With
a handful of companies commanding more than half market share, the
global nutraceuticals market features a largely consolidated vendor
landscape. Key players, namely BASF SE, Royal DSM N.V., Groupe Danone
S.A., and Nestle S.A. held more than 52.1% of the overall market in
2014. These companies hold large shares as they offer an array of
products including functional food, functional beverages, and
nutritional supplements. Strategic collaborations and mergers and
acquisitions adopted by these companies to expand their product
offerings and geographical outreach are also factors behind the
prominence of these companies.
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As
per a business and market intelligence study by Transparency Market
Research (TMR), the global nutraceuticals market is predicted to
expand at a CAGR of 7.3% between 2015 and 2021. Expanding at this
pace, the market’s valuation of US$ 165.62 bn in 2014 will become
US$278.96 bn by 2021-end. Vis-à-vis revenue, functional food product
type segment held the commanding share of the market in 2014. This is
mainly because of surging demand for an array of foods such as
fortified foods, probiotics, and branded ionized salt as individuals
vie to attain wellness through diet. Dairy-based functional beverage
segment commands the leading share as dairy-absed beverages are
consumed widely in Asia. Region-wise, North America holds supremacy
in the nutraceuticals market due to the presence of a large
health-savvy population; the growth of this market is mainly driven
by persistent demand for nutraceuticals in the U.S. and Canada.
“Demand
for nutraceuticals is expected to rise on the back of rising
incidence of non-communicable diseases and rising healthcare
expenses,” says the author of the study. Changing lifestyle and
rising consumption of packaged food in emerging economies have been
reasons for the increasing incidence of lifestyle diseases such as
cardiovascular ailments and diabetes. This, along with rising
healthcare expenses are stoking demand for nutraceuticals in emerging
nations.
The
rising demand for milk and meat is leading animal feed manufacturers
to add nutraceuticals in animal feed. This is boosting the
nutraceuticals
market.
Besides this, a high level of awareness among consumers in developed
countries regarding the benefits of nutritional diet and rising
demand for natural beauty products are aiding the growth of
nutraceuticals market. Consumers in developed countries have a high
degree of awareness about the side-effects of pharmaceuticals, hence
are increasingly opting for natural foods and health-benefitting
supplements derived from products derived from natural ingredients.
Apart
from this, unlike pharmaceuticals, nutraceuticals are available
over-the-counter without prescription. This makes another reason for
their increased adoption as a natural supplement for well-being.
Despite
a host of positive factors, increasing prices of nutraceuticals are
limiting their uptake especially in less developed economies.
Nutraceuticals prices are generally higher than pharmaceuticals.
Substantial difference between the prices of nutraceuticals and
pharmaceuticals is compelling consumers to opt for low price
medicines.
Low
awareness about nutraceuticals is another factor challenging the
growth of nutraceuticals market. A large population worldwide are yet
to realize the benefits of nutraceuticals. Nevertheless, rising
healthcare spending in Asia Pacific is likely to offer lucrative
growth opportunities to global nutraceuticals market.
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