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Global Nutraceuticals Market Was Valued At US$ XX Mn In 2019, And It Is Projected To Reach More Than US$ 317.1 Mn By 2028, With A CAGR Of 8.3 % During The Forecast Period.
The global Nutraceuticals market is expected to grow rapidly during the forecast period. The driving factors of the market include increasing health consciousness, supportive government policies regarding food fortification, and the growing number of chronic diseases.
Rising Health Consciousness and Increasing Demand for Fortified Food is to Fuel the Demand for Nutraceutical Products during the Forecast Period
Preferential shift among the end-users towards the consumption of nutritious products owing to the rising health consciousness and the growing number of diseases is driving the demand for fortified food. Furthermore, the rising number of chronic diseases is expected to boost the demand for these products. According to a study conducted by the World Health Organization, chronic diseases like stroke, ischemic heart disease, and diabetes will cause more than three-quarters of death incidents worldwide. The developing countries such as India, Brazil, and China are majorly affected by these diseases. To minimize the ration of these diseases promotional activities are conducted by private and public entities which are expected to create ample opportunities for the growth of the global nutraceutical products market during the forecast period.
Probiotics Segment Held Key Share in Global Nutraceutical Market in 2019
On the basis of type, the global nutraceutical market is dominated by the probiotics segment. The segment occupied for significant market share in 2019. The growth of the segment can be attributed to rising awareness regarding the health benefits associated with probiotics based functional foods. Moreover, the use of these products in feed to improve livestock immunity is expected to boost the demand for the segment in the future.
The Dry Segment is projected to Witness Fastest CAGR during the forecast period
Based on form, the dry segment is expected to account for a larger market share and is expected to show the highest growth in the coming years. This is due to the superior featured offered by dry form if compared with liquid form. The dry form of nutraceutical products is easy to store, and handle. There are a number of nutraceutical products used in the dry form including proteins, vitamins, probiotic premixes, and amino acids which are expected to boost the sale of the segment.
The Personal Care Segment To Dominate Global Market During The Forecast Period
By application, the personal care segment is expected to witness tremendous growth in the future. This is mainly due to the rising prevalence of personal grooming and changing lifestyle particularly in emerging economies including China, India, and Japan. Some of the major nutraceutical products used in most of the personal care products such as lip care products, skin lotions, hair conditioners, and face powders include carbohydrates, protein, vitamins, prebiotics, and probiotics.
The Asia Pacific Is Anticipated To Grow At A Highest Compound Annual Growth Rate During The Forecast Period
In terms of region, Asia Pacific dominates the global market by holding substantial market share in 2019. The region is estimated to grow at the highest CAGR of 8.2 %during forecast period. The growth of the region can be attributed to the large consumer base of personal care, dietary supplements, and food & beverages. Moreover, the increasing purchasing power and rising per capita income across the region is expected to create new growth opportunities for the region.
The global Nutraceuticals market is fragmented with several local and global players, which makes the market highly competitive. Key players are undergoing mergers & acquisitions in the global nutraceutical market.
For instance, in n January 2019, DSM announced that they are entering into a joint venture with Nenter & Co., Inc. by acquiring a 70 % stake of the company. As a part of this agreement, DSM will acquire Nenter’s China facility dedicated for the production of Vitamin E.
In October 2018, Cargill announced the launch of a plant-based Omega-3 alternative, branded as Latitude. The product is developed for fish feed applications.
In August 2018, ADM announced the launch of Onavita algal DHA powder, a new addition into their Omega-3 product line. The launch is intended to extend their health and wellness segment.
Some of the prominent companies operating in the global Nutraceuticals market include Evonik, Cargill, Sigma-Aldrich, BASF, Associated British Foods, ADM, Fonterra, Omega Protein Corporation, Glanbia, DSM, Kyowa, Ingredion, Chr. Hansen, Arla Foods, DowDuPont, Ajinomoto, and Tate & Lyle.
Global Nutraceuticals Market by Type
- Omega-3 fatty acids
- Phytochemical & plant extracts
- Fibers & specialty carbohydrates
Global Nutraceuticals Market by Form
Global Nutraceuticals Market by Application
- Food & beverages
- Personal Care
- Animal Nutrition
- Dietary Supplements
Global Nutraceuticals Market by Region
- North America
- Asia Pacific
- Middle East & Africa
- Latin America