Nutraceuticals Market Explores New Growth Opportunities By 2021

Transparency Market Research (TMR) has announced the addition of a new market study on the nutraceuticals market. The report analyzes the drivers and restraints of the market. The report is titled “Nutraceuticals Market - Global Industry Analysis, Size, Share, Growth, Trends, and Forecast 2015 - 2021.” As per the findings in the report, the market, which was valued at US$182.60 bn in 2015, will rise to US$278.96 bn by 2021, exhibiting a CAGR of 7.3% from 2015 through 2021. An increase in the prevalence of non-communicable chronic diseases and rising healthcare expenditure are expected to drive the global nutraceuticals market.

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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.

The global nutraceuticals market is segmented on the basis of product and geography. On the basis of product, the global nutraceuticals market is segmented into functional food, functional beverages, dietary supplements, and personal care and pharmaceuticals. Of these, the functional food segment led in terms of revenue in 2014, representing a share of 31% in the global nutraceuticals market. The segment is expected to expand at a 7.1% CAGR from 2015 to 2021.

On the basis of region, the global nutraceuticals market is segmented into Europe, North America, Asia Pacific, and the Rest of the World. Of these, North America held the largest share in the market in 2014 and the demand for nutraceuticals is expected to remain steady in the future, due to high demand from the U.S. and Canada.

The report profiles key companies operating in the global nutraceuticals market for the purpose of study. The companies included are: BASF SE, Archer Daniels Midland Company, Groupe Danone S.A., Cargill, Incorporated, Aland (Jiangsu) Nutraceutical Co., Ltd. The challenges faced by these companies and the strategies adopted by them to grow in the market have been included in the report.