Market Scope
The global nutraceuticals market, backed by its rising demand, is projected to touch the valuation of USD 319.6 billion by 2023, says Market Research Future (MRFR). It can expect to achieve the CAGR of 6.70% during the forecast period (2017-2023).
Market Drivers and Key Barriers
The worldwide nutraceuticals market holds a significant scope for expansion; with its contribution globally set to increase phenomenally in the next couple of years. Versatile in nature, nutraceuticals are useful across various industries, including animal feed additives, personal care, and pharmaceutical food & beverages. Latest innovations, as well as findings of function-specific antioxidants, are poised to offer countless opportunities in the booming sector.
Nutraceutical products are considered to be a necessity in the modern world. The market’s expected growth in the future is backed by the mounting demand for preventive healthcare, along with the surge in medical treatment. The latter accelerates the demand for nutraceuticals-containing products, which highly favors the overall market. But the high investment required for research and development (R&D) could act as a critical barrier in the market growth.
On the bright side, a spate of innovations within the sector, such as novel Neem Extract and Purple corn could spell success for the market in the long run. Also, emerging nations are now more focused on preventive health care; which will give a significant boost to the demand for nutraceutical products. In the subsequent years, the functional food & beverages industries are projected to make use of antioxidants in high amount, which also adds to the strength of the market.
Market Segmentation
The worldwide market for nutraceuticals has been segmented on the basis of ingredients, types and distribution channel.
The types of ingredients are probiotics, vitamins and minerals, omega-3, protein and peptides and others. Currently, vitamins and minerals segment holds the maximum share of 47.40%, as a growing population suffers from vitamin deficiency. Plus, vitamins possess various health benefits such as the ability to prevent various diseases like high cholesterol levels, eye disorders and heart problems. But it is the omega-3 segment that will showcase the fastest growth, which is set to be 8.23%. Omega-3 fatty acid is known for being a highly potent nutraceutical that works against the hardening of heart arteries, in addition to being used as an active ingredient across various industries. The third best growth is anticipated to be of probiotics.
The types of nutraceuticals include functional beverages, functional foods, and dietary supplements. Between these, the market will be dominated by functional foods segment, whose coverage is projected to be 35%.
The distribution channels covered by the report are store-based and non-store based. The store-based distribution channel currently rules the market with the top share of 74.49% estimated in 2017.
Regional Outlook
Europe, Asia Pacific (APAC), Middle East, and Africa and North America are the primary markets for nutraceuticals.
With respect to value and volume, North America is predicted to be the most lucrative nutraceuticals market with a share of 36.69%. Asia Pacific is poised to rise at a rate of 7.82%. The North America market’s share was valued at USD 79.36 billion in 2017, with the reasons being the prevalence of busy work schedules and the consumers’ preference for functional foods. APAC’S consumption of nutraceuticals is anticipated to rise at a rate of 7.82% in the given period based on the surging health issues and subsequently increasing health awareness among consumers.
The growth of the Europe market is the result of the presence of huge consumer base for beverages, food, personal care products, feed and dietary supplements. Besides, increasing purchasing power, boost in consumer demand for nutritional & health products and rising incomes offer promising prospects for the diversification of the nutraceutical market. Apart from this, the growing prevalence of health-related issues is expected to work in favor of the nutraceuticals market in the region.
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Prominent Players
The prominent vendors shaping the worldwide nutraceuticals companies include DSM Nutritional Products, Inc. (the Netherlands), BASF SE (Germany), E. I. du Pont de Nemours and Company (U.S.), Abbott Nutrition Manufacturing Inc. (U.S.), Archer-Daniels-Midland Company (U.S.), Cargill Inc. (U.S.), GlaxoSmithKline Plc (U.K), and others.
Industry Update
January 2019
DSM has entered a joint venture with Nenter & Co., Inc. (China), acquiring a stake of 75% to accelerate the production of vitamin E in China.
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