Nutraceuticals Market Size to Surpass US$ 689.3 billion by 2031 – Growth Plus Reports

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Pune, Dec. 21, 2023 (GLOBE NEWSWIRE) — According to the latest report published by Growth Plus Reports, the global Nutraceuticals Market is expected to clock US$ 689.3 billion by 2031 and to grow at a CAGR of 7.6% during the forecast period.

The Nutraceuticals Market is experiencing robust growth as consumers worldwide increasingly prioritize health and wellness. This press release explores the key trends, driving factors, and the transformative impact of nutraceuticals on the global landscape of dietary supplements and functional foods.

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                                           Nutraceuticals Market Scope

Report Attribute Details
Market Size Value in 2022 US$ 388.0 billion
Revenue Forecast in 2031 US$ 689.3 billion
Growth Rate 7.6%
Base Year for Estimation 2022
Forecast Period 2023-2031
Historical Year 2021
Segments Covered Type, Distribution Channel, and Region
Regional Scope North America, Europe, Asia Pacific, Latin America, and the Middle East & Africa

Market Overview:

Nutraceuticals, a portmanteau of “nutrition” and “pharmaceuticals,” encompass a broad spectrum of products that provide health benefits beyond basic nutrition. This diverse market includes dietary supplements, functional foods, and beverages fortified with bioactive compounds.

Key Factors Driving Market Growth:

  1. Rising Health Consciousness:
    • The global shift toward healthier lifestyles has fueled the demand for nutraceuticals. Consumers are increasingly conscious of the role nutrition plays in overall well-being, driving the uptake of dietary supplements and functional foods.
  2. Preventive Healthcare Approach:
    • Nutraceuticals align with a preventive healthcare approach, with consumers seeking products that offer not only nutritional value but also specific health benefits. This preventive mindset contributes to the growing popularity of nutraceuticals.
  3. Aging Population and Chronic Conditions:
    • The aging population, coupled with an increase in chronic health conditions, has heightened the demand for nutraceuticals. Products targeting joint health, cognitive function, and heart health are particularly sought after by an aging demographic.
  4. Innovation in Formulations:
    • Ongoing research and development efforts have led to innovative formulations in the nutraceuticals market. This includes the incorporation of botanical extracts, probiotics, omega-3 fatty acids, and other bioactive compounds known for their health-promoting properties.

Categories Shaping the Nutraceuticals Market:

  1. Dietary Supplements:
    • Nutraceutical dietary supplements, including vitamins, minerals, and herbal extracts, constitute a significant portion of the market. These supplements cater to a wide range of health goals, from immune support to energy enhancement.
  2. Functional Foods and Beverages:
    • The market for functional foods and beverages has witnessed remarkable growth, with consumers seeking products that offer both nutritional value and targeted health benefits. This category includes fortified cereals, probiotic yogurts, and beverages enriched with vitamins and antioxidants.
  3. Herbal and Botanical Extracts:
    • The use of herbal and botanical extracts in nutraceutical formulations has gained traction. Products featuring ingredients such as turmeric, ginger, and adaptogenic herbs appeal to consumers looking for natural solutions to support their health.
  4. Sports and Performance Nutrition:
    • The sports and performance nutrition segment within nutraceuticals caters to fitness enthusiasts and athletes. Protein supplements, amino acids, and energy-boosting formulations are popular choices in this category.

Benefits of Nutraceuticals:

  1. Holistic Health Support:
    • Nutraceuticals offer holistic health support by addressing specific health concerns and promoting overall well-being. This aligns with consumers’ preferences for comprehensive solutions to their health needs.
  2. Personalized Nutrition:
    • The diverse range of nutraceutical products allows for personalized nutrition approaches. Consumers can choose products tailored to their unique health goals, dietary preferences, and lifestyle.
  3. Convenience and Accessibility:
    • Nutraceuticals provide a convenient and accessible way for individuals to incorporate health-enhancing compounds into their daily routines. This convenience factor contributes to the widespread adoption of nutraceutical products.
  4. Scientifically Backed Formulations:
    • Many nutraceutical products are developed based on scientific research, providing consumers with confidence in the efficacy and safety of the formulations. This scientific backing enhances the credibility of nutraceuticals in the eyes of consumers.

