Market Size of Nutraceuticals Industry
| Study Period | 2019 - 2029 |
| Market Size (2024) | USD 488.41 Billion |
| Market Size (2029) | USD 626.02 Billion |
| CAGR (2024 - 2029) | 5.09 % |
| Fastest Growing Market | Asia Pacific |
| Largest Market | Europe |
| Market Concentration | Low |
Major Players
*Disclaimer: Major Players sorted in no particular order |
Nutraceuticals Market Analysis
The Nutraceuticals Market size is estimated at USD 488.41 billion in 2024, and is expected to reach USD 626.02 billion by 2029, growing at a CAGR of 5.09% during the forecast period (2024-2029).
The global nutraceuticals market is expected to witness consistent growth following the outbreak of COVID-19, as these include the food ingredients that provide medical or health benefits to prevent diseases and boost the overall immune system. The flexibility in storage options, the demand for combined formulations with multiple benefits, increased consumer education levels, informed consumers, and the rise in health concerns among connected consumers during this pandemic increased the demand for nutraceutical products around the globe.
In addition, the pandemic is a foundation stone for the beginning and end of substandard nutrition, invalid claims, and smart marketing claims phrases that potentially misled consumers. For instance, in India, The Indian Council of Medical Research (ICMR) and the Food Safety and Standards Authority of India (FSSAI) have now been on non-negotiable terms with the claims. They are demanding clinical validation of the products.
The rising number of nutraceuticals demand with medical benefits is a significant factor driving the growth of nutraceuticals. They contain antioxidants, probiotics, and polyunsaturated fatty acids, which help manage health issues like obesity, cardiovascular disease, cancer, cholesterol, arthritis, and diabetes. Additionally, the growing preference for personalized nutrition in the regions is one of the key market trends in the nutraceuticals market space that further drives the market growth. The customized nutrition trend is growing, particularly among individuals with gut-related medical conditions where generic treatment is ineffective. Multivitamins and single vitamins account for a massive demand from consumers across the regions.
Nutraceuticals Industry Segmentation
Nutraceutical products have physiological benefits, protect against chronic diseases, improve health, delay aging, and increase life expectancy. The global nutraceutical market is segmented into product type, distribution channel, and geography. Based on product type, the market is segmented into functional food, functional beverage, and dietary supplement. The functional food segment is further categorized as cereal, bakery and confectionery, dairy, snacks, and other functional foods. Functional beverages are sub-segmented as energy drinks, sports drinks, fortified juice, dairy and dairy alternative beverages, and other functional beverages. Dietary supplements are categorized as vitamins, minerals, botanicals, enzymes, fatty acids, proteins, and other dietary supplements. By distribution channel, the market is segmented into specialty stores, supermarkets/hypermarkets, convenience stores, drug stores/pharmacies, online retail stores, and other distribution channels. The market is segmented based on geography: North America, Europe, Asia Pacific, South America, the Middle East, and Africa. For each segment, the market sizing and forecasts have been done based on value (in USD million).
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Nutraceuticals Market Size Summary
The nutraceuticals market is poised for steady expansion, driven by an increasing consumer focus on health and wellness, particularly in the wake of the COVID-19 pandemic. This sector encompasses food products that offer medical or health benefits, such as disease prevention and immune system enhancement. The demand for nutraceuticals has been bolstered by factors such as flexible storage options, the popularity of combined formulations, and heightened consumer awareness and education. The pandemic has also prompted stricter regulations and demands for clinical validation of health claims, particularly in regions like India. The market is further propelled by the rising interest in personalized nutrition, especially among individuals with specific health conditions, and the growing consumption of functional foods that incorporate nutraceutical ingredients.
In Europe, the market is significantly influenced by anti-aging concerns and the prevalence of health issues like obesity and cardiovascular diseases. The region sees a strong demand for nutraceuticals through pharmacy-based distribution channels and the introduction of innovative product forms, such as functional bottled waters and food-like delivery systems. The competitive landscape is marked by the presence of major players like PepsiCo, Nestlé, and Herbalife, who are adapting to consumer trends by launching new products that cater to health-conscious consumers. The market's growth is supported by the increasing popularity of high-protein foods and convenient fortified products, which are gaining traction among fitness enthusiasts and health-conscious individuals.
Nutraceuticals Market Size - Table of Contents
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1. MARKET DYNAMICS
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1.1 Market Drivers
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1.2 Market Restraints
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1.3 Porter's Five Forces Analysis
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1.3.1 Bargaining Power of Suppliers
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1.3.2 Bargaining Power of Buyers/Consumers
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1.3.3 Threat of New Entrants
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1.3.4 Threat of Substitute Products
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1.3.5 Intensity of Competitive Rivalry
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2. MARKET SEGMENTATION
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2.1 Product Type
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2.1.1 Functional Food
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2.1.1.1 Cereal
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2.1.1.2 Bakery and Confectionary
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2.1.1.3 Dairy
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2.1.1.4 Snack
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2.1.1.5 Other Functional Foods
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2.1.2 Functional Beverage
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2.1.2.1 Energy Drink
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2.1.2.2 Sports Drink
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2.1.2.3 Fortified Juice
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2.1.2.4 Dairy and Dairy Alternative Beverage
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2.1.2.5 Other Functional Beverages
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2.1.3 Dietary Supplements
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2.1.3.1 Vitamins
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2.1.3.2 Minerals
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2.1.3.3 Botanicals
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2.1.3.4 Enzyme
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2.1.3.5 Fatty Acids
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2.1.3.6 Proteins
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2.1.3.7 Other Dietary Supplements
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2.2 Distribution Channel
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2.2.1 Specialty Stores
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2.2.2 Supermarkets/Hypermarkets
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2.2.3 Convenience Stores
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2.2.4 Drug Stores/Pharmacies
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2.2.5 Online Retail Stores
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2.2.6 Other Distribution Channels
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2.3 Geography
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2.3.1 North America
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2.3.1.1 United States
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2.3.1.2 Canada
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2.3.1.3 Mexico
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2.3.1.4 Rest of North America
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2.3.2 Europe
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2.3.2.1 Germany
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2.3.2.2 United Kingdom
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2.3.2.3 France
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2.3.2.4 Sweden
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2.3.2.5 Spain
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2.3.2.6 Italy
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2.3.2.7 Russia
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2.3.2.8 Rest of Europe
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2.3.3 Asia-Pacific
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2.3.3.1 China
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2.3.3.2 Japan
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2.3.3.3 India
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2.3.3.4 Australia
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2.3.3.5 Rest of Asia-Pacific
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2.3.4 South America
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2.3.4.1 Brazil
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2.3.4.2 Argentina
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2.3.4.3 Rest of South America
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2.3.5 Middle East & Africa
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2.3.5.1 South Africa
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2.3.5.2 United Arab Emirates
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2.3.5.3 Rest of Middle East & Africa
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Nutraceuticals Market Size FAQs
How big is the Nutraceuticals Market?
The Nutraceuticals Market size is expected to reach USD 488.41 billion in 2024 and grow at a CAGR of 5.09% to reach USD 626.02 billion by 2029.
What is the current Nutraceuticals Market size?
In 2024, the Nutraceuticals Market size is expected to reach USD 488.41 billion.
