Market Size of Nutraceutical Ingredients Industry
| Study Period | 2019 - 2029 |
| Base Year For Estimation | 2023 |
| CAGR | 7.10 % |
| Fastest Growing Market | North America |
| Largest Market | Asia-Pacific |
| Market Concentration | Low |
Major Players
*Disclaimer: Major Players sorted in no particular order |
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Nutraceutical Ingredients Market Analysis
The global nutraceutical ingredients market is projected to register a CAGR of 7.1% over the next five years.
The high progression of the nutraceuticals segment, like the probiotic segment, can be considered the reason for volatile lifestyle and eating practices, rising consciousness about the physical fitness benefits of probiotics over digestive health, and increasing utilization of probiotics in animal feed for the nutrition of animals. With a high number of COVID-19 cases in major countries like the United States, China, Canada, India, Germany, the United Kingdom, and others, the requirement for nutraceutical ingredients remained high due to their functional benefits, and it was supposed to remain high on demand in the upcoming years as well. The dietary supplement was popular over other nutraceutical ingredients during COVID-19 due to its functional benefits.
Innovation and new product development are likely to drive the demand for nutraceutical products such as power gummies, which are chewable dietary supplements that offer various health benefits. Nutraceutical ingredients are derived from animal, plant, microbial, and synthetic sources and provide health benefits, adding the primary nutritional value and functional benefits to various applications such as food, beverages, dietary supplements, animal nutrition, and personal care products.
Nutraceutical ingredients are useful in the pharmaceutical industry because of their medical benefits in treating or curing diseases and promoting better health. According to the World Health Organization, cardiovascular diseases are the leading cause of death globally, taking an estimated 17.9 million lives each year. Thus, the rising healthcare costs and benefits of preventive healthcare solutions have encouraged consumers to take their health into their own hands by equipping themselves with health information and making well-informed purchasing decisions on nutraceutical ingredients.
