Global Nutraceuticals Market: Snapshot
The increasing consumer spending on functional food and beverages has been presenting lucrative prospects for the global nutraceuticals market. Consumers, especially those across developed nations, are currently exploring healthier lifestyle choices to curb the incidence of chronic and lifestyle diseases. Such trends have bolstered demand for dietary supplement not only as means to boost physical performance but also disease prevention option. Spurred by such factors, Transparency Market Research (TMR) projects the global nutraceuticals market to rise at a CAGR of 7.3% between 2015 and 2024.
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Besides growth witnessed across developed regions, the market is also poised to see attractive opportunities in Asia Pacific. The robust healthcare development demonstrated across emerging economies of the region and increasing disposable income of people will accelerate the nutraceuticals market in Asia Pacific.
As per TMR, the global nutraceuticals market stood at US$165.62 bn in 2014. Rising at a CAGR of 7.3% from 2015 to 2024, the market is expected to reach US$278.96 bn, by the end of 2024.
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Demand for Functional Food to Surge Considerably due to Rising Interest in Healthier Lifestyle
On the basis of revenue, functional food emerged as the largest product segment in the global nutraceuticals market. It held a share of over 31% in the market in 2014. In the last couple of years, the demand for functional food products such as branded wheat flour, fortified food, probiotics, omega fatty acid fortified food, branded ionized salt, and others has surged considerably. The rising interest among people to achieve wellness through diet, the increasing aging population, and the skyrocketing healthcare costs have fuelling demand from the functional food segment.
Besides this, TMR expects the producers of functional beverages to witness attractive opportunities as well. Demand for functional beverages is expected to be significantly high in countries across Asia as they prefer dairy-based beverages more. As per TMR, over the next few years demand from the dietary supplements segment is also expected to increase considerably.
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Rising Health Consciousness among Consumers Boosts Demand for Nutraceuticals in North America
Regionally, North America dominated the global nutraceuticals market in 2014 with a share of over 39.6% in terms of value. As people in North America become more health conscious, the demand for nutraceuticals from the region is expected to increase in response. The regional market is also expected to gain from the persistently rising demand in Canada and the U.S.
Asia Pacific, in the same year, emerged as the second-largest market for nutraceuticals. The rising demand for functional food and dietary supplement from emerging economies of Asia Pacific will accelerate sales of nutraceuticals in the region. The rising preference for health drinks among athletes and sports person as these drinks help them gain edge in sports, losing weight, and staying healthy will also augur well for the nutraceuticals market in Asia Pacific.
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Furthermore, consumers in India are increasingly opting for nutraceuticals in place of their synthetic alternatives for the treatment of chronic ailments. These developments will give significant impetus to the nutraceuticals market in Asia Pacific.
Some of the companies operating in the global nutraceuticals market are Royal DSM N.V., Archer Daniels Midland Company, BASF SE, Cargill, Incorporated, Groupe Danone S.A., E. I. du Pont de Nemours, Nestle S.A., and Company, and General Mills, Inc.
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