Nutraceuticals Market Report By Insights, Size, and Growth - 2031

The nutraceuticals market is anticipated to grow significantly, with projections indicating an increase from US$ 500.77 billion in 2023 to US$ 895.76 billion by 2031. This growth represents a compound annual growth rate (CAGR) of 7.5% during the period from 2023 to 2031.

Nutraceuticals are gaining traction due to their numerous health and medicinal advantages, which are appealing to a growing number of consumers. The rising costs of healthcare, combined with an expanding elderly population worldwide, are driving the uptake of various nutraceutical products, including dietary supplements, functional foods and beverages, and sports nutrition items. Additionally, there is an increasing consumer emphasis on preventive health measures, a rise in lifestyle-related health issues, and a heightened interest in diets that promote well-being, all of which contribute to the growing demand for nutraceuticals. Consumers are increasingly favoring functional foods, primarily due to the additional health benefits these products provide. Consequently, the global nutraceutical market is experiencing substantial growth.

In recent years, there has been a marked increase in awareness regarding health and nutrition. However, the fast-paced nature of modern life often leads individuals to neglect their health, fitness, and nutritional needs. This neglect has resulted in a rise in various health conditions, including obesity, diabetes, hypertension, skin disorders, and digestive problems. The World Health Organization (WHO) identifies cardiovascular diseases as a leading global cause of mortality. A report from the World Heart Federation (WHF) indicates that deaths from cardiovascular diseases surged from 12.1 million in 1990 to 20.5 million in 2021. Such alarming statistics have heightened consumer awareness about preventive health, leading to increased demand for nutraceuticals like dietary supplements and functional foods that offer nutritional benefits. These products are recognized for their role in supporting digestive health, from the mouth to the gut, and in managing the growth of harmful microorganisms within these systems. Many consumers prefer self-directed care when addressing lifestyle-related health issues, such as malnutrition and cardiovascular conditions, further driving the demand for dietary supplements and nutraceuticals.

Following the COVID-19 pandemic, there has been a notable surge in the popularity of functional foods and dietary supplements, as individuals prioritize their health and seek healthier alternatives and fitness options to avert lifestyle-related diseases. Consequently, immunity-boosting supplements have gained significant traction in recent years, reflecting changes in consumer behavior and purchasing patterns. This growing focus on preventive health is a key factor propelling the nutraceuticals market forward.

The nutraceuticals market can be categorized into three main types: functional foods, functional beverages, and dietary supplements. Within these categories, the market is further divided into segments such as general wellness, sports nutrition, weight management, immune health, and others. In 2023, the functional food segment accounted for the largest share of the market. Functional foods are specifically designed to include ingredients that enhance health or prevent disease. These functional components are included at levels that are both effective and safe for consumption. Examples of functional foods include those fortified with nutrients like omega-3 fatty acids, vitamins, fibers, and minerals, which aim to bolster health by enhancing the immune system and lowering disease risk. For instance, breakfast cereals are often enriched with essential nutrients such as vitamins, iron, calcium, and probiotics. Functional foods provide benefits that extend beyond basic daily nutrient requirements, offering targeted health advantages such as improved cholesterol levels, enhanced bone health, and better cardiovascular health. Major brands are increasingly focusing on developing low-sugar and no-sugar functional food options to maintain competitiveness in the market.

The overall size of the nutraceuticals market has been determined through a combination of primary and secondary research methods. The research process began with extensive secondary research utilizing both internal and external sources to gather qualitative and quantitative data related to the market. Additionally, numerous primary interviews were conducted with industry stakeholders to validate the findings and gain deeper analytical insights. Participants in this research included industry experts such as vice presidents, business development managers, market intelligence managers, and national sales managers, as well as external consultants like valuation experts, research analysts, and key opinion leaders specializing in the nutraceuticals sector.