Nutraceuticals Market to Exhibit Impressive Growth During 2021 – 2028: Grand View Research Inc.

 Nutraceuticals Market Growth & Trends

The global nutraceutical market size is projected to reach USD 826,426.3 million by 2028, expanding at a CAGR of 8.9% over the forecast period, according to a new report by Grand View Research, Inc. Rising awareness regarding calorie reduction and weight loss in countries, including U.S., China, and India, is expected to promote the application of nutraceuticals, which, in turn, will have a substantial impact on the industry growth.

Nutraceuticals are products that provide health advantages and additional nutrition to the human body. It comprises fortified nutrients, such as taurine, CoQ10, omega-3, calcium, zinc, and antioxidants, that enhance the complete health of consumers. These nutrients further help in averting medical conditions, such as hypertension, diabetes, heart diseases, and allergies. Demand for nutraceuticals is increasing at the global level as it improve the digestive and immune systems and enhances the cognitive behavior of consumers.

Growing trend among consumers to alter dietary habits is likely to boost the demand for nutraceuticals. The consumer belief that improper diet results in an increase in costs on pharmaceuticals are anticipated to boost the demand for nutraceuticals. This would also help the government as it would result in lesser expenditure on healthcare and low social security costs.

Rise in disposable income, increasing consumer awareness concerning health issues, and rapid urbanization are likely to boost the nutraceutical market growth over the forecast years. Positive outlook towards medical nutrition owing to increasing weight management programs, along with cardiovascular diseases, is anticipated to propel the demand for nutraceuticals.

The rise and evolution of wellness-focused diets, such as keto and paleo, are driving food producers to cater their products in this direction. Functional food products, such as probiotics and omega-3, are highly used in yogurt and fish oils in order to reduce the risk of cardiovascular diseases and develop the quality of intestinal microflora, which is further projected to fuel the market growth of the nutraceutical products over the coming years.

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Nutraceuticals Market Report Highlights

• Based on functional food product, prebiotics and probiotics are projected to expand at a CAGR of 10.1% over the forecast period owing to increasing usage of probiotics as a primary ingredient among the majority of food manufacturing companies to provide better nourishment and reduce health problems caused by harmful bacteria
• Vitamins and minerals together accounted for over 40.71% share in 2019 owing to increasing consumer interest in the relationship between diet and health, which, in turn, has increased demand for these products
• In terms of dietary supplement product, vitamins emerged as the largest segment in 2019 and is expected to expand at a CAGR of 5.8% in the coming years
• In terms of product, functional food accounted for the largest share in 2019 and generated revenue of USD 187.51 billion. Rising healthcare costs, coupled with growing geriatric population across the world, are anticipated to drive the functional food segment over the forecast period
• Asia Pacific is expected to witness the fastest growth over the forecast period. Expansion of the retail chain in countries, such as India, Japan, and China, has increased the consumption of dietary supplements and functional foods in this region
• The nutraceuticals industry represents a highly competitive landscape. Key players dominate the nutraceutical market space and have been focusing on various strategic initiatives, including mergers & acquisitions, product innovation, and portfolio expansion
• Key market participants include Cargill, Incorporated, Archer Daniels Midland Company, DuPont, Nestle S.A, Danone, General Mills, Innophos, WR Grace, and Amway Corporation.

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Nutraceuticals Market Segmentation

Grand View Research has segmented the global nutraceutical market on the basis of product and region.

Nutraceuticals Product Outlook (Revenue, USD Million, 2017 - 2028)

• Dietary Supplements
• Functional Food
• Functional Beverages

Nutraceuticals Dietary Supplements Product Outlook (Revenue, USD Million, 2017 - 2028)

• Vitamins
• Botanicals
• Minerals
• Proteins & Amino Acids
• Fibers & Specialty Carbohydrates
• Omega Fatty Acids
• Others

Nutraceuticals Functional Food Outlook (Revenue, USD Million, 2017 - 2028)

• Carotenoids
• Dietary Fibers
• Fatty Acids
• Minerals
• Prebiotics & Probiotics
• Vitamins
• Others

Nutraceuticals Functional Beverages Outlook (Revenue, USD Million, 2017 - 2028)

• Energy Drinks
• Sports Drinks
• Functional Juices
• Others
• Infants

Nutraceuticals Regional Outlook (Revenue, USD Million, 2017 - 2028)

• North America
  • US.
  • Canada
  • Mexico
• Europe
  • UK.
  • Germany
  • France
  • Italy
  • Spain
  • Russia
• Asia Pacific
  • China
  • Japan
  • India
  • Australia & New Zealand
• Central & South America
  • Brazil
  • Argentina
• Middle East & Africa
  • South Africa

List of Key Players of Nutraceuticals Market

• Cargill, Inc.
• Archer Daniels Midland Company
• DuPont
• Nestle S.A.
• Danone
• Royal DSM N.V.
• General Mills
• Innophos
• WR Grace
• Amway Corp.
• AOR Canada
• Arkopharma Laboratories S.A.
• Bactolac Pharmaceuticals, Inc.
• I.D Parry Ltd.
• Valensa International
• Matsun Nutrition
• Mead Johnson Nutrition Company
• Natrol Inc.
• The Hain Celestial Group, Inc.
• Herbalife Ltd.

About Grand View Research

Grand View Research, Inc. is a U.S. based market research and consulting company, registered in the State of California and headquartered in San Francisco. The company provides syndicated research reports, customized research reports, and consulting services. To help clients make informed business decisions, we offer market intelligence studies ensuring relevant and fact-based research across a range of industries, from technology to chemicals, materials and healthcare.