Nutraceuticals Market size was valued at USD 383.69 billion in 2022 and is poised to grow from USD 420.14 billion in 2023 to USD 868.38 billion by 2031, growing at a CAGR of 9.50% during the forecast period (2024-2031).
In recent times, the nutraceuticals market has witnessed massive growth due to factor like preventive healthcare, increasing consumer emphasis on health-promoting diets, and lifestyle-related disorders. Rising consumer spending power in high-growth economies is also contributing the rising demand of nutraceutical products. Today, consumers preferences are also shifting towards self-directed care for treating lifestyle disorders like cardiovascular problems and malnutrition, which is increasing demand for dietary supplements. The objective of the nutraceuticals market is offering consumers with items based on natural and sustainable ingredients that can enhance their health and well-being. The growth of this market will continue to increase due to the rising awareness of the advantages of nutraceuticals along with advancements of research and technology. One of the primary drivers of the market is the rising demand of functional foods and supplements. Nowadays, consumers have become more health freak and are ready to pay premium for items that provide more health benefits. Moreover, the aging population is also increasing the popularity of nutraceuticals as they want to maintain their health and avoid age-related diseases.
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High Usage of Nutraceuticals for Better Therapeutic Outcomes to Drive Market Growth
In the past few years, the usage of nutraceuticals has significantly increased in different therapies. People are not only using nutraceutical products for better health benefits but also to minimize the risk of cancer heart diseases, insomnia, weakened memory, gastrointestinal issues, cataracts, and even menopausal symptoms. The products that are prepared with a combination of garlic, ginger, and honey are efficient for the treatment of migraines and headaches caused by stress. There are also other nutraceutical products such as green tea, Vitamin C, and Vitamin E that are being utilized for different reasons like enhancing the health of hair and skin complexion. These products can also be used for conditions like to reduce alcoholism, lethargy, depression, and varicose veins.
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Customized Nutraceutical Products from Genetic Information to Increase Popularity of Personalized Nutrition Amplifying Market Development
The popularity of personalized nutrition is increasing commonly known as nutrigenomics in the nutraceuticals sector. For personalized nutrition it is crucial to have genetic information so that nutritional recommendations can be customized to a person’s specific requirements. Today, the availability of personalized nutrition has become easier because of the rising accessibility of genetic testing services and advancement in technology. Many companies are also now investing in nutraceutical products due to its rising popularity among customers and to fulfil market demands. For instance, Nestle Health Science introduced a personalized vitamin subscription service- Persona. It can customize nutritional suggestions depending upon genetic and lifestyle features.
- Youtheory introduced a new section of liquid dietary supplements after being purchased by Jamieson Wellness Inc. in August 2022. This product line is a mix of different ingredients like K2D3, B12B6, and ashwagandha.
- New Protein Snack Bars were introduced by Kellogg’s Special K in June 2022. These bars are available in two flavors brownie sundae and berry vanilla, each containing 6 grams of protein.
- A new hemp-infused beverage was launched by Rockstar Energy in the U.S. market in February 2022. This Rockstar Unplugged has hemp seed oil, vitamins B, lemon balm, and spearmint.
- In January 2024, Zingavita specializes in manufacturing nutraceuticals and supplement products raised almost USD 1.2 million in its pre-series A round funding.
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Consumers Investing More in Nutraceuticals Products with Increasing Disposable Income to Improve Health
The global nutraceuticals market is being immensely influenced by the rise in per-capita income of consumers. With the rise in disposable income to people are also readily investing in nutraceuticals products to improve health, driving the sales. The personalized market will also witness a rise in nutraceutical consumption. The market has immense opportunities due to its evidence-based advantages and clean-labelled characteristics. Moreover, the increase in medical expenses and growing geriatric population will also positively influence the growth of the nutraceuticals market. Changing lifestyles of the working-class people and innovations in food sector is also boosting the market. More functional foods and drinks are becoming popular because of their health advantages.
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