According to a new report published by Allied Market Research, titled, “Nutraceuticals Market by Type, Form, and Sales Channel: Global Opportunity Analysis and Industry Forecast, 2021–2030,” the global Nutraceuticals market size was valued at $413.0 billion in 2020, and is projected reach $650.5 billion by 2030, registering a CAGR of 3.9% from 2021 to 2030.
Nutraceuticals are becoming an integral part of many consumers’ daily routines all across the world. These supplements, foods, and beverages are becoming increasingly popular as consumers are focusing more on natural remedies and nutrition as compared to synthetic materials. Due to the nutraceuticals being made form food and plant material, they are non-toxic and are completely safe for consumption. Nutraceuticals products are classified as food supplements and additives and are not heavily regulated like pharmaceuticals. Nutraceuticals are available in pharmacies however, as they are considered to be health products. There has been a greater demand for newer forms of nutraceuticals that are made into gummies and jellies as they taste better and are also attractive to children, which makes it easier to feed them the nutraceuticals.
The Nutraceuticals market has a significant presence of a large number of regional players, as setting up a Nutraceuticals production business is relatively easy. Many forms of Nutraceuticals have gained huge traction over the last few years, due to which various low-quality Nutraceuticals products have entered in the market. The right type of Nutraceuticals products has no adverse effects on the health of the consumers. However, counterfeit and low-quality nutraceuticals available in the market might severely harm the consumer’s health. Many of these counterfeits and low quality nutraceuticals imitate big brands and companies’ products, which hampers the brands image. However, as these products are not well regulated in many countries across the world as they are considered to be food supplements, it becomes too difficult to control the inflow of inferior quality products into the market. Therefore, availability of low-quality counterfeit product hampers the overall expansion of the market in terms of value sales.
The global Nutraceuticals market is studied across North America, Europe, Asia-Pacific, and LAMEA. Asia Pacific leads in terms of market share for 2020, and is forecasted to grow with significant growth during the forecast period owing to growing disposable income, extensive advertising and promotion, and large scale urbanization. China along with India and South East Asian countries is likely to witness increased demand of Nutraceuticals in the coming years.
The global report is studied on the basis of type, form, and sales channel. By type, the market is divided into functional beverage, functional food, and dietary supplements. By form, the market is studied across capsules and tablets, liquid, powder, others. By sales channel, the market is studied hypermarkets/supermarkets, specialty stores, pharmacies, and online channels.
Key Findings Of The Study
- By type, functional foods captured the largest market share in the year 2020 and the functional beverages segment is expected to grow with the highest CAGR during the forecast period.
- Capsules and tablets are the most commonly consumed form of nutraceuticals supplements, however, the others nutraceuticals segment will gain market share in the near future.
- The most common method of purchase of nutraceuticals is via pharmacies while online channels are gaining more popularity for Nutraceuticals purchase.
- Consumers in the Asia-Pacific region are the largest consumers of Nutraceuticals products and will continue to dominate the global market towards the end of the forecast period.
Some of the major players profiled for in the Nutraceuticals market analysis include Archer Daniels Midland Company, BASF SE, Cargill, Inc., Danone, DuPont de Nemours, Inc., General Mills Inc., Koninklijke DSM N.V., Nestle S.A., PepsiCo, Inc., and Yakult Honsha Co., Ltd.