Market Overview

The global nutraceutical market will generate an estimated revenue of USD 348.7 billion in 2024, which is expected to witness a CAGR of 9.8% during 2024–2030, to reach USD 609.8 billion by 2030. The key factor that has shaped the market is an increase in the incidence of chronicle and non-communicable diseases.

The population of those individuals presently in the age bracket of 60–80 or the baby boomers constitute a large fraction of the global population, especially in the so-called developing world. This large population is increasingly becoming sensitive to issues of health.

They are incredibly beneficial to the market since they are less likely to use synthetic drugs many of which may cause side effects. As a result, they are turning to nutraceuticals to promote their supposed benefits such as improving cognition, joint health, energy levels, and general wellbeing/anti-aging.

Due to this, there has been a surge in the cases of chronic and non-communicable diseases hence enhancing the level of awareness of health among the majority. Such issues contribute to the expansive growth of the market since it has everything to do with the prevention of diseases and maintenance of nutritional health through functional foods drinks, and beverages.

This means nutraceuticals have become popular because it’s easier to put on a diet, convenient to meet the needs of the body, and also can help in dealing with vulnerable health risk issues. Furthermore, considering the necessary funds for high research and development from governments as well as other regulating authorities, the nutraceutical market is still increasing at a fairly fast pace.

Key Insights

• In 2024, the food category leads the industry with approximately 50% revenue.

• Entices corporates, college students, and working individuals because of easy availability and health advantages.

• Includes recurrently used items such as cereals, snack bars, and dairy items.

• The beverages category is estimated to advance at the highest CAGR of 10.2% over the
• projection period.

• Based on form, the tablet category holds the largest share of the dietary supplements industry in 2024.

• Fastest-growing category because of the high demand for vitamins, minerals, and other nutritional tablets.

• Probiotics grip the largest share of dietary supplements in 2024.

• Rising emphasis on upholding recommended daily nutrition levels.

• Tablets or capsules are favored by customers for the comfort of eating and accurate dosage recommendations by doctors.

• Manufacturers are conducting R&D to develop products beneficial against serious diseases like cancer.

• R-Cu combines grape extract, resveratrol, and copper to neutralize cell-free chromatin particles (cfChPs), potentially preventing cancer cell regeneration in other body parts.

• In 2024, the North American region dominates the industry with 45% revenue.

• Propels by concerns for general well-being and prevention of chronic illnesses.

• Government aids, like FDA and Canadian authorities promoting natural health products, fuels market growth.

• During the projection period, the APAC region is projected to advance at the highest CAGR of 10.4%.

• Gen-Z's growing populace is a substantial driver.

• Gen-Z's well-being emphasis and wish for immunity against illnesses spur demand for nutraceuticals.

• Nutritional supplements are convenient and boost immunity, meeting Gen-Z's needs effectively.

Source: P&S Intelligence