The global nutraceutical ingredients market is dominated by a few leading multinational players and thus the competition in the market is intense, says Transparency Market Research (TMR) in a research report. As Evonik, Danisco, DSM, Cargill, ADM, and BASF occupy a sizeable share in the global nutraceutical ingredients market, it becomes a challenge for other regional and global companies to give rise to price differentiation.
The primary factors on which the level of competition depends are a shift in preferences of consumers and growing awareness among consumers. For a long term growth, it is imperative for the companies to invest in research and development activities. The market players are incessantly focusing on enhancing their distribution and marketing channels, and are also searching for other commercial channels for promotion and market penetration. The large multinational players are also entering into strategic agreements and mergers and acquisitions to gain a strong hold over the market.
The global nutraceutical ingredients market is likely to grow at a significant rate over the forthcoming years. The market is projected to be worth US$29.5 bn by the end of 2017.
Body Building Nutraceutical Ingredients to Gain Prominence
The four key segments of the global nutraceutical ingredients market are pain relief, diabetes control, weight control, and body building. In 2011, the body building segment emerged dominant closely trailed by weight control and diabetes control in the same order. The body building segment is expected to touch a valuation of US$13.5 bn by the end of 2027. Body building nutraceutical ingredients were widely consumed in Asia Pacific and the Middle East and Africa owing to the rising awareness among consumers regarding the health benefits of nutraceutical ingredients. As people are getting conscious about their body build, healthy mental state, and proper growth of the body, the demand for body building nutraceutical ingredients is also increasing. In the body buildings segment, protein emerged as the most attractive ingredient. Although the soy based protein has a huge consumer base, it is slowly becoming a low attractive market. Technological barriers and uneven supply of raw materials are likely to affect the circulation of body building nutraceutical ingredients.
Geographically, the global nutraceutical ingredients market is segmented into North America, Western and Eastern Europe, Asia Pacific, Latin America, and the Middle East and Africa. Across several regions, different consumption patterns of nutraceutical ingredients are observed. Among these, Asia Pacific emerged as the leading region in terms of consumption. The nutraceutical ingredients market in the Asia Pacific region is expected to rise to a valuation of US$11.1 bn by the end of 2017. The Middle East and Africa market for nutraceutical ingredients is expected to experience strong growth over the forthcoming years.
Rising Disposable Income to Boost Consumption Globally
According to a TMR analyst, “The growth of the global nutraceutical ingredients market is supplemented by the rising per capita income of consumers and growing disposable income in developing countries such as Japan, China, and India.” Owing to an inclination towards a better standard of living, many consumers are shifting towards the consumption of nutraceutical ingredients. The flourishing economic conditions of consumers are also motivating them to purchase nutritious food products, thus driving the market for nutraceutical ingredients. Moreover, high inclination towards self-medication and shifting consumer preferences towards natural food products is another driver of the global nutraceutical ingredients market. The rising expenditure on healthcare in MEA countries is also expected to bode well for the growth of the market.
This review is based on a Transparency Market Research report titled, “Nutraceutical Ingredients Market - Global Industry Analysis, Market Size, Share, Growth And Forecast 2007–2017 .”
KEY SEGMENTS ANALYZED
Fibers and carbohydrates
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