Nutraceutical Market Size Worth $722.49 Billion by 2027 | CAGR: 8.3%: Grand View Research, Inc.
SAN FRANCISCO, April 22, 2020 /PRNewswire/ -- The global nutraceutical market size is projected to reach USD 722.49 billion by 2027, expanding at a CAGR of 8.3% over the forecast period, according to a new report by Grand View Research, Inc. Rising awareness regarding calorie reduction and weight loss in countries, including U.S., China, and India, is expected to promote the application of nutraceuticals, which, in turn, will have a substantial impact on the industry growth.
Key suggestions from the report:
- Based on functional food product, prebiotics and probiotics are projected to expand at a CAGR of 10.1% over the forecast period owing to increasing usage of probiotics as a primary ingredient among majority of food manufacturing companies to provide better nourishment and reduce health problems caused by harmful bacteria
- Vitamins and minerals together accounted for over 40.71% share in 2019 owing to increasing consumer interest in the relationship between diet and health, which, in turn, has increased demand for these products
- In terms of dietary supplement product, vitamins emerged as the largest segment in 2019, and is expected to expand at a CAGR of 5.8% in the coming years
- In terms of product, functional food accounted for the largest share in 2019 and generated revenue of USD 187.51 billion. Rising healthcare costs, coupled with growing geriatric population across the world, are anticipated to drive the functional food segment over the forecast period
- Asia Pacific is expected to witness the fastest growth over the forecast period. Expansion of the retail chain in countries, such as India, Japan, and China, has increased the consumption of dietary supplements and functional foods in this region
- The nutraceuticals industry represents a highly competitive landscape. Key players dominate the nutraceutical market space and have been focusing on various strategic initiatives, including mergers & acquisitions, product innovation, and portfolio expansion
- Key market participants include Cargill, Incorporated, Archer Daniels Midland Company, DuPont, Nestle S.A, Danone, General Mills, Innophos, WR Grace, and Amway Corporation.
Read 120 page research report with ToC on "Nutraceutical Market Size, Share & Trends Analysis Report By Product (Dietary Supplements, Functional Foods, Functional Beverages), By Region, And Segment Forecasts, 2020 - 2027" at: https://www.grandviewresearch.com/industry-analysis/nutraceuticals-market
Nutraceuticals are products that provide health advantages and additional nutrition to the human body. It comprises of fortified nutrients, such as taurine, CoQ10, omega-3, calcium, zinc, and antioxidants, that enhance the complete health of consumers. These nutrients further help in averting medical conditions, such as hypertension, diabetes, heart diseases, and allergies. Demand for nutraceuticals is increasing at the global level as it improve the digestive and immune systems and enhance the cognitive behavior of consumers.
Growing trend among consumers to alter dietary habits is likely to boost the demand for nutraceuticals. The consumer belief that improper diet results in increase in costs on pharmaceuticals is anticipated to boost the demand for nutraceuticals. This would also help the government as it would result in lesser expenditure on healthcare and low social security costs.
Rise in disposable income, increasing consumer awareness concerning health issues, and rapid urbanization are likely to boost the nutraceutical market growth over the forecast years. Positive outlook towards medical nutrition owing to increasing weight management programs, along with cardiovascular diseases, is anticipated to propel the demand for nutraceuticals.
The rise and evolution of wellness focused diets, such as keto and paleo, are driving food producers to cater their products in this direction. Functional food products, such as probiotics and omega-3, are highly used in yogurt and fish oils in order to reduce the risk of cardiovascular diseases and develop the quality of intestinal microflora, which is further projected to fuel the market growth of the nutraceutical products over the coming years.
Grand View Research has segmented the global nutraceutical market on the basis of product and region:
- Nutraceutical Product Outlook (Revenue, USD Million, 2016 - 2027)
- Dietary Supplements
- Functional Food
- Functional Beverages
- Nutraceutical Dietary Supplements Product Outlook (Revenue, USD Million, 2016 - 2027)
- Vitamins
- Botanicals
- Minerals
- Proteins & Amino Acids
- Fibers & Specialty Carbohydrates
- Omega Fatty Acids
- Others
- Nutraceutical Functional Foods Product Outlook (Revenue, USD Million, 2016 - 2027)
- Carotenoids
- Dietary Fibers
- Fatty Acids
- Minerals
- Prebiotics & Probiotics
- Vitamins
- Others
- Nutraceutical Functional Beverages Product Outlook (Revenue, USD Million, 2016 - 2027)
- Energy Drinks
- Sports Drinks
- Functional Juices
- Others
- Nutraceutical Regional Outlook (Revenue, USD Million, 2016 - 2027)
- North America
- U.S.
- Canada
- Mexico
- Europe
- U.K.
- Germany
- France
- Italy
- Spain
- Russia
- Asia Pacific
- China
- Japan
- India
- Australia & New Zealand
- Central & South America
- Brazil
- Argentina
- Middle East & Africa
- South Africa
Find more research reports on Nutraceuticals & Functional Foods Industry, by Grand View Research:
- Probiotics Market – It is driven by the growing consumer inclination towards preventive healthcare in conjunction with development of efficient probiotic strains.
- Functional Foods Market – Increasing demand for nutritional and fortifying food additives is anticipated to drive the growth. Food and beverage manufacturers are deploying fortification of nutritional additives such as omega-3 fatty acids, fibers, vitamins, minerals, and others in their product offerings.
- Matcha Market – Growing health consciousness, coupled with consumer awareness regarding health benefits of the product, is expected to drive the market over the forecast period.
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About Grand View Research
Grand View Research, U.S.-based market research and consulting company, provides syndicated as well as customized research reports and consulting services. Registered in California and headquartered in San Francisco, the company comprises over 425 analysts and consultants, adding more than 1200 market research reports to its vast database each year. These reports offer in-depth analysis on 46 industries across 25 major countries worldwide. With the help of an interactive market intelligence platform, Grand View Research helps Fortune 500 companies and renowned academic institutes understand the global and regional business environment and gauge the opportunities that lie ahead.
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