The term "nutraceutical" is a combination of the words "nutrition" and "pharmaceutical," reflecting the dual focus of these products on providing essential nutrients and offering medical or health benefits. These products aim to prevent and treat diseases while enhancing overall health.
The nutraceutical industry has expanded significantly due to an increasingly educated aging population, heightened awareness of healthier and personalized diets, and increased disease and stress levels. As eating habits evolve, the demand for nutraceuticals continues to grow. This shift in dietary preferences impacts both individual health and the broader economy.
The nutraceuticals market is projected to grow at an annual rate of 6.4% from 2024 to 2029. Financially, the market is expected to increase from $418.2 billion in 2024 to $571.3 billion by 2029. This growth is powered by consumers' increasing interest in boosting their immune systems, a trend that gained momentum during the COVID-19 pandemic and is likely to persist.
The nutraceuticals market is increasingly supporting the growth of the processed food industry. This expansion is largely due to the rise of e-commerce and retail chains, indirectly contributing to the market's growth. Convenient access to processed foods and beverages through these channels boosts consumption, increasing the demand for nutraceuticals. These factors are essential drivers of market growth.