The world’s nutraceutical market is expected to reach $302.31 billion in 2022, according to a new report by Allied Market Research.

Published in December, the report, “Nutraceuticals by Market Type 2014-2022,” covers functional food, functional beverages, dietary supplements and personal care products. It estimates the market, which hit $184.09 billion in 2015, will expand at a compound annual growth rate (CAGR) of roughly 7 percent over the next five years.

Functional food, which includes branded ionized salt, branded wheat flour and foods fortified with probiotics and omega fatty acids, will continue to drive the boom. That segment occupied a quarter of the market in 2015 and is expected to grow at a CAGR of 6.84 percent between 2016-2022.

Innovation will also contribute to growth. The report pointed to Beautific Oenobiol, a health drink designed to help strengthen hair and nails, improve skin, and promote weight loss. Other companies discussed in the report include Archer Daniels Midland Co., Cargill Inc., Royal DSM N.V., BASF SE, Nestle S.A., Groupe Danone S.A., E. I. du Pont de Nemours and Co., PepsiCo Inc., Dean Foods and General Mills, Inc.

Geographically, the European branded flour market is expected to grow by 6.99 percent during the forecast period, while the markets for proteins and peptides in Latin America, the Middle East and Africa is projected to grow by 7.13 percent.

Europe, Asia and the Pacific region occupied more than half of the nutraceuticals market in 2015. India, a major player in the region, is expected to achieve a CAGR of 14.23 percent during the forecast period.