The global nutraceuticals market is extremely consolidated in nature with a presence of a few players accounting for a key share of the market, states a market intelligence report by Transparency Market Research. In 2014, the prominent players, namely BASF SE, Nestle S.A., Royal DSM N.V., and Groupe Danone S.A collectively dominated the market, holding a share of 52.1% of the global nutraceuticals market. In order to expand their market penetration, these players are emphasizing on innovations and new product development. In addition, the increasing number of mergers and acquisitions and strategic collaborations is likely to encourage the growth of global nutraceuticals market in the next few years. The rising focus on marketing strategies and advertising campaigns is likely to accelerate the growth of the market in the coming years.
According to the research study by Transparency Market Research (TMR), in 2015, the global nutraceuticals market was worth US$182.60 bn and is expected to reach a value of US$278.96 bn by the end of 2021. The market is likely to register a progressive 7.30% CAGR between 2015 and 2021.
Growing Demand for Herbal Products to Augment North America Nutraceuticals Market
From a geographical outlook, North America is expected to lead the global nutraceuticals market and account for a share of 38.7% by the end of 2021. High contribution from Mexico, Canada, and the U.S. and the growing health awareness among consumers are some of the primary factors expected to fuel the growth of the North America nutraceuticals market throughout the forecast period. In addition, the increasing preference of consumers towards healthy and herbal products is projected to encourage the growth of the market in the near future.
On the basis of product type, the functional foods segment is predicted to lead the global nutraceuticals market, holding a share of 30.5% by the end of 2021. The rising number of health disorders and the increasing consumer requirement for a healthy lifestyle are some of the key factors expected to supplement the growth of this segment in the coming years. In addition, the rising need for avoiding dependency on synthetic drugs is likely to accelerate market growth.
Increasing Number of Chronic Disorder to Boost Demand for Nutraceuticals
The growing demand for nutritional diet in several developed countries, owing to the rising awareness among consumers regarding the benefits of leading a healthy life is one of the key factors projected to fuel the growth of the global nutraceuticals market in the coming years. Additionally, the increasing number of non-communicable chronic disorders and the rising healthcare expenditure are projected to drive the global market throughout the forecast period.
Furthermore, the easy availability of nutraceuticals in convenience stores, departmental stores, hypermarkets, and supermarkets is likely to boost the demand in the next few years. Moreover, the expansion of application base is expected to speed up the growth of the market.
Rising Prices of Nutraceuticals to Hinder Market Growth
The global nutraceuticals market is expected to witness several obstructions, including the lack of awareness regarding nutraceuticals in developing economies. Moreover, the rising prices of nutraceuticals is another factor estimated to restrict the growth of the market in the next few years. Nonetheless, technological advancements in this field and the promising opportunities from Asia Pacific are expected to offer potential growth opportunities throughout the forecast period.
This information is based on the findings of a research report published by Transparency Market Research (TMR), titled “Nutraceuticals Market - Global Industry Analysis, Size, Share, Growth, Trends, and Forecast 2015-2021.”
The global nutraceuticals market has been segmented as below:
Global Nutraceuticals Market, by Product Type
- Functional Food
- Probiotics Fortified Food
- Omega Fatty Acid Fortified Food
- Branded Ionized Salt
- Branded Wheat Flour Market
- Others (nuts, grains, garlic)
- Functional Beverages
- Fruit & Vegetable Juices and Drinks
- Dairy & Dairy Alternative Drinks
- Noncarbonated Drinks (bottled water, tea and coffee)
- Other (herbal tea, sports drinks, energy drinks)
- Dietary Supplements
- Proteins & Peptides
- Vitamins & Minerals
- Herbals ( Ayurvedic extracts, plant extracts, algal extracts, phytochemicals)
- Other (fatty acids, fiber)
- Personal Care and Pharmaceutical
Global Nutraceuticals Market, by Geography
- North America
- Rest of Europe
- Rest of Europe
- Rest of the World (RoW)
- Latin America
- Middle East
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