Nutraceutical Market Set to Reach USD 785 Billion by 2030, Growing at a CAGR of 7%

Nutraceutical Market Set to Reach USD 785 Billion by 2030, Growing at a CAGR of 7%

According to Next Move Strategy Consulting, the global Nutraceutical Market is poised for substantial growth, with its market size projected to increase to USD 785 billion by 2030, representing a compound annual growth rate (CAGR) of 7% by 2030.

Nutraceuticals, also referred to as bioceuticals, encompass a wide range of food items and substances that provide health benefits or nutritional value, offering diverse applications in pharmaceuticals, wellness, and food and beverage industries.

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Market Dynamics and Trends

The global demand for nutraceuticals is surging, driven by changing consumer eating habits and an increasing focus on health and well-being. A growing preference for functional foods and beverages, coupled with medical nutrition’s ability to enhance sleep quality and reduce drug cravings, is stimulating market growth. The improvement of healthcare sectors and rising healthcare costs further amplify the demand for nutraceuticals, as consumers seek ways to support their health through alternative products.

A key example of this trend is India's 100% foreign direct investment (FDI) allowance in the nutraceutical manufacturing sector, which has helped boost retail, wholesale, and e-commerce sales. Additionally, the rise in popularity of products featuring ingredients such as taurine, omega-3, and antioxidants has contributed to nutraceuticals' growing appeal, as they offer solutions for preventing hypertension, heart disease, and allergies.

Market Segmentations and Scope

The nutraceutical market is segmented by product type, form, indications, distribution channel, and geography. The product categories include functional beverages, functional foods, and dietary supplements. The market's functional beverages segment covers energy and sports drinks, while the functional foods category includes minerals, probiotics, and dietary fibers. Dietary supplements are divided into botanicals, vitamins, minerals, omega fatty acids, CBD products, and more.

Further segmentation is based on product form—capsules and tablets, liquids, powders, and others—and indications such as cold flu and immunity, diabetes, energy and weight management, and gastrointestinal health. Distribution channels range from hypermarkets and pharmacies to online platforms. Regional analysis includes North America, Europe, Asia-Pacific, and the Rest of the World (RoW).

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Geographical Insights

Asia-Pacific has emerged as the largest regional market, driven by expanding retail sectors in emerging economies such as China, India, and Indonesia. The region also sees a growing interest in probiotics, with surveys showing that 70% of Chinese consumers recognize the health benefits of probiotics. Additionally, the increasing popularity of e-commerce and a rising focus on health and wellness further bolster market growth across the region.

North America is projected to see steady growth in the nutraceutical sector, propelled by the adoption of medicinal herbs and increasing concerns about fatigue and heart health. High disposable income, a focus on physical appearance, and innovations by major industry players are expected to continue driving demand in the region.

Competitive Landscape

The nutraceuticals industry is highly fragmented, with several key players dominating the market. Leading companies in the sector include General Mills Inc., Herbalife International of America Inc., Nestlé S.A., PepsiCo, Kraft Heinz Company, Kellogg’s, Danone, BASF SE, Amway Corporation, and Yakult Honsha Co., Ltd. These companies are focusing on expanding their product offerings through new product launches and strategic partnerships.

For instance, in 2021, PepsiCo launched Soulboost, a wellness-focused sparkling water with ingredients like panax ginseng and L-theanine, targeting health-conscious consumers. General Mills also introduced Good Measure, a new snack brand aimed at controlling blood sugar levels.

Conclusion

The global nutraceutical market is experiencing robust growth, driven by shifting consumer preferences, product innovations, and increasing health awareness. The market is projected to continue expanding as new products with diverse health benefits enter the market and demand for functional foods and beverages rises. Despite challenges such as high production costs and ingredient extraction difficulties, the market's growth potential remains strong, supported by regional developments, increased consumer demand, and investment in research and development.

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Next Move Strategy Consulting is a premier market research and management consulting firm that has been committed to provide strategically analysed well documented latest research reports to its clients. The research industry is flooded with many firms to choose from, what makes Next Move different from the rest is its top-quality research and the obsession of turning data into knowledge by dissecting every bit of it and providing fact-based research recommendation that is supported by information collected from over 500 million websites, paid databases, industry journals and one on one consultations with industry experts across a diverse range of industry sectors. The high-quality customized research reports with actionable insights and excellent end-to-end customer service help our clients to take critical business decisions that enables them to move beyond time and have competitive edge in the industry.

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