Report: nutraceuticals worth $38.7bn by 202018 Aug 2015
According to a new report published by Markets&Markets, the nutraceutical ingredients market, in terms of value, is projected to reach about $38.7 billion by 2020. In 2014, the market was dominated by the Asia-Pacific region, followed by Europe. The Asia-Pacific market is projected to grow at the highest CAGR with rapid growth in the functional […]
According to a new report published by Markets&Markets, the nutraceutical ingredients market, in terms of value, is projected to reach about $38.7 billion by 2020. In 2014, the market was dominated by the Asia-Pacific region, followed by Europe. The Asia-Pacific market is projected to grow at the highest CAGR with rapid growth in the functional food & beverage industries in developing countries such as India and China. The growing health awareness and rising cases of various chronic diseases such as blood pressure, diabetes, and rickets in this region are also driving the market.
Nutraceutical ingredients are defined as a part of food or a whole food that have a medical or health benefit, including the prevention and treatment of various chronic diseases such as obesity, cancer, high blood pressure, and diabetes, notes Markets&Marketst. With increasing educational levels, people are gaining awareness regarding the types of food & beverages that help in maintaining a balanced diet and proper health.
Manufacturers are also taking into consideration the convenience factor for consumers and providing them with healthy nutrients in the form of food and beverages instead of supplements, the company says, noting that cosmeceuticals is another growing concept, which combines nutraceutical with personal care. Nutraceutical ingredients find application in the personal care industry through cosmeceuticals. For instance, there are various mineral- or vitamin-enriched herbal creams and shampoos entering the market, which guarantee better skincare and hair care.
Animal nutrition is developing, with the growing demand for meat and milk, it points out, and animal product manufacturers attain more output from animals and for this purpose, various nutritious ingredients are used in animal feed.
For the report, the nutraceutical ingredients market is segmented on the basis of types into prebiotics, probiotics, proteins & amino acids, vitamins, minerals, Omega-3 fatty acids, phytochemicals & plant extracts, fibres and specialty carbohydrates, carotenoids, and others, Markets&Markets says, with phytochemicals and plant extracts the fastest-growing segment in the market. On the basis of applications, the nutraceutical ingredients market is segmented into functional food, functional food beverages, dietary supplements, animal nutrition, and personal care. Dietary supplements form the major application of nutraceutical ingredients, according to the company. On the basis of health benefit, the market is segmented into gut health, bone health, heart health, immunity, nutrition, and weight management, it says. In the report, the market has also been segmented on the basis of regions into North America, Europe, Asia-Pacific, Latin America, and Rest of the World (RoW). Key countries of these regions have also been studied.
The report includes market sizes in terms of value and volume. Both “bottom-up” and “top-down” approaches were used to arrive at the market sizes and obtain the market forecast, the company says, noting that extensive secondary research was conducted to understand the market insights and trends, which was further validated through primary interviews. The report provides both, qualitative and quantitative analyses of the nutraceutical ingredients market, the competitive landscape, and the preferred development strategies of key players.
The key players were observed to prefer expansions and investment, acquisitions, new product launches, and agreements as strategies to garner a larger share in the market. The report also analyses the market dynamics, challenges, and issues faced by leading players.
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