The global nutraceuticals market is analyzed to carry a consolidated nature and exhibit a high competitive scenario during the course of the forecast period 2015–2021. Amongst others, the leading companies of the world market, viz. Nestle S.A., Groupe Danone S.A., BASF SE, and Royal DSM N.V., are expected to collect a combined share of 52.1%. Other players such as Archer Daniels Midland Company are taking to acquisitions and agreements to enhance the quality of products and stretch their product portfolio. Asia, Europe, and North America are the chief regions targeted by top nutraceutical firms while being heavily involved in functional food manufacture.
As per the statistical findings of a report by Transparency Market Research (TMR), the international nutraceuticals market is prophesied to take home US$278.96 bn by 2021 from US$198.66 in 2016. North America is foreseen to win against the prospering Asia Pacific market with a US$107.90 bn share in the concluding forecast year. Functional food products have always been the star performer of the market with a US$61.27 bn revenue in 2016 and an expected US$85.21 bn in 2021.
Lavish Healthcare Expenditure and Aggravating NCDs Endorse Usage of Nutraceuticals
Currently, the U.S., the U.K., India, and more regions of the global nutraceuticals market are observed to splurge high amounts on healthcare expenses due to extreme health concerns. Although this trend is foretold to stay alive for a short period until the end of 2017, the effect is anticipated to continue over a longer term. The ballooning disposable income is deemed to support the high healthcare spending in these countries.
There is an urgent need to eradicate non-communicable diseases (NCDs), especially in emerging nations, owing to their negative influence on low and middle income groups, global economy, national income, labor supplies, and private and government industries due to premature death.
The demand for functional foods is envisaged to swell on the back of a surging accentuation of healthy diet benefits, improvised distribution and transportation systems, elevating income, and soaring urbanization in the developed regions of the nutraceuticals market.
Nutraceuticals are regarded as the best alternatives for over-the-counter (OTC) and prescription drugs by both consumers and manufacturers in the world nutraceuticals market. For consumers, more commonly the aging population, nutraceuticals are better than pharmaceuticals because they provide nutritional as well as health boons. Besides this, they can be purchased without a prescription or doctor’s appointment. For drug manufacturers, nutraceuticals are a better choice as OTC and prescription medicines need to be produced according to the stringent regulations of the U.S. Food and Drug Administration (FDA) and a proof of their effectiveness and safety.
Product Prices Worth King’s Ransom Humble Global Market Rise
Less awareness about nutraceutical products and their spiraling prices could veto the progress of the global nutraceuticals market. However, Asia Pacific is studied to emerge as a high-paying market with multiple factors to support its rise such as escalating occurrence of digestive issues and coronary heart disease, health consciousness, healthy food consumption, and high disposable income.
Technological advancements in the form of enhanced encapsulation and extraction of omega 3 fatty acids involved in regular dietary foods are predicted to the help the world nutraceuticals market advantageously. This type of encapsulation cancels the smell and taste of fish while enjoying the health benefits of omega 3 fatty acids in dietary beverages. The application of nutraceuticals is not just limited to dietary supplements, they are also extensively used in probiotics and fortified food products, including ice creams, baked foods, and chocolates.
The study presented here is based on a report by TMR, titled “Nutraceuticals Market - Global Industry Analysis, Size, Share, Growth Trends, and Forecast 2015-2021.”
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, and Garlic)
- Functional Beverages
- Fruit and Vegetable Juices and Drinks
- Dairy and Dairy Alternative Drinks
- Noncarbonated Drinks (Bottled Water, Tea, and Coffee)
- Other (Herbal Tea, Sports Drinks, and Energy Drinks)
- Dietary Supplements
- Proteins and Peptides
- Vitamins and Minerals
- Herbals (Ayurvedic Extracts, Plant Extracts, Algal Extracts, and Phytochemicals)
- Other (Fatty Acids and Fiber)
- Personal Care and Pharmaceutical
Global Nutraceuticals Market, by Geography
- North America
- Rest of Europe
- Asia Pacific
- Rest of Europe
- Rest of the World (RoW)
- Latin America
- Middle East
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