The Global Market for Nutraceuticals is Projected to Exceed US$360 Billion by 2024

Growing Demand for Functional Foods and Dietary Supplements from Today’s Active, Aware, Aging, and Connected Consumers Drives the Nutraceuticals Market, According to a New Report by Global Industry Analysts, Inc.

GIA launches comprehensive analysis of industry segments, trends, growth drivers, market share, size and demand forecasts on the global Nutraceuticals market. The global market for Nutraceuticals is projected to exceed US$360 billion by 2024, driven by the millennials focus on health and fitness, and the numerous nutritional benefits offered by nutraceuticals in disease prevention and health enhancement.

Nutraceuticals refers to any food or a unit of a food supplement that provides health or medical benefits over and beyond just nutrition.  Given the hectic lifestyles and the lack of time for consumption of the required nutrients through regular diet, the need for replenishing such essential nutrients is increasing. In this context, nutraceuticals are emerging as the most preferred solution for meeting this requirement and are considered to be the vital link between health and food. Such products comprise vitamins, proteins, pure compounds, minerals, capsules that are based on natural ingredients and foods or tablets that include bioactive ingredients that are fortified. Nutraceuticals are garnering immense attention in recent years due to various trends including changing lifestyles, transforming dietary habits, personalization of eating style by researching online and creating personalized diet plans, rising interest in fermented food, and focus on naturally functional products. In addition, the focus of R&D based pharmaceutical sector on expensive specialty drugs as well as the stressed out healthcare systems in almost all the countries due to aging and life-style related conditions is driving the focus on prevention than intervention. The self-care trend across the world is driving strong demand for nutraceuticals including superfoods, food and dietary supplements, sports nutrition, and functional foods & beverages.

Future growth in the market will be driven by the millennials aged between 18-35 years representing the generation with the highest health consciousness today focusing on health, fitness, nutrition, and convenience. Rising incidence of chronic as well as lifestyle- and age-related conditions such as obesity, diabetes, cardiovascular disease, Parkinson’s and Alzheimer’s; sedentary lifestyles and vitamin and mineral deficient diets; growing efficacy of functional foods and drinks in enabling life without drugs; increasing resistance of bacterial strains against known antibiotics; growing prominence of food science and personal nutrition along with unabated consumer interest in organic and natural foods represent other important growth drivers. In the coming years, expanding elderly population and associated health concerns are likely to offer new frontiers for advanced nutraceutical products intended to improve mobility, gastrointestinal health, cardiovascular health and cognitive function. The market is also experiencing strong demand for personalized approaches to wellness that is driving product innovation in the areas of weight management, sports nutrition, and healthy snacking.

As stated by the new market research report on Nutraceuticals, the United States represents the largest market, followed closely by Europe. The ever increasing drive towards staying active, looking young and remaining healthy; use of functional foods and dietary supplements in almost all age groups; high spending power of consumers, and a huge baby boomer population represent major growth drivers in these markets. Asia-Pacific is forecast to spearhead global growth with a CAGR of 10.2% over the analysis period. Ballooning population; unpenetrated and underpenetrated nature of the markets; strong focus on self-care and disease prevention; rising interest in latest trends including healthy living, fitness and sports; and expanding middle class with awareness about the link between health and diet and the disposable incomes to spend on premium products represent key factors supporting demand in the region.

Major players in the market include Abbott Nutrition, Amway Corporation, ARKOPHARMA Laboratories, BASF SE, Bayer Healthcare AG, CytoSport, Inc., Danone SA, Glanbia Plc, Glanbia Nutritionals Limited, GlaxoSmithKline Plc, Herbalife International, Inc., Kirkman Group, Inc., Koninklijke DSM N.V., Meiji Holdings Co., Ltd., Mead Johnson Nutrition Company, Natrol, LLC, Natural Products, Inc., Nestlé S.A., Nutraceutical International Corporation, Otsuka Pharmaceutical Co., Ltd., Pharmavite® LLC, PepsiCo Inc., Rockstar Inc., Seven Seas Ltd., Suntory Holdings Limited, Red Bull GmbH, TIENS Biotech Group (USA), Inc., The Coca-Cola Co., The Nature's Bounty Co., and Yakult Honsha Co., Ltd., among others.

The research report titled “Nutraceuticals: A Global Strategic Business Report” announced by Global Industry Analysts Inc., provides a comprehensive review of market trends, growth drivers, issues, challenges, mergers, acquisitions, and other strategic industry activities of major players worldwide. The report provides market estimates and projections in dollars for all major geographic markets including the United States, Canada, Japan, Europe (France, Germany, Italy, UK, Spain, Russia, and Rest of Europe), Asia-Pacific (China, India, and Rest of Asia-Pacific), Latin America (Brazil, and Rest of Latin America), and Rest of World. Product segments analyzed in the report include Dietary Supplements (Vitamins, Minerals, Herbals, Non-Herbals, and Others), and Functional Foods and Beverages.

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