Market Size in 2021 | Market Forecast in 2028 | CAGR (in %) | Base Year |
---|---|---|---|
USD 449.5 Billion | USD 745.5 Billion | 8.8% | 2021 |
FrequentlyAsked Questions
The rising demand for dietary supplements and functional foods is expected to be a major driving force in the market over the forecast period. In addition, a positive outlook toward medical nutrition, given its growing use in the treatment of cardiovascular disorders and malnutrition, is likely to boost the growth of the Nutraceuticals market in the coming years.
According to the Market Research report, the Nutraceuticals Market was worth about 449.5 (USD billion) in 2021 and is predicted to grow to around 745.5 (USD billion) by 2028, with a compound annual growth rate (CAGR) of around 8.8 percent.
The Asia Pacific is expected to dominate the market in the forecast period. This is due to the region's growing population, rising disposable income, and rising living standards. Growing public awareness of health-improving foods is also expected to be a major driver of market expansion. The rising popularity of functional foods and beverages in several Asian Pacific countries has aided regional market expansion.
Some of the main competitors dominating the Nutraceuticals Market include - Associated British Foods (Uk), Arla Foods (Denmark), DSM (Netherlands), Ingredion Incorporated (US), Tate & Lyle PLC (UK), and Ajinomoto Co., Inc. (Japan).
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