Market Size of Nutraceuticals Industry
| Study Period | 2019 - 2029 |
| Market Size (2024) | USD 488.41 Billion |
| Market Size (2029) | USD 626.02 Billion |
| CAGR (2024 - 2029) | 5.09 % |
| Fastest Growing Market | Asia Pacific |
| Largest Market | Europe |
Major Players
*Disclaimer: Major Players sorted in no particular order |
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Nutraceuticals Market Analysis
The Nutraceuticals Market size is estimated at USD 488.41 billion in 2024, and is expected to reach USD 626.02 billion by 2029, growing at a CAGR of 5.09% during the forecast period (2024-2029).
The global nutraceuticals market is expected to witness consistent growth following the outbreak of COVID-19, as these include the food ingredients that provide medical or health benefits to prevent diseases and boost the overall immune system. The flexibility in storage options, the demand for combined formulations with multiple benefits, increased consumer education levels, informed consumers, and the rise in health concerns among connected consumers during this pandemic increased the demand for nutraceutical products around the globe.
In addition, the pandemic is a foundation stone for the beginning and end of substandard nutrition, invalid claims, and smart marketing claims phrases that potentially misled consumers. For instance, in India, The Indian Council of Medical Research (ICMR) and the Food Safety and Standards Authority of India (FSSAI) have now been on non-negotiable terms with the claims. They are demanding clinical validation of the products.
The rising number of nutraceuticals demand with medical benefits is a significant factor driving the growth of nutraceuticals. They contain antioxidants, probiotics, and polyunsaturated fatty acids, which help manage health issues like obesity, cardiovascular disease, cancer, cholesterol, arthritis, and diabetes. Additionally, the growing preference for personalized nutrition in the regions is one of the key market trends in the nutraceuticals market space that further drives the market growth. The customized nutrition trend is growing, particularly among individuals with gut-related medical conditions where generic treatment is ineffective. Multivitamins and single vitamins account for a massive demand from consumers across the regions.
