Nutraceutical Market to Reach USD 868.38 Billion by 2031

/EIN News/ -- Westford, USA, July 26, 2024 (GLOBE NEWSWIRE) -- SkyQuest projects that the Nutraceuticals Market will attain a value of USD 868.38 Billion by 2031, with a CAGR of 9.50 % during the forecast period (2024-2031). There are many factors that are boosting the market growth of nutraceuticals such as preventive healthcare, rising instances of lifestyle-related problems, and consumer focus on healthy diets. The increasing number of consumer spending power in developing economies is also promoting the demand for nutraceuticals products. As people are becoming more conscious about their diets and trying to opt for self-directed cate for treating lifestyles problems like cardiovascular disorders and malnutrition, the demand for dietary supplements and nutraceuticals will continue to rise. Nutraceuticals are also related to many medical health and benefits, driving its increasing adoption among consumers. Factors like increase medical care expense along with the rise in geriatric population globally are also contributing to the growth of the market. Nowadays more people are showing a positive attitude towards functional food because of their added health and wellness, driving the market.

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Browse in-depth TOC on the "Nutraceuticals Market"

• Pages - 219
• Tables - 66
• Figures – 75

Nutraceuticals Market Overview:

Report Coverage	Details
Market Revenue in 2023	$ 420.14 Billion
Estimated Value by 2031	$ 868.38 Billion
Growth Rate	Poised to grow at a CAGR of 9.50 %
Forecast Period	2024–2031
Forecast Units	Value (USD Million)
Report Coverage	Revenue Forecast, Competitive Landscape, Growth Factors, and Trends
Segments Covered	Product Type, Distribution Channel, and Region
Geographies Covered	North America, Europe, Asia Pacific, Middle East & Africa, Latin America
Report Highlights	Rising interest in personalized and functional nutraceuticals
Key Market Opportunities	Growing public and private funding for research
Key Market Drivers	Increasing use of nutraceutical for its immense health benefits

Rising Preference of Personalized Nutrition to Improve Health Fuels Market Growth

In recent times, people have started preferring personalized nutrition and it is one of the primary trends that is expanding the market. The trend for personalized nutrition is increasing primarily among people who are suffering from gut-related medical issues, where generic treatment is not efficient. Many people have started to make dietary changes so that they can enhance their health and are choosing customized nutritional solutions. Market vendors are also launching specialized food for customers so that they can satisfy their demand of healthy eating. These types of products are tailored for individuals suffering from celiac disease and gluten allergies.

Growing use of Nutraceutical for their Potential Therapeutic Results in Different Diseases and Ailments

In the last few years, nutraceuticals have been massively used in different therapeutic outcomes. These products are also utilized for many other diseases apart from better health outcomes. Nutraceuticals are beneficial for decreasing the risk of heart disease, cancer, and other related problems like weakened memory, gastrointestinal problems, insomnia, cataracts, and menopausal symptoms. Today there are many types of nutraceutical products available in the market, but the products that are derived from a mix of garlic, ginger, and honey, are efficient in treating headaches and migraines caused from stress. Other nutraceutical products such as Vitamin E, green tea, and Vitamin C are utilized for enhancing hair health and complexion. These are also used for the treatment of conditions like alcoholism, lethargy, varicose veins, and depression.

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Increasing Health Concerns in North America is Driving Nutraceuticals Market with Major Share

The region of North America is leading the nutraceuticals market primarily due to rising health concerns among people. This has led to more awareness and demand for nutraceuticals in the region. The growth in the aging population, shifting lifestyles, and a rise in spending patterns of health care items have also fuelled the market growth in the region. The nutraceutical market is growing rapidly in North America also due to rise in healthcare expense, increased research and development on functional food, and latest regulation on functional food.

Nutraceutical Market Insights

Drivers:

• Rising need for personalized nutrition
• Continuous research and development efforts to discover the benefits of the nutrient supplements
• Understanding the health benefits provided by the nutraceutical products
• Increase in aging population

Restraints

• Misconceptions and lack of understanding about nutraceuticals
• Rising safety concerns about the side effects of nutraceuticals products as it has various drugs, vitamins, and herbs
• Nutraceuticals face immense competition from the conventional pharmaceuticals
• High regulatory and strict laws related to the products
• High expense of product development

Top Players in the Nutraceuticals Market

The following are the Top Nutraceuticals Companies

• Amway Corporation (US)

• Nestle Health Science (Switzerland)

• Herbalife Nutrition Ltd (US)

• Archer Daniels Midland Company (US)

• DuPont de Nemours, Inc (US)

• BASF SE (Germany)

• Cargill, Inc. (US)

• Royal DSM (Netherlands)

• Ingredion Incorporated (US)

• Lonza Group AG (Switzerland)

Key Questions Answered in the Nutraceuticals Market Report

• Which segment accounted for the largest nutraceuticals market share?
• Which are the top companies in the market?
• Which factors are driving the nutraceuticals market?
• What are latest trends followed in the pharmaceutical market?

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This report provides the following insights:

• Analysis of key drivers (Increasing need for personalized nutrients, constant research and development efforts, and understanding the health benefits), restraints (Strict regulatory environment, safety concerns, and high product development expense), opportunities (Rising importance of bioavailability, increased public and private funding for research, evolving lifestyle of consumers, and growing health awareness among consumers), and challenges (Misconception and lack of understanding about the products and competition from conventional pharma) influencing the growth of nutraceutical market
• Market Penetration: Comprehensive information on the product offered by the top players in the nutraceutical market
• Product Development/Innovation: Detailed insights on the upcoming trends, R&D activities, and product launches in the nutraceutical market
• Market Development: Comprehensive information on emerging regions
• Market Diversification: Exhaustive information about new products, growing geographies, and recent developments in the market
• Competitive Assessment: In-depth assessment of market segments, growth strategies, revenue analysis, and products of the leading market players.

Related Report:

Nutraceutical Excipient Market

Digestive Health Products Market

Nutritional Supplements Market

Nutraceutical & Vaccine Market

Pharmaceutical Excipients Market

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