Published Date : 22 Nov 2023
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.
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.
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.
|Market Revenue in 2023
|USD 203.14 Billion
|Projected Forecast Revenue by 2030
|USD 330 Billion
|Growth Rate from 2022 to 2030
|CAGR of 7.18%
|2022 to 2030
|North America, Europe, Asia-Pacific, Latin America, and Middle East & Africa
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.
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.
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.
By Health Benefits
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