The global nutraceuticals market is witnessing robust expansion on the back of numerous health benefits of nutraceuticals. Nutraceuticals are considered great for boosting the immune system and maintaining brain and cardiovascular health. Apart from this, consumers are becoming more aware of the convenience, flexibility, and advantages of consuming specific dietary supplements. This in turn is further expected to benefit the market.
Moreover, the recent pandemic has brought back the focus on the significance of a strong immune system. Consequently, stimulating robust growth waves across the nutraceuticals market. The growing emphasis on personalised nutrition further accelerates the demand for nutraceuticals.
Additionally, the expanding sports nutrition sector also aids in the overall market progression of the market. The synergy of these key factors is projected to unlock business opportunities across the global nutraceuticals market. Fairfield Market research predicts an upward growth trajectory for the market. The market is forecasted to hit the valuation of the US$1 Tn mark by 2030, registering a strong CAGR of 9.5% between 2023 and 2030.
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Growing Prevalence of Metabolic Diseases
The growing prevalence of metabolic disorders has led to an increased focus on consuming nutraceuticals. Moreover, elderly populations are being recommended to consume nutraceuticals. Nutraceuticals contain specific bioactive compounds, such as antioxidants, herbal extracts, omega-3 fatty acids, and probiotics, which aid in preventing age-old health conditions.
Furthermore, the rising incorporation of dietary supplements in infant nutrition products and mothers’ dietary lifestyles strengthens revenue opportunities for the nutraceuticals market.
Increased Traction for Single and Multi-vitamin Supplements
The market growth is further driven by an alarming rise in conditions such as diabetes, cancers, cardiovascular diseases, irritable bowel disease (IBD), and arthritis. However, in recent years, advances in technology and research have facilitated the development of enhanced nutraceutical products. Formulations that enable improved bioavailability, stability, and targeted delivery of active ingredients have expanded the range of nutraceutical offerings.
Additionally, the innovation in product types, such as fortified foods, and beverages, has positively influenced market growth. Besides this, the growing prominence of single and multi-vitamin supplements will contribute to the expansion of the global nutraceuticals market. Against this backdrop, the market is set to reach sound maturity over the forecast period.
North America Holds a Lion’s Share, Europe Follows Closely
North America is anticipated to maintain a lead in the global nutraceuticals market throughout the projected time frame. In 2022, the region held a prominent share of over 30%, closely followed by Europe at 26%. Continuous product differentiation is a key factor fostering growth across these regional markets.
Meanwhile, the trend of a sedentary lifestyle due to hectic schedules has promoted unhealthy consuming habits. Due to this, health problems such as IBD, and obesity have become common. As a result, consumers are seeking healthy food products, propagating the demand for nutraceuticals across these regions.
Some of the key market identities in the global nutraceuticals market include Cargill Inc, BASF Corporation, Lonza, DSM, Ingredion Incorporated, Corbion, Kerry PLC, Friesland Campina, Archer-Daniels-Midland Company, and Olam International Ltd. Product. To survive this competitive landscape, several market players are acquiring or merging with small and large manufacturers.
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