Blog
12.Jun.2023
Nutraceuticals Market to Reach US$1 Trillion by 2030, Driven by Growing Health and Immunity Focus
Nutraceuticals Market to Reach US$1 Trillion by 2030
According to a report by Fairfield Market Research, the global nutraceuticals market is projected to reach a value of US$1 trillion by 2030. Nutraceuticals offer various health benefits, which is a key driving factor for the industry. The report analyzes the market from 2023 to 2030 and predicts that the demand for immunity-boosting products, including nutraceuticals, will increase due to the growing focus on health and immunity after the COVID-19 pandemic. The emphasis on personalized nutrition and the influence of sectors like specialty sports nutrition are expected to accelerate market growth, making it a trillion-dollar industry by the end of 2030.
Tackling Counterfeit Supplements: An Impediment to the Nutraceuticals Market's Growth
Counterfeit supplements pose a challenge to the growth of the nutraceuticals market, as they continue to sell at a high rate. The widespread availability of counterfeit products and consumers' inability to identify their authenticity are identified as long-term issues that can harm the market.
Key findings from the report indicate that the global nutraceuticals market size exceeded US$509 billion in 2022. Dietary supplements remain the top-selling product, accounting for over 38% of the market's revenue share. North America leads with a share of over 30 % in the nutraceuticals industry evaluation.
Insights on Nutraceuticals Market: Sales Trends, Distribution Channels, and Consumer Preferences
The report highlights that dietary supplements such as protein, amino acids, vitamins, and omega-3 are among the most widely sold products in the nutraceuticals market. Functional foods and functional beverages are also gaining market attractiveness. Conventional stor es are the largest revenue contributors, accounting for over 50% of total nutraceutical sales in 2022. Specialty stores, while gaining popularity in terms of accessibility and availability of nutraceuticals, have yet to lead the global market. Protein and amino acid supplements dominate the market de mand, representing over 33% of the total.
The report also mentions that common lifestyle conditions like obesity and IBD lead consumers to nutraceutical products. The sales of functional food and beverage products are expected to contribute significantly to market expansion. There is also consumer confusion regarding the recommended daily intake of nutraceuticals.
Regional Outlook and Key Players in the Global Nutraceuticals Market
In terms of regional analysis, North America holds over 30% of the global nutraceuticals market revenue and is expected to maintain its leading position throughout the assessment period. The region is likely to benefit from increased consumer awareness and knowledge about the health benefits of specific nutritional supplements. Frequent new product launches will further drive market expansion, with an impressive projected CAGR of 8.9% through 2030. Europe is another significant regional market, accounting for approximately 26% of the market valuation. The report highlights Asia Pacific as the next key market , expected to demonstrate the fastest growth between 2023 and 2030.
Leading companies actively participating in the global nutraceuticals market competition include Cargill Inc, BASF Corporation, DSM, Corbion, Ingredion Incorporated, Lonza, Archer-Daniels-Midland Company, Kerry PLC, Olam International Ltd., and Friesland Campina.
