The
global
nutraceuticals market is consolidated in nature in which just
a few companies account for almost about half of the share in the
market. The top companies operating in the market are Groupe Danone
S.A., BASF SE, Nestle S.A., and Royal DSM N.V. They mostly
manufacture functional food, functional beverages, and nutritional
supplements.
The
degree of competition is high and the market is price-sensitive.
Astute players in the global market for nutraceuticals are have been
resorting to mergers and acquisitions and strategic collaborations to
grow their market share.
A
report by Transparency Market Research, forecasts the global market
for nutraceuticals to expand at a healthy CAGR of 7.3% during the
period from 2015 to 2021 to attain a value of US$278.96 bn, by the
end of 2021 from US$165.62 bn in 2014.
Highly
Health Conscious Population Thrusts North America Market to the
Forefront
At
present, functional food grosses maximum revenue in the global market
for nutraceuticals, finds the TMR report. In 2014, for example, it
held a substantial 31.0% share in the market. This is because of the
continued rise in demand for functional food products such as
fortified food, branded wheat flour, probiotics, branded ionized
salt, omega fatty acid fortified food, etc. in the past couple of
years. The growing crop of consumers keen on a healthy diet, the
growing pool of elderly, and the spiking healthcare prices have
driven the demand for functional foods mainly. Asia Pacific accounts
for most of the sales of functional beverages at present owing to its
people preferring dairy-based beverages.
Geographically,
the key segments in the global market for nutraceuticals are Asia
Pacific, North America, Europe, and the Rest of the World. Among
them, North America leads the market owing to a large number of
health conscious people looking for nutritious alternatives for
consumption. The U.S. and Canada are the two primary drivers of
growth in the region. The TMR report uncovers that the region held a
share of more than 39.6% in terms of value in 2014.
Prevalence
of Non-communicable Diseases Stokes Market Growth
The
demand for nutraceuticals is predicted to increase substantially in
the near future because of the rising occurrence of non-communicable
chronic ailments and the increasing healthcare expenditure. According
to the lead analyst of the report, “Developing nations of Japan,
China, and India demonstrate a comparatively greater prevalence of
non-communicable diseases (NCDs), namely lung disorders, cancer,
diabetes, and cardiovascular ailments. Hence, demand for
nutraceuticals will be primarily driven by these nations. The
increase in healthcare expenditure will also propel demand for
nutraceuticals in developing nations.”
Demand
for Milk and Meat Drives Market
Apart
from that, another trend bolstering the global market is the high
demand for milk and meat which has egged animal feed manufacturers
across emerging economies to add nutraceuticals to animal feed.
Increasing demand for a nutritional diet and natural beauty products
in developed are also serving to bolster the market. People living in
such developed nations have become aware these days about the
side-effects associated with the most popular pharmaceuticals. Hence,
they are supplanting synthetically produced food and food products
with those derived from natural ingredients.
Countering
the growth in the market, on the other hand, is the rising cost of
nutraceuticals and the dearth of awareness about them.
This
review is based on the findings of a TMR report, titled,
“Nutraceuticals Market (Product Type – Functional Food
(Probiotics Fortified Food, Omega Fatty Acid Fortified Food, Branded
Ionized Salt, and Branded Wheat Flour Market); Functional Beverages
(Fruit and Vegetable Juices and Drinks, Dairy and Dairy Alternative
Drinks, and Noncarbonated Drinks); Dietary Supplements (Proteins and
Peptides, Vitamins and Minerals, and Herbals); and Personal Care and
Pharmaceutical) - Global Industry Analysis, Size, Share, Growth,
Trends, and Forecast 2015 - 2021.”
Global
Nutraceuticals Market, by Product Type
Functional
Food
- Probiotics Fortified Food
- Omega Fatty Acid Fortified Food
- Branded Ionized Salt
- Branded Wheat Flour Market
- Others (nuts, grains, garlic)
Functional
Beverages
- Fruit & Vegetable Juices and Drinks
- Dairy & Dairy Alternative Drinks
- Noncarbonated Drinks (bottled water, tea and coffee)
- Other (herbal tea, sports drinks, energy drinks)
Dietary
Supplements Segment
- Proteins & Peptides
- Vitamins & Minerals
- Herbals ( Ayurvedic extracts, plant extracts, algal extracts, phytochemicals)
- Other (fatty acids, fiber)
Personal
Care and Pharmaceutical
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