The global nutraceutical product market size is poised to reach around 442 Bn by 2026, growing at a CAGR of around 7.6% during the forecast period 2019 to 2026.
Nutraceutical products are functional food and dietary supplements that not only assist in treating or preventing diseases but also provide medicinal benefits. Nutraceutical products are said to reduce the risk of cardiac ailment and cancer, improve cognitive health, digestive health and may also prevent or treat chronic disease such as high cholesterol, hypertension, obesity, diabetes, insomnia, osteoporosis, arthritis, eye related diseases, and menopausal symptoms. The word ‘Nutraceutical’ is derived from the combination of two words including nutrition and pharmaceutical; however, these are not regulated or tested at the extent of pharmaceutical drugs. In addition, nutraceuticals are also called medical foods, designer foods, phytochemicals, functional foods, and nutritional supplements. Some of the nutraceutical products include probiotics fortified food, ionized salt, omega fatty acid fortified food, fruit & vegetable juices and drinks, ionized salt, dairy drinks, noncarbonated drinks, proteins & peptides, vitamins & minerals, herbals, and personal care among others. Apart from these, major players are emphasizing the use of organic and non-GMO ingredients during the production of nutraceutical products.
The increasing demand for nutraceutical ingredients in the cosmeceutical and dietary supplements industry is primarily driving the market growth. The increasing aging population and their focus on preventive healthcare solutions is also increasing the demand for the same. Growing number of partnerships between key players that result in co-branding and co-marketing between ingredient manufacturers and suppliers of finished products is favoring the market growth.
However, higher cost associated with the fortified food products because of healthier of naturally sourced ingredients is hindering the market growth. In addition, the high cost of R&D activities and the long lab-to-market pipeline is expected to limit the market growth to an extent over the forecast period. Technological innovations in the nutraceutical product manufacturing are expected to create further opportunities in the market.
By type, the food segment is expected to dominate the Nutraceutical product market during the forecast period
The food segment dominated the market in the year 2018 and the segment is also projected to dominate the global market over the forecast period. The rising demand for functional ingredients containing snacks including protein-rich snacks, dry nuts, grains, and bars are primarily driving the market growth. The factors associated with the snack products including improved quality, texture, nutritive value, and shelf-life is further expected to create potential demand over the forecast period.
On the basis of distribution channel, conventional stores segment are expected to dominate the Nutraceutical product market over the forecast period
Conventional stores include mass merchandisers, grocery stores, warehouse clubs and online retailers making the products easily accessible to the customers, is a factor driving the segment growth. Additionally, these stores provide products at affordable prices to the customer which is further propelling the segment growth.
The market research study on “Nutraceutical Product Market– Global Industry Analysis, Market Size, Opportunities and Forecast, 2019 – 2026”, offers a detailed insight into the global Nutraceutical Product market entailing insights on its different market segments. Market dynamics with drivers, restraints, and opportunities with their impact are provided in the report. The report provides insights into the global Nutraceutical Product market, its product type, application, and major geographic regions. The report covers basic development policies and layouts of technology development processes. Secondly, the report covers global Nutraceutical Product market size and volume, and segment markets by product type, application, and geography along with the information on companies operating in the market. The Nutraceutical Product market analysis is provided for major regional markets including North America, Europe, Asia Pacific, Latin America and Middle East and Africa. For each region, the market size and volume for different segments have been covered under the scope of the report.
Asia Pacific projected to experience the fastest growth in Nutraceutical Products market over the forecast period
Asia Pacific is expected to be the fast-growing regional market over the forecast period. The market is primarily gaining pace owing to the increasing population along with the growing discretionary income. The increasing demand for convenience food in the emerging economies of the region is also supporting regional market growth. The rapid urbanization coupled with the rising awareness among consumers about the nutritional and healthy products is further accelerating the demand in the regional market. However, North America dominated the regional market in the year 2018 and is also expected to maintain its dominance during the forecast period.
The players profiled in the report The Hain Celestial Group, Kraft Heinz Company, Conagra, Kellogg's, General Mills, Nestlé, Amway, Nature’s Bounty, Barilla, Hero Group, Pfizer Inc., Raisio Group, and Freedom Foods Group Limited. The major players are involved in mergers and acquisitions and new product development for the expansion of market share.
Market By Type
Market By distribution channel
Market By source
Market By Geography
Middle East & Africa
Nutraceutical products are used for treating or preventing diseases but also provide medicinal benefits.
Some of the nutraceutical products include probiotics fortified food, ionized salt, omega fatty acid fortified food, fruit & vegetable juices and drinks, ionized salt, dairy drinks, noncarbonated drinks, proteins & peptides, vitamins & minerals, herbals, and personal care among others.
Increasing demand for nutraceutical ingredients in the cosmeceutical and dietary supplements industry is main driver of the nutraceutical product market.
The food segment is expected to dominate the nutraceutical product market during the forecast period 2019 to 2026.
Asia Pacific held maximum share in 2018 for nutraceutical product market.
According to Acumen Research and Consulting, the nutraceutical product market value is anticipated to be around US$ 442 Bn in 2026.
The nutraceutical product market is anticipated to grow over 7.6% CAGR during the forecast period 2019 to 2026.