Nutraceutical Market Size

Nutraceutical Market Size

The global nutraceutical market was valued at USD 451.7 billion in 2023 and is expected to grow at a CAGR of 4.7% from 2024 to 2032. This growth is driven by increasing consumer awareness of health and wellness, with more people seeking preventive healthcare options. Nutraceuticals, a blend of nutrition and pharmaceuticals, provide health benefits beyond basic nutrition and are used for disease prevention, health maintenance, and overall well-being.

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With the rising prevalence of chronic diseases and an aging population, the demand for functional foods, dietary supplements, and other nutraceuticals is anticipated to increase. The National Institute of Health reports that chronic diseases are among the primary drivers of global health challenges, with associated costs projected to reach $47 trillion by 2030. Additionally, incorporating natural and organic ingredients aligns with consumer preferences, further boosting market demand and growth.
 

The nutraceutical market growth is fueled by rising health awareness, growing disposable incomes, and an increasing trend toward preventive healthcare. In March 2024, India’s per capita disposable income for 2023-24 is anticipated to reach Rupees 2.14 lakh. Revised GDP data from the government highlighted adjustments in both gross and net national disposable incomes. Per capita disposable income saw an 8% growth in FY24, following a 13.3% rise the previous year. Meanwhile, gross national disposable income is projected to grow by 8.9% in FY24, after expanding by 14.5% in FY23.
 

With lifestyle-related diseases like diabetes, cardiovascular disorders, and obesity on the rise, consumers are turning to nutraceuticals as a means of managing health and wellness. The WHO reports that approximately 422 million people globally are affected by diabetes, with most cases in low- and middle-income countries, and the disease directly causes 1.5 million deaths annually.
 

Additionally, consumer preference for natural ingredients and clean-label products propels the demand for plant-based and organic nutraceuticals. However, regulatory hurdles and complex product registration processes in certain regions present challenges to market expansion. Variability in regulations across different countries may also delay product approvals, limiting market access. Despite these challenges, the positive market growth trajectory is supported by ongoing product innovation and strong demand for tailored health solutions.