The growth of the Nutraceutical Market is driven by rising consumer awareness about health and wellness, increasing disposable incomes, and the growing prevalence of chronic diseases. Additionally, advancements in biotechnology and food sciences enhance product efficacy. However, market growth is restrained by stringent regulatory frameworks, high R&D costs, and the risk of product recalls due to contamination or mislabeling, which can erode consumer trust.
Lewes, Delaware, Aug. 14, 2024 (GLOBE NEWSWIRE) — The Global Nutraceutical Market Size is projected to grow at a CAGR of 2.10% from 2024 to 2031, according to a new report published by Verified Market Research®. The report reveals that the market was valued at USD 384.27 Billion in 2023 and is expected to reach USD 453.78 Billion by the end of the forecast period.
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Browse in-depth TOC on “Global Nutraceutical Market Size”
202 – Pages
126 – Tables
37 – Figures
Scope Of The Report
| REPORT ATTRIBUTES | DETAILS |
| STUDY PERIOD | 2020-2031 |
| BASE YEAR | 2023 |
| FORECAST PERIOD | 2024-2031 |
| HISTORICAL PERIOD | 2020-2022 |
| UNIT | Value (USD Billion) |
| KEY COMPANIES PROFILED | Pfizer Inc., Nestlé Health Science S.A., Amway Corporation, Herbalife Nutrition Ltd., DSM, The Hain Celestial Group, Inc., Abbott Laboratories |
| SEGMENTS COVERED | By Product Type, By Form, By Application, and By Geography |
| CUSTOMIZATION SCOPE | Free report customization (equivalent to up to 4 analyst working days) with purchase. Addition or alteration to country, regional & segment scope. |
Nutraceutical Market Overview
Health-Conscious Consumers: The Nutraceutical Market is driven by the increase in health-conscious customers who are seeking preventive healthcare solutions. The increasing recognition of the advantages of functional foods and dietary supplements is leading to a rise in demand, which in turn is driving market growth and creating profitable prospects for enterprises.
Technological Advancements: Progress in biotechnology and food processing technologies are revealing fresh opportunities for product development in the Nutraceutical Market. The increased bioavailability and effectiveness of products are leading to more consumer confidence and market expansion, providing companies with a competitive advantage in terms of innovation.
Aging Population: The Nutraceutical Market is strongly influenced by the worldwide increase in the number of elderly individuals. The increasing desire of older age groups to preserve their health and energy has led to a growing demand for supplements and functional foods specifically designed for their needs. This has resulted in the emergence of a strong market segment with consistent development prospects.
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Regulatory Challenges: The Nutraceutical Market faces a major obstacle in the form of strict regulatory frameworks. Adhering to different international standards raises expenses and prolongs the introduction of products, affecting strategies for entering the market and decelerating overall expansion.
High R&D Costs: One significant obstacle in the Nutraceutical Market is the exorbitant expenses associated with research and development. Companies experience substantial financial constraints in their pursuit of innovation, while also prioritizing the safety and effectiveness of their products. These factors can impede the speed at which new products are introduced and limit market growth.
Consumer Skepticism: Although there is increasing knowledge, consumers still have doubts about the effectiveness and safety of nutraceutical goods, which limits their acceptance. Occurrences of product recalls and deceptive assertions can undermine confidence, posing difficulties for organizations in establishing and sustaining a devoted client following.
Geographic Dominance:
The Nutraceutical Market in North America is primarily led by factors such as extensive consumer awareness, robust regulatory support, and modern healthcare infrastructure. This dominance enhances market expansion by facilitating greater expenditure in research and development and accelerating the introduction of new products. Nevertheless, the fierce competition and market saturation in this region necessitate corporations to investigate rising markets in Asia-Pacific and Latin America to find new avenues for growth.
Nutraceutical Market Key Players Shaping the Future
Major players, including Pfizer Inc., Nestlé Health Science S.A., Amway Corporation, Herbalife Nutrition Ltd., DSM, The Hain Celestial Group, Inc., Abbott Laboratories. and more, play a pivotal role in shaping the future of the Nutraceutical Market. Financial statements, product benchmarking, and SWOT analysis provide valuable insights into the industry’s key players.
Nutraceutical Market Segment Analysis
Based on the research, Verified Market Research® has segmented the global Nutraceutical Market into Product Type, Form, Application, And Geography.
To get market data, market insights, and a comprehensive analysis of the Global Nutraceutical Market, please Contact Verified Market Research®.
- Nutraceutical Market, by Product Type
- Dietary Supplements
- Functional Foods
- Medical Nutrition
- Functional Beverages
- Nutraceutical Market, by Form
- Tablets
- Powders
- Liquids
- Gummies
- Nutraceutical Market, by Application
- Preventive Healthcare
- Disease Management
- Weight Management
- Anti-Aging
- Nutraceutical Market, by Geography
- North America
- U.S
- Canada
- Mexico
- Europe
- Germany
- France
- U.K
- Rest of Europe
- Asia Pacific
- China
- Japan
- India
- Rest of Asia Pacific
- ROW
- Middle East & Africa
- Latin America
- North America
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