Nutraceuticals Market Will Increase Strongly Through 2021

Global nutraceuticals market is valued at USD 182.60 billion in 2015 and is expected to reach USD 278.96 billion by 2021, growing at a CAGR of 7.3% from 2015 to 2021. The major reasons for the success of the nutraceuticals market is the increasing consumer spending and consumer’s positive perception towards nutritious and healthy functional food; beverages; dietary supplements; and personal care and pharmaceutical products across the globe.. Rising demand for nutraceuticals is due to growth in the dietary supplement segment. However, functional food, beverages and personal care products are also significant segments of the nutraceuticals market. Furthermore, consumers are health-conscious and better informed on nutrition-enabled products. Dietary supplements are not only consumed to meet suggested daily intake of nutrients, but also as a disease preventive option and physical performance booster. All the above mentioned factors are expected to fuel the growth of this market globally.

Nutraceuticals market is expected to experience steady growth over the forecast period. Growing demand for dietary supplements in order to improve and maintain the body’s ability and immunity is fueling the growth of this market worldwide. In developing countries such as India and China, the growing affluent middle class population is shifting towards certain lifestyle changes, which enable them to buy functional foods, beverages, and dietary supplements. Furthermore, factors such as high income levels of consumers, greater awareness and widespread preference for specialty nutritional and herbal products are fueling the growth of the nutraceuticals market. In addition, current trends of promoting preventive medicine and self-treatment are primarily contributing to the growth of this market globally.

In the report, the nutraceuticals market is segmented into by product types and by geography. Based on product type, the market is segmented into functional food; functional beverages; dietary supplements; and personal care and pharmaceutical products. Functional food is further sub-segmented into probiotics fortified food; branded ionized salt; omega fatty acid fortified food; and branded wheat flour among others. In addition to this, functional beverages are sub segmented into fruit and vegetable juices and drinks; dairy and dairy alternative drinks; noncarbonated drinks such as bottled water, tea and coffee among others including herbal tea, sports drinks and energy drinks. Furthermore, dietary supplements segment is bifurcated into proteins and peptides; vitamins and minerals; herbals such as ayurvedic extracts, plant extracts, algal extracts and phytochemicals among others.

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The nutraceuticals market has seen diversified trends across different regions including North America, Europe, Asia Pacific and Rest of the World (RoW). Geographically, North America held the largest market share in 2014 and is expected to grow steadily due to growing demand from leading markets such as the U.S. and Canada. Asia Pacific held the second largest market share in 2014. Germany and France have emerged as the key nutraceuticals market in Europe, while the U.K. and Spain have emerged as the key test markets for new products. In the European market, health conscious consumers prefer to consume healthy functional food, beverages and dietary supplements. These nutraceutical products are gaining popularity among the consumers as it provides energy, promote healthy teeth and strong bones, boost the immune system, prevent digestive health issues, and lower cholesterol. However, in spite of all these driving factors behind the growth of the nutraceuticals market, lack of awareness about the benefits of nutraceuticals and increasing nutraceutical product prices are hindering the growth of this market.

Nutraceuticals market is dominated by key players such as Cargill, Incorporated, Archer Daniels Midland Company, Royal DSM N.V., BASF SE, Nestle S.A., Groupe Danone S.A., E. I. du Pont de Nemours and Company, and General Mills, Inc. among others.