Nutraceutical Ingredients Market Size To Rake USD 330 Bn By 2030

09 Sep 2024

Table of Content

1. Market Overview 2. Regional Insights 3. Nutraceutical Ingredients Market Report Scope 4. Market Dynamics 5. Recent Developments 6. Key Market Players

The global nutraceutical ingredients market size surpassed USD 189.54 billion in 2022 and it is expected to rake around USD 330 billion by 2030, poised to grow at a CAGR of 7.18% from 2022 to 2030.

Market Overview

Nutraceuticals include omega-3 fatty acids, probiotics, prebiotics, polyphenols, vitamin D, and others which have several health benefits used for preventive care. Nutraceuticals is a broad term for any product obtained from food sources with additional health benefits and the basic nutritional value found in foods. In recent years, nutraceuticals have gained significant momentum due to their excellent nutritional health benefits and therapeutic effects. Nutraceutical ingredients have multiple nutritional values and functional benefits for numerous applications including dietary supplements, animal nutrition, food & beverages, and personal care products. It helps in alleviating the risk of chronic disorders as well as enhancing the performance of the body.

The nutraceutical ingredient market is driven by several factors including the rising prevalence of chronic disorders, increasing demand for personalized health supplements, rising healthcare costs, increasing incidence of malnutrition, rising awareness about the physical fitness benefits, and innovation of new products. Moreover, increasing consumer awareness regarding food safety, nutrition-rich diets, weight loss management, and healthy aging is expected to fuel the market’s growth. Furthermore, the increasing population and dynamic changes in lifestyle have resulted in growing demand for nutraceutical products across the globe.

• In September 2023, Cargill opened a new European protein innovation hub. Cargill opened its first European protein innovation hub in Saint-Cyr en Val, France with an investment of €50 million. The new facility will enable customers to co-create inspiring protein-rich menu strategies.
• In October 2023, the government of Catalonia, Spain invested €7 million into alternative protein research from Plants, Fungi, and Bacteria. With an aim to scale up Catalonia’s plant-based and fermentation-made food production and reduce food waste. The Centre for Innovation in Alternative Proteins (CiPA) will receive the funding which is based across various sites throughout the region.
• In January 2023, ICL announced its AgriFood innovation and investment platform, ICL invested €2.75 million in sustainable protein ingredients startup Arkeon. The investment will support Arkeon’s innovative and sustainable one-step fermentation bioprocess, which creates customizable protein ingredients by capturing the greenhouse gas CO2 and converting it into the 20 proteinogenic amino acids necessary for human nutrition.
• In December 2022, Bunge, a pioneer in agribusiness, food, and ingredients, announced its plans to invest nearly $ 550 million to build a fully integrated soy protein concentrate (SPC) and textured soy protein concentrate (TSPC) facility in the United States.

Regional Insights

North America is expected to hold the largest market share owing to the presence of prominent nutraceutical product manufacturers, high investments in the R&D of food processing equipment, an increasing prevalence of chronic disorders, and an increase in innovation and new product development. For instance, In November 2022, Orlo Nutrition launched a DHA Starter Kit and algae omega-3 supplement, intended to support the brain, heart, joints, and systems. Customers in the region are becoming more health conscious and looking for nutritional solutions as increasing working hours and a sedentary lifestyle are affecting health and well-being, leading to metabolic stress.

The United States is the largest contributor to the market. The rise in disposable income is likely to bolster the market's growth as people in the country spend a certain portion of their income on health-related expenses. The growth in the vegan population, rising consumer awareness of nutraceutical products, and increased dietary supplement usage have led to the growth of the nutraceutical ingredients market in the United States.

According to the 2023 CRN/Ipsos Consumer Survey findings, about three-quarters of Americans (74 percent) said that they are dietary or nutritional supplement users. Nearly 55% of Americans report being regular supplement users, and roughly 9 in 10 (92 percent) supplement users said that they agree that dietary supplements are crucial.

