The
increasing consumer spending on functional food and beverages has
been presenting lucrative prospects for the global nutraceuticals
market. Consumers, especially those across developed nations, are
currently exploring healthier lifestyle choices to curb the incidence
of chronic and lifestyle diseases. Such trends have bolstered demand
for dietary supplement not only as means to boost physical
performance but also disease prevention option. Spurred by such
factors, Transparency Market Research (TMR) projects the global
nutraceuticals market to rise at a CAGR of 7.3% between 2015 and
2021.
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Besides
growth witnessed across developed regions, the market is also poised
to see attractive opportunities in Asia Pacific. The robust
healthcare development demonstrated across emerging economies of the
region and increasing disposable income of people will accelerate the
nutraceuticals market in Asia Pacific.
As
per TMR, the global nutraceuticals market stood at US$165.62 bn in
2014. Rising at a CAGR of 7.3% from 2015 to 2021, the market is
expected to reach US$278.96 bn, by the end of 2021.
Demand
for Functional Food to Surge Considerably due to Rising Interest in
Healthier Lifestyle
On
the basis of revenue, functional food emerged as the largest product
segment in the global nutraceuticals market. It held a share of over
31% in the market in 2014. In the last couple of years, the demand
for functional food products such as branded wheat flour, fortified
food, probiotics, omega fatty acid fortified food, branded ionized
salt, and others has surged considerably. The rising interest among
people to achieve wellness through diet, the increasing aging
population, and the skyrocketing healthcare costs have fuelling
demand from the functional food segment.
Besides
this, TMR expects the producers of functional beverages to witness
attractive opportunities as well. Demand for functional beverages is
expected to be significantly high in countries across Asia as they
prefer dairy-based beverages more. As per TMR, over the next few
years demand from the dietary supplements segment is also expected to
increase considerably.
Rising
Health Consciousness among Consumers Boosts Demand for Nutraceuticals
in North America
Regionally,
North America dominated the global nutraceuticals
market in 2014 with a share of over 39.6% in terms of value.
As people in North America become more health conscious, the demand
for nutraceuticals from the region is expected to increase in
response. The regional market is also expected to gain from the
persistently rising demand in Canada and the U.S.
Asia
Pacific, in the same year, emerged as the second-largest market for
nutraceuticals. The rising demand for functional food and dietary
supplement from emerging economies of Asia Pacific will accelerate
sales of nutraceuticals in the region. The rising preference for
health drinks among athletes and sports person as these drinks help
them gain edge in sports, losing weight, and staying healthy will
also augur well for the nutraceuticals market in Asia Pacific.
Furthermore,
consumers in India are increasingly opting for nutraceuticals in
place of their synthetic alternatives for the treatment of chronic
ailments. These developments will give significant impetus to the
nutraceuticals market in Asia Pacific.
Some
of the companies operating in the global nutraceuticals market are
Royal DSM N.V., Archer Daniels Midland Company, BASF SE, Cargill,
Incorporated, Groupe Danone S.A., E. I. du Pont de Nemours, Nestle
S.A., and Company, and General Mills, Inc.
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