🗒️Market Overview
Current Status of Pharmaceutical Food (2024 Research)
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.
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