Nutraceuticals
are products that offer health and nutrition benefits over and above
the basic nutrition value present in food items. Nutraceuticals range
from dietary supplements, isolated nutrients, and herbal products to
processed foods and beverages. Nutraceuticals offer lucrative margins
to food and beverages company and also have minimal regulatory
requirements involved. Thus, an increasing number of companies are
entering the nutraceuticals market.
Increasing
health consciousness among consumers is driving the global
nutraceuticals market. The increasing consumer awareness
about the basic nutrition value present in food and growing
preference for nutritious products are driving the global
nutraceuticals market. The use of nutraceuticals products as a
physical performance booster is expected to benefit the market.
Moreover, nutraceuticals products are perceived to contain nutrients
that will prevent diseases, which is propelling the nutraceuticals
market. The use of nutraceuticals as an alternative to prescription
and OTC drugs will further drive the market towards growth.
Yet,
the global nutraceuticals market is expected to be hampered by rising
prices of nutraceuticals. A lack of awareness about nutraceuticals is
also expected to restrain the market’s growth. However,
technological advancements are expected to open doors of
opportunities in the global nutraceuticals market. Additionally, the
use of nutraceuticals across new application areas will also drive
the market to a new high.
TMR
forecasts, the global nutraceuticals market to reach US$278.96 bn by
the end of 2021 from a valuation of US$165.62 bn in 2014. The market
is projected to exhibit a CAGR of 7.3% from 2014 to 2015.
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Based
on products, functional food emerged as the largest segment, holding
approximately 31% of the market in terms of revenue. With a share of
39.6% by value, North America emerged as the dominant geographical
segment in the market in 2014.
A
handful of companies hold over half of the global nutraceuticals
market, thus contributing to the creation of a fairly consolidated
vendor landscape. The market is price-sensitive and witnesses a high
degree of competition. As per Transparency Market Research (TMR),
BASF SE, Groupe Danone S.A., Royal DSM N.V., and Nestle S.A., emerged
as the top players, accounting for over 52.1% in the global
nutraceuticals market in 2014.
This
review is based on a report published by Transparency Market
Research, titled “Nutraceuticals Market - Global Industry Analysis,
Size, Share, Growth, Trends, and Forecast 2015 - 2021.”
Key
Takeaways:
- Lack of knowledge to limit scope of expansion of nutraceuticals market across less developed regions.
- With a share of 39.6% in revenues, North America dominated the global market in 2014
- Functional food emerged as the leading product segment, holding over 31% of the market by revenue in 2014
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