecast, Company Profile, Competitive Landscape, Growth Factors and Recent Trends |
Regional Scope | North America, Europe, Asia Pacific, Middle East & Africa, and South & Central America |
Buying Options | Request tailored purchasing options to fulfil your requirements for research. |
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Competitive Strategy and Development
- Key Players: A few of the major companies operating in the nutraceuticals market include Glanbia Plc; NOW Health Group Inc; Amway Corp; Nature's Bounty; Garden of Life LLC; Danone SA; GNC Holdings, LLC; Quest Nutrition LLC; Kellanova; and Chobani LLC.
- Trending Topics: Cosmeceuticals, probiotics, nutricosmetics, herbal supplements, immune support, adaptogenic, and gut health
Global Headlines on Nutraceuticals
- GNC Expands into Virtual Healthcare with GNC Health
- Eggo Launches Its Most Protein-Packed Waffles Ever and A Fully Loaded Pair of Custom SRGN Sneakers to Match
- GNC and CTRL Announce New Partnership and Exclusive Launch of Product Line for Gamers
- Take Care of Your Body and the Environment: Amway Nutrilite New Omega 3s are Now Friend of the Sea Certified
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Conclusion
The global nutraceuticals market is growing with significant investments by manufacturers in research and development, partnerships, and collaborations to launch innovative products to tap into unexplored market segments. In February 2022, PepsiCo's Rockstar Energy brand launched a "hemp-infused drink" in the US. The energy drink, branded as "Rockstar Unplugged," contains hemp seed oil, vitamin B complex, spearmint, and lemon balm; moreover, the drink contains no sugar or calories. This product was made available in three flavors: blueberry, passionfruit, and raspberry-cucumber. Similarly, in March 2024, a dairy giant in Japan launched a milk beverage called "Meiji Eye and Sleep W Support," containing 7.5 mg of a functional ingredient—crocetin, which is a carotenoid derived from gardenia fruit and saffron. Owing to its small molecular weight, the drink can be easily absorbed into the body. Thus, the increasing product innovation by key market players worldwide is driving the nutraceuticals market growth.
Further, the increasing number of health-conscious consumers worldwide boosts the demand for nutraceuticals with vegan, organic, and plant-based tags. The burgeoning awareness of the more significant nutritional profiles of plant-based nutraceuticals than their traditional counterparts is expected to propel the demand for plant-based nutraceuticals over the forecast period. These products contain collagen, minerals, antioxidants, and carbohydrates in higher amounts with lower fat content, which appeals to consumers seeking healthier nutraceuticals. To keep up with the growing trend of organic and plant-based products, several companies focus on launching their plant-based nutraceuticals, along with expanding their existing product lines. Thus, plant-based and organic nutraceuticals are emerging as significant nutraceuticals market trends.
Nutraceuticals Market - Regional analysis -
- The Europe nutraceuticals market is accounted to US$ 59,269.6 Mn in 2018 and is expected to grow at a CAGR of 6.9% during the forecast period 2019 – 2027, to account to US$ 108,044.7 Mn by 2027.
- The North America nutraceuticals market is accounted to US$ 93,520.1 Mn in 2018 and is expected to grow at a CAGR of 7.2% during the forecast period 2019 – 2027, to account to US$ 173,709.7 Mn by 2027.
- The Asia Pacific nutraceuticals market is accounted to US$ 74,648.1 Mn in 2018 and is expected to grow at a CAGR of 7.3% during the forecast period 2019 – 2027, to account to US$ 140,178.6 Mn by 2027.
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