Nutraceutical Ingredients Market Report Scope

Market Dynamics

Drivers

Rising prevalence of chronic disorders

The increasing prevalence of chronic disorders is expected to spur the demand for nutraceutical ingredients. Nutraceutical ingredients play an essential role in the pharmaceutical industry due to their multiple medical benefits in treating diseases as well as promoting better well-being. For instance, according to the Centers for Disease Control and Prevention report, cardiovascular disease is the leading cause of death, 1 person dies every 33 seconds in the United States from cardiovascular disease. The emerging benefits of preventive healthcare solutions have tremendously encouraged consumers to take their health into their own hands by consuming proper nutraceutical ingredients.

Increasing incidence of malnutrition

The rising incidence of malnutrition around the world increases the importance of nutraceutical ingredients. For instance, as per the report published by the United Nations, nearly 45 million children under the age of 5 suffered from wasting, 148 million had stunted growth and 37 million were overweight in 2022. Moreover, the increase in deficiency diseases is expected to boost the Nutraceutical Ingredients market’s growth during the forecast period.

Restraint

High cost and low consumer awareness

The high cost of dietary supplements is anticipated to restrain the market's expansion as it is observed to limit the consumer acceptance for nutrition-based products. In addition, the low consumer awareness in lower and middle-income economies is likely to hamper the market growth of the global Nutraceutical Ingredients market during the forecast period.

Opportunities

Product launches and partnership

The growing product launches are expected to create a lucrative opportunity for the market. For instance, In January 2022, Royal DSM launched a food & beverage business group, which combines three significant areas of DSM’s nutrition business, which includes hydrocolloids, food specialties, and part of its nutritional products group with an aim to meet the emerging customer and market demand. In addition, collaborations among new players are anticipated to offer significant opportunities for the market’s expansion growth in the coming years.

For instance, In June 2023, Nordic Naturals announced the expansion of its portfolio of products and enhanced access to its products through partnerships with Walmart. Through the partnerships, numerous Walmart locations now have three omega-3 products from the company, including Omega-3 soft gels, which provide 690 mg of total omega-3s for everyday heart and cognitive support.

Increasing demand for dietary supplements

The robust demand for dietary supplements is expected to fuel the market’s expansion in the coming years. Nutraceutical ingredient is rapidly becoming more crucial as well as common in people's daily diet plans. In recent years, consumer awareness has grown for the proper diet plan which has resulted in an increase in demand for dietary supplements. For instance, as per the United States Centers for Disease Control and Prevention, Most American adults and more than a third of children use dietary supplements. The vast majority of consumers prefer nutraceutical ingredient products with a view to improving their health rather than spending on medical expenditures for therapy. Nutraceutical products such as power gummies, offer several health benefits.

Recent Developments

• In March 2023, Nordic Naturals launched three probiotic blends, which are specifically designed to address numerous health needs, including gut microbiome diversity, regularity, women’s urinary tract health, and immune function.
• In August 2023, Herbalife launched the plant-based supplement line Herbalife V offering to the growing demand for plant-based products, including supplements. The products are certified USDA Organic, verified non-GMO, certified kosher, and certified plant-based and vegan by FoodChain ID.

Key Market Players

• Kraft Heinz Company
• GlaxoSmithKline
• Amway
• Abbott
• Kellogg’s
• Danone
• Cargill Inc.,
• Nestle
• Archer Daniels Midland
• DSM
• BASF
• PepsiCo
• General Mills
• Aker Biomarine
• Procter & Gamble
• Johnson & Johnson

Market Segmentation

By Type

• Probiotic 
• Proteins and amino acids
• Phytochemical & plant extracts
• Fibers & specialty carbohydrates
• Omega 3 fatty acids
• Vitamins
• Prebiotic
• Carotenoids
• Minerals
• Others

By Application

• Food
• Beverages
• Personal care
• Animal nutrition
• Dietary supplements

By Health Benefits

• Cognitive health
• Gut health
• Heart health
• Bone health
• Immunity
• Nutrition
• Weigh management
• Others

By Form

• Dry
• liquid

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