According to Arizton’s latest research report, the nutraceuticals market is growing at a CAGR of 8.47% during 2022-2028.
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The global nutraceuticals market by product is segmented into functional foods, functional beverages, and vitamins & dietary supplementary. In 2022, the functional foods segment accounted for a 45.01% market share and is expected to dominate the market during the forecast period. Functional food products are nutrient-rich solutions that are a part of daily life nutritional support in humans. On the other hand, the functional beverages segment is expected to witness a high growth rate during the forecast period. The increased preference for energy drinks, sports drinks, and healthy and herbal juices accelerates the sale of functional beverages. The broad consumer base of athletes, sports persons, and gym-goers offers lucrative segmental growth opportunities. Vendors can collaborate with sports centers, clubs, gyms, and cardio centers where functional beverages are in high demand.
E-commerce Act as a Revolutionary Sales Channel for Market Vendors
E-commerce channels are an opportunity for new entries in the market. Globally, new start-ups are an effective way to gain high revenue, market penetration, consumers, and rapid popularity. Start-ups can collaborate with trendy e-commerce channels as distribution channels in nutraceuticals have rapidly shifted toward e-commerce. Currently, almost all nutraceutical brands are available on e-commerce channels. Most leading vendors sell nutraceuticals through their own websites and tie up with third-party online platforms, which help them reach potential consumers and conveniently cater to the right category.
The online sales of vitamins and botanicals is expected to reach around $3 billion by the end of 2023 (Glanbia Nutraceuticals estimation), of which vitamins will account for around $2.2 billion and botanicals for $1.9 billion.
Supermarkets & Hypermarkets to Contribute the Largest Market Share by 2028
Supermarkets and hypermarkets are major distribution platforms for food and dietary supplement products. Supermarkets primarily focus on selling a broad range of food products (dietary supplements), vitamins, functional food, and beverages. On the other side, hypermarkets are major retail stores that combine the features of traditional department stores and supermarkets and offer an extensive selection of nutraceuticals under one roof. Both sales channels are retail stores that provide consumers with a broad range of nutraceutical products and contribute higher revenue generation for market growth. In 2022, the supermarkets & hypermarkets segment accounted for a 35.33% share of the global nutraceuticals market.
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Regional Insights
North America accounted for the largest share of the global nutraceuticals market, accounting for over 32% in 2022. The factors governing the industry growth in the region are high awareness and high expenditure. Most people in North America consume nutraceutical products such as functional food. Behind those vitamins and dietary supplements is a highly growing segment across the region and the global industry. Furthermore, the increasing utilization of functional food and beverages by young adults and baby boomers is the leading factor propelling significant industry growth in the region.
During the forecast period, APAC is projected to grow rapidly and witness the highest CAGR growth rate in the global nutraceuticals market. In APAC, consumers are shifting towards functional food, beverages, and dietary supplements to support cognitive health and mental well-being. The consumer group in the region is becoming more proactive about their health, supporting the industry’s growth. Furthermore, more than 89% of people across 24 countries who participated in the Herbalife Nutrition Company survey stated that they are taking steps towards improving their health, which included less unhealthy food intake, more exercise, and the addition of nutraceutical products such as vitamins and dietary supplements in their routine. Also, the survey revealed that Latin America accounted for more than a 7% share in the global dietary supplement industry, which is part of nutraceutical products. Brazil, Mexico, and Argentina accounted for high industry share, respectively.
Key Company Profiles
- BASF
- Herbalife
- International Flavors & Fragrances Inc. (IFF)
- Nestlé
- Meiji Holdings
- Amway
- ADM
- Aden Healthcare
- AKER BIOMARINE
- Bayer AG
- BELLRING BRANDS, INC.
- Barentz
- ChromaDex
- CSPC Pharmaceutical Group
- E.I.D. – Parry
- DSM
- Danone
- Divi’s Nutraceuticals
- Element Nutrition
- Elmed Life Sciences
- FANCL CORPORATION
- Glanbia
- GNC Holdings
- General Mills
- Ingredion
- JAMIESON WELLNESS
- Kerry Group PLC
- Lifecare Neuro
- Matsun Nutrition
- Medifast
- Nature’s Sunshine Products
- NOW Foods
- Nuritas
- OmniActive Health Technologies
- Perrigo Company
- Tate & Lyle
- Throne HealthTech
- THE GHT COMPANIES
- The Craft Heinz Company
- Vox Nutrition
- Unilever
- UASANA Health Sciences
- Yakult Honsha
- ZIVO BIOSCIENCE, INC.
Market Segmentation
Product
- Functional Food
- Functional Beverages
- Vitamins & Dietary Supplement
Sales Channels
- Supermarkets & Hypermarkets
- Pharmacies
- Online
- Others
Consumers
- Adults
- Pediatric
Geography
- North America
- The US
- Canada
- Europe
- Italy
- Germany
- France
- The UK
- Spain
- APAC
- China
- India
- Japan
- Australia
- South Korea
- Latin America
- Brazil
- Mexico
- Argentina
- Middle East & Africa
- Turkey
- South Africa
- Saudi Arabia
Key Questions Answered in the Report:
How big is the nutraceuticals market?
What is the growth rate of the global nutraceuticals market?
Which region dominates the global nutraceuticals market share?
What are the significant trends in the nutraceuticals industry?
Who are the key players in the global nutraceuticals market?
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