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Nutraceutical Market Trends

Report ID: GMI5297
Published Date: Nov 2024
Report Format: PDF

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Nutraceutical Market Trends

The nutraceutical industry is expected to witness robust growth through 2032, driven by the increasing popularity of personalized nutrition. Companies leverage technology and consumer data to create customized nutraceutical products tailored to specific health needs. Additionally, the trend of clean-label products free from synthetic additives and preservatives is gaining traction as consumers prioritize transparency and safety in their dietary supplements. With advancements in biotechnology, product innovation is set to flourish, allowing companies to incorporate novel ingredients such as probiotics, prebiotics, and adaptogens. These ingredients are increasingly recognized for their health benefits and are expected to drive the adoption of nutraceutical products across various demographics.

Authors: Mariam Faizullabhoy, Gauri Wani

Frequently Asked Questions (FAQ) :

The global nutraceutical industry was valued at USD 451.7 billion in 2023 and is expected to grow at a CAGR of 4.7% from 2024 to 2032, driven by increasing consumer awareness of health and wellness.

The dietary supplements segment is expected to generate USD 279.6 billion by 2032, as they are commonly used for health enhancement and disease prevention.

North America accounted for 38.3% of the nutraceutical market share in 2023 and is projected to grow at a robust CAGR through 2032, driven by rising health awareness and high disposable income levels.

Key players in the industry include Nutramax Laboratories, Inc., Charlotte's Web, Kellogg’s, Abbott, Agro Tech, Herbalife International of America, Inc., Amway Corporation, Kraft Heinz, and HempFlax Group BV.