The global nutraceuticals market is projected to grow at a significant CAGR of over 8% during the forecast period. The key factors that drive the growth of the global nutraceuticals market include the increased use of nutraceuticals in the prevention of lifestyle-related diseases coupled with the growing geriatric population. The substantial shift of the consumers towards preventive healthcare products instead of chemically derived products further drives the growth of the market during the forecast period. Growing e-commerce platform is another factors that provide ample opportunities for the growth of the global nutraceuticals market, as prominent e-commerce platforms across the globe provide convenience to the customers for buying.
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Rapid urbanization and a rise in disposable income along with growing awareness regarding health issues are further projected to propel the market growth during the forecast period. According to the United Nations Department of Economic and Social Affairs (UNDESA), India is expected to have 404 million urban dwellers, while China is projected to have 292 million urban dwellers by 2050. Further, according to the UN in 2018, around 55% of the population lives in the urban area, which is estimated to reach 68% by 2050.
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The most urbanized regions include Northern America (with 82% of its population living in urban areas in 2018), Latin America and the Caribbean (81%), Europe (74%), and Oceania (68%). The level of urbanization in Asia is now around 50%. With the increasing urban population, the standard of living of people changes significantly. The rising middle-income group in emerging economies such as India, China, and Brazil leads to an increasing trend of sedentary lifestyles, which in turn, leads to several diseases. Thus, this is likely to drive the growth of the global nutraceuticals industry over the forecast period.
Further, the presence of the key players that provides substantial growth rate to the global nutraceuticals market over the forecast period. Players such as Amway Corp., Archer Daniels Midland Co., BASF SE, Cargill, Inc., Danone SA, Nestle SA, W.R. Grace & Co., and The Hain Celestial Group, Inc., are significantly contributing to the growth of the market.
Global Nutraceuticals Market – Segmentation
By Product Type
- Functional Food
- Functional Beverage
- Dietary Supplements
By Distribution Channel
- Retail & Supermarkets
- Online Platform
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