Global Nutraceutical Ingredients Market – Overview
Nutraceutical ingredients comes from the word nutrition and pharmaceutical ingredients. Generally, these ingredients are part of some food products that offer medical or health advantage. These ingredients help in avoiding the risk of several chronic diseases such as cancer, obesity, diabetes, and high blood pressure among others. In recent years, there has been a growing demand for such nutraceutical ingredients across the globe due to the growing prevalence of such chronic ailments.
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Global Nutraceutical Ingredients Market – Notable Developments
The competitive landscape of the global nutraceutical ingredients market is fragmented one due to the presence of several key players. Also, the entry of notable pharmaceutical and food companies has also resulted in further market fragmentation and led to an increased competition in the global market for nutraceutical ingredients market. In recent years, several notable food products companies have developed or enhanced their nutraceutical product segment in order to cater to the growing demand for the end users. In addition to this, pharmaceutical companies have also started to acquire companies who produce dietary supplements in order to stay ahead of the competitive curve.
Some of the leading companies operating in the global nutraceutical ingredients market include names such as Ajinomoto Co. Ltd., Associated British Foods PLC., Archer Daniels Midland Company, BASF SE, EI Du Pont De Nemours and Company, and Cargill Incorporated among others.
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Recently, Archer Daniels Midland Company announced that the company has entered into a strategic partnership with Synthetic Geonomics. This partnership will aim for the production of Omega-3 Docosahexaenoic Acid (DHA) from algae.
Global Nutraceutical Ingredients Market – Drivers and Restraints
There is a plethora of driving factors that are influencing the positive growth of the global nutraceutical ingredients market. One of the key driving factors for market growth has been growing prevalence of chronic ailments and diseases. This has generated an awareness about healthy living and consumption of healthy food.
In recent years, there has been a substantial increase in the number of non-communicable diseases. Majority of the cases are due to the changing lifestyles dominated by unhealthy lifestyles. This has naturally, helped in creating a solid demand for nutraceutical ingredients that help in fighting against such diseases. Thus, the market is witnessing a promising growth in recent years.
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Another important factor that is helping to push the development of the global nutraceutical ingredients market is the initiatives undertaken by the governments across the globe to promote its use. This has helped in creating awareness as well as helped in easing their availability for masses. This too has propelled the development of the global nutraceutical ingredients market. Moreover, growing developments in the healthcare sector are also helping to fuel to the development of the global market.
Global Nutraceutical Ingredients Market – Geographical Outlook
In terms of the geographical segmentation, the global nutraceutical ingredients market has five regions viz. Europe, North America, Latin America, Middle East and Africa, Asia Pacific, and North America. Among these regions, the global nutraceutical ingredients market is currently dominated by the region of Asia Pacific. The market is expected to show a promising growth in coming years of the forecast period. The region is expected to be the biggest contributor during the period of forecast. There are several factors that helping to drive the growth of the regional nutraceutical ingredients market in Asia Pacific.
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One of the biggest factor for market growth has been the changing preferences of the end users in the region. With the presence of developing economies such as India and China, the region is expected to create great demand for nutraceutical ingredients in the near future. Growth in disposable income and increasing awareness about healthy lifestyle are projected to help the development of the nutraceutical ingredients market in the Asia Pacific region.
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