🗒️Market Overview
Current Status of Pharmaceutical Food (2024 Research)
Last updated
Current Status of Pharmaceutical Food (2024 Research)
Last updated
In 2022, the size of the nutraceutical market is estimated at approximately $224 billion. From 2023 to 2032, a compound annual growth rate (CAGR) of around 4.8% is anticipated, leading to a projected market size of approximately $359.7 billion by 2032.
Key Segments:
Health Supplements: With a rising CAGR of 8%, particularly driven by increased interest in health management due to the aging population, demand is expected to surge. Growth in demand, especially among female consumers, is anticipated.
Online Sales: Sales of nutraceuticals in the digital market are on the rise, especially with the increasing preference for online shopping due to the COVID-19 pandemic. Continued growth in demand is expected in this regard.
Regional Consumption Markets:
North America: Holds significant importance in the nutraceutical market, with a high number of consumers having a strong awareness of health.
Asia-Pacific Region: Expected growth in the nutraceutical market due to increased income and heightened interest in health, particularly in emerging markets such as India and China.
Impact of COVID-19:
The pandemic has had a mixed impact on the nutraceutical market. Increased consumer interest in health has led to a rise in demand for nutraceuticals. However, disruptions in the supply chain and economic impacts on consumers have led to sales declines in some regions.