Challenges and Opportunities:

  1. Regulatory Compliance:
    • Adhering to diverse regulatory frameworks poses a challenge for the nutraceuticals industry. Opportunities exist for industry stakeholders to collaborate and establish global standards for nutraceutical products.
  2. Consumer Education:
    • Educating consumers about the benefits and proper usage of nutraceuticals is crucial. Opportunities lie in comprehensive educational campaigns that empower consumers to make informed choices about their health.
  3. Market Fragmentation:
    • The nutraceuticals market is characterized by fragmentation, with numerous products and brands available. Opportunities exist for strategic partnerships, mergers, and acquisitions to streamline the market and enhance product visibility.

Future Outlook:

The Nutraceuticals Market is poised for sustained growth as health-conscious consumers continue to seek innovative solutions for their nutritional needs. Ongoing research and development, coupled with a focus on consumer education, will play pivotal roles in shaping the future of this dynamic market.

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Table of Content

  1. INTRODUCTION
    1. Market Ecosystem
    2. Timeline Under Consideration
      1. Historical Years – 2021
      2. Base Year – 2022
      3. Forecast Years – 2023 to 2031
    3. Currency Used in the Report
  1. RESEARCH METHODOLOGY 
    1. Research Approach
    2. Data Collection Methodology
    3. Data Sources
      1. Secondary Sources 
      2. Primary Sources
    4. Market Estimation Approach
      1. Bottom Up
      2. Top Down 
    5. Market Forecasting Model
    6. Limitations and Assumptions
  1. PREMIUM INSIGHTS
    1. Current Market Trends (COVID-19 Perspective)
    2. Key Players & Competitive Positioning (2022)
    3. Regulatory Landscape
  1. MARKET DYNAMICS
    1. Drivers
    2. Restraints/Challenges
    3. Opportunities
  1. GLOBAL NUTRACEUTICALS MARKET – ANALYSIS & FORECAST, BY TYPE          
    1. Dietary Supplements
      1. Vitamins
      2. Proteins & Amino Acids
      3. Botanicals
      4. Minerals
      5. Fibers & Specialty Carbohydrates
      6. Omega Fatty Acids
      7. Others
    2. Functional Foods & Beverages
      1. Carotenoids
      2. Dietary Fibers
      3. Fatty Acids
      4. Minerals
      5. Prebiotics & Probiotics
      6. Vitamins
      7. Others                           
  1. GLOBAL NUTRACEUTICALS MARKET – ANALYSIS & FORECAST, BY DISTRIBUTION CHANNEL
    1. Conventional Stores 
    2. Specialty Stores 
    3. Online Retailers 

Browse full TOC here

VALUE PROPOSITIONS RELATED TO THE REPORT:

  • Powered with Complimentary Analyst Hours and Expert Interviews with Each Report
  • Comprehensive quantitative and qualitative insights at segment and sub-segment level
  • Covid 19 impact trends and perspective
  • Granular insights at global/regional/country level
  • Deep-rooted insights on market dynamics (drivers, restraints, opportunities) and business environment
  • Blanket coverage on competitive landscape
  • Winning imperatives
  • Exhaustive coverage on ‘Strategic Developments’ registered by leading players of the market

CUSTOMIZATION OPTIONS:

  • Distributor Landscape Assessment
  • Pricing Intelligence
  • Customer Base Assessment
  • Investment & Initiatives Analysis
  • ‘Business Profile’ of Key Players

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Conclusion:

Nutraceuticals have evolved beyond mere supplements to become integral components of a health-focused lifestyle. With a diverse array of products catering to various health goals, nutraceuticals are set to play a central role in the ongoing global pursuit of health and wellness.

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About Us:

Growth Plus Reports is part of GRG Health, a global healthcare knowledge service company. We are proud members of EPhMRA (European Pharmaceutical Marketing Research Association).

Growth Plus portfolio of services draws on our core capabilities of secondary & primary research, market modelling & forecasting, benchmarking, analysis and strategy formulation to help clients create scalable, ground-breaking solutions that prepare them for future growth and success.

We were awarded by the prestigious CEO Magazine as Most Innovative Healthcare Market Research Company in 2020.

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