A
portmanteau of the words “nutrient” and “pharmaceuticals”,
nutraceuticals represent a broad group of products that are designed
to provide consumers with health benefits in addition to their
regular diet. Most nutraceuticals are derived from food sources.
Theoretically, nutraceuticals can be regarded as biological therapies
that are non-specific and are used to promote a consumer’s
well-being. They are also used to prevent the occurrence of harmful
processes in the body as well as controlling various illnesses.
The
global
nutraceuticals market is progressing at a CAGR of 7.3% from 2015
to 2021. The market will be valued at US$278.96 bn by 2021, after
being exposed to the current driving factors and rising from a
recorded value of US$165.62 bn in 2014. The optimistic CAGR itself
shows that the market is destined to thrive owing to quite a few
market characteristics and consumer trends.
Growing
Interest and Disposable Incomes Boost Global Nutraceuticals Market
The
global nutraceuticals market has always gathered a decent amount of
interest from consumers. The idea of taking supplements to fulfill
one’s dietary requirements is more than attractive and the fact
that has been complementing this interest is the improvement of
economies. The increasing number of consumers that can afford daily
sustenance and dietary supplements is the key driver of the global
nutraceuticals market. Modern consumers are more aware of maintaining
healthier dietary habits, know more about the same, and can afford
them as well, thus leaving more scope for nutritional products. Most
consumers in the global nutraceuticals market use nutraceuticals for
more than merely meeting daily dietary requirements; consumers also
take nutritional products to increase their immunity against
diseases, helping the global nutraceuticals market find an advantage
in the disease prevention agenda.
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Moreover,
consumers are showing a growing preference towards organic foods and
nutritional products that are derived from non-genetically modified
extracts. The shift from chemical to organic will vastly benefit the
global nutraceuticals market, which can promote healthy living by
promoting organic nutritional products.
Developing
Economies Boost Asia Pacific Nutraceuticals Market
North
America dominated the global nutraceuticals market in 2014, when it
held a share of 39.60%. From the global perspective, the North
America nutraceuticals market imparted the global nutraceuticals
market the highest revenue in 2014, primarily because the region,
especially the U.S., had the highest level of consumer awareness
about nutraceuticals. Meanwhile, Asia Pacific, home to India and
China, two of the most rapidly developing economies in the world
today, is set to witness a significant growth spike in the
nutraceuticals market. The Asia Pacific region in particular is
expected to see a high growth rate in the minerals, vitamins, and
herbal products segments of the global nutraceuticals market.
The
largest segment of the global nutraceuticals market in terms of
revenue in 2014 was functional foods, while functional beverages were
the second largest segment of the market.The top five players in the
global nutraceuticals market hold the majority share in it. Key
players in the global nutraceuticals market are General Mills, Inc.,
E.I. du Pont de Nemours and Company, Groupe Danone S.A., Nestle S.A.,
BASF S.A., Royal DSM N.V., Archer Daniels Midland Company, and
Cargill, Inc.
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