Global Nutraceuticals Market to Reach US$602.5 Billion by 2030

The global market for Nutraceuticals estimated at US$357.2 Billion in the year 2023, is expected to reach US$602.5 Billion by 2030, growing at a CAGR of 7.8% over the analysis period 2023-2030. Functional Foods, one of the segments analyzed in the report, is expected to record a 7.8% CAGR and reach US$278.3 Billion by the end of the analysis period. Growth in the Functional Beverages segment is estimated at 8.4% CAGR over the analysis period.

The U.S. Market is Estimated at US$121.1 Billion While China is Forecast to Grow at 9.3% CAGR

The Nutraceuticals market in the U.S. is estimated at US$121.1 Billion in the year 2023. China, the world`s second largest economy, is forecast to reach a projected market size of US$76.5 Billion by the year 2030 trailing a CAGR of 9.3% over the analysis period 2023-2030. Among the other noteworthy geographic markets are Japan and Canada, each forecast to grow at a CAGR of 6.5% and 6.8% respectively over the analysis period. Within Europe, Germany is forecast to grow at approximately 7.0% CAGR.

Global Nutraceuticals Market - Key Trends and Drivers Summarized

Nutraceuticals are a broad category of products derived from food sources with extra health benefits in addition to their basic nutritional value. These products are intended to aid in health promotion, disease prevention, and as a supplement for managing symptoms of illness. Nutraceuticals encompass a wide range of products including dietary supplements like vitamins, minerals, herbs, and other botanicals, as well as specific diets and processed foods such as cereals, soups, and beverages that are fortified with additional health-enhancing ingredients. The concept of nutraceuticals combines elements of nutrition and pharmaceuticals, aiming to provide health benefits, improve well-being, and possibly prevent or treat diseases with natural products.

The demand for nutraceuticals has surged due to growing health consciousness among consumers globally and an increasing understanding of how diet affects health and wellness. As preventive healthcare becomes more mainstream, more people are turning to nutraceuticals to supplement their diets in a bid to stave off chronic diseases such as diabetes, cardiovascular diseases, and obesity. This shift is reinforced by the aging global population seeking nutritional strategies to preserve health and quality of life into older age. Moreover, advancements in scientific research have bolstered the credibility and consumer trust in nutraceuticals by linking specific compounds, such as antioxidants, omega-3 fatty acids, and probiotics, with health benefits. These developments have encouraged food and pharmaceutical companies to expand their portfolios to include nutraceutical products, often marketed with claims of boosting immunity, enhancing mental clarity, improving digestive health, and more.

The growth in the nutraceuticals market is driven by several factors, including technological innovations in processing and extraction methods, increasing consumer expenditure on health and wellness, and regulatory support for functional foods. Enhanced extraction techniques have allowed for higher purity and potency of active ingredients in supplements, making them more effective and appealing to health-conscious consumers. The integration of e-commerce in the health and wellness sector has also significantly contributed to market expansion, enabling direct-to-consumer sales models that offer convenience and access to a global array of products. Additionally, the regulatory environment has become more favorable in many regions, providing clear guidelines that help manufacturers comply with safety and efficacy standards while encouraging innovation. Consumer behavior trends towards personalized nutrition and the adoption of dietary regimes tailored to individual health needs and genetic profiles continue to push the market forward.