The nutraceutical products market is projected to grow from USD 290.3 billion in 2020 to USD 472 billion by 2027, recording a CAGR of 7.2 % during the forecast period. Nutraceutical are versatile in nature as they are used in numerous industries such as pharmaceutical food & beverages, animal feed additives, and personal care.
Recent innovations and findings of function-specific antioxidants are expected to create new opportunities in this booming sector. Nutraceutical products are the necessity of the modern world. The market is poised to witness significant growth during the forecast period, owing to the increase in demand for preventive healthcare and rise in medical treatment, which stimulates the demand for nutraceutical-containing products. However, high investment for R&D is expected to hamper the market growth. The strong growth of the nutraceutical products can be attributed to the increasing prevalence of chronic diseases, such as diabetes, cholesterol, and obesity among others. In addition, increasing geriatric population, and the growing demand for alternate pharmaceutical products contribute to the growth of the nutraceutical products. The growing consumer awareness on fitness and health and increasing demand for on-the-go snacks fortified with nutritional food contribute to the growth of the nutraceutical products market.
A range of nutraceutical have shown significant benefits in indications related to oxidative stress including allergy, cardiovascular diseases, eye conditions, Alzheimer's disease, obesity, and Parkinson's disease contributing to the growth of the nutraceutical products market. However, the nutraceutical products market is highly unregulated and lacks product regulations. As a result, a range of products are marketed which are known to have significant side effects on the human body. These adverse effects might have a negative impact on the nutraceutical products market.
Key vendors in the global market include Kraft Heinz Company (US), The Hain Celestial Group (US), Conagra (US), General Mills (US), Kellogg's (US), Nestlé (Switzerland), Nature’s Bounty (US), Amway (US), Hero Group (US), Barilla Group (Italy), Raisio Group (Finland), Pfizer Inc.(US), and Freedom Food Group Limited (Australia).
North America dominated the global nutraceutical products market in 2019, owing to strong presence of leading market players; high prevalence of cancer owing to lifestyle disorders; ongoing modernization and expansion of health care infrastructure; and well-established health care infrastructure.
The Asia Pacific market is projected to record the fastest growth in the market. Factors such as busy lifestyles have led to an increase in the consumption of convenience food products. In addition, the rapid economic growth in countries of various regions has led to a surge in demand for fortified nutritional food & beverage products in the region. The food & beverage market in this region is currently undergoing a transformation due to rapid urbanization, diet diversification, and liberalization of foreign direct investment in the food sector. In addition, rising income, increasing purchasing power and a surge in consumer demand for nutritional & healthy products are factors projected to widen the growth prospects for manufacturers in the nutraceutical products market in the region.
Report : Nutraceutical Products Market - By Type (Food, Beverages, Dietary Supplements) By Distribution channel (Conventional stores, Specialty stores) By Source (Probiotics, Proteins & amino acids, Phytochemicals & plant extracts, Fibers & Specialty carbohydrates, Others) By Region (North America, Europe, Asia Pacific, Latin America and Middle East & Africa) - Industry Analysis, opportunity and Forecast 2020 To 2027