OTTAWA, Jan. 07, 2021 (GLOBE NEWSWIRE) — The global nutraceutical Ingredients market size was valued at US$ 161.2 billion in 2019 according to new study by Precedence Research.
Due to growing consumer demand for nutraceutical products such as probiotics, prebiotics, and vitamins, the global market for nutraceutical ingredients is expected to rise at a significant pace. The ingredients of nutraceuticals are derived from animals, plants, microbials and help provide food products with additional nutritional value. They are gluten-free and do not contain artificial colors and flavors, which makes them a healthy alternative to conventional products.
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Growth Factors
Nutraceutical is a material that adds nutritional value to the diet, known as a meal or part of a meal. It is also classified as a functional food that contains standardised and pharmaceutical-grade nutrients. The item functions by diet & works to prevent diseases as a source of nutritional supplement to the body. Rising chronic disease penetration will fuel the demand for nutraceutical ingredients. Key properties can help product penetration, including prevention of heart artery hardening and cholesterol, blood clotting & inflammation reduction. Consumer demand will be driven by increasing concern about longer life spans and future application reach in the animal nutrition and food & beverage industry.
Market growth is driven by factors such as the growth in demand for fortified foods due to a rising knowledge of health among consumers. Growing incidences of chronic diseases globally and mandates for food fortification by government organisations are key drivers for the growth of the industry. Different producers of nutraceutical ingredients are increasingly embracing personalised healthcare innovations to formulate better-suited and tailored end products for customers. Increasingly, consumer product businesses are now gathering data to allow a proper analysis of buying habits and lifestyle and provide customers with personalised choices in line with their buying trends.
The global nutraceutical ingredients market has been driven by growth in life expectancy & health awareness among customers and increased applications of nutraceutical ingredients. The high costs involved in R&D activities, on the other hand, could impede market growth at a global level.
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Report Highlights
- North America showed prominent growth in the global nutraceutical Ingredients market in 2019 because of growing demand for nutraceutical products.
- India, which accounted for almost 31.5 percent of the market share in 2019, totally drives the Asia Pacific market for nutraceutical ingredients.
- As the market for dietary supplements and functional foods in dry form is growing, manufacturing companies are selling products in dry form, either in capsule form or compressed into tablets.
- Manufacturing companies are selling dry goods in increasing demand for nutritional supplements and functional foods in dry form; these are either available in capsule form or compressed into tablets.
Regional Snapshots
North America is prominent revenue contributor to the global nutraceutical Ingredients industry because of significant demand for healthy food among customers. Owing to rise in anti-aging properties, the rising demand for nutraceutical products has led North America to become a prominent region in the industry. Due to the involvement of major pharmaceuticals and food & beverage producers, the Asia Pacific has seen substantial growth in the past few years. Growing consumer spending on health and wellness goods is likely to be a key factor driving the growth of industry in economies such as the Middle East & Africa and Asia Pacific due to changing lifestyles and increasing disposable income.
Related Reports
- Functional Food Market – The global market size was valued at USD 173.26 Billion in 2019 and expected to reach USD 309.00 Billion by 2027 and poised to grow at a compound annual growth rate (CAGR) 7.5% during the forecast period 2020 to 2027.
- Food Safety Testing Market – The global market size was valued at USD 17.43 billion in 2019 and expanding over USD 32.21 billion by 2027, predicted to record a compound annual growth rate (CAGR) of around 7.2% during period 2020 to 2027.
Key Players & Strategies
The nutraceutical Ingredients industry is highly opportunistic and competitive in nature because of significant advancements and developments in the product to cater the ever-changing consumer demand. Further, with the changing lifestyle and increasing health issue the demand is changing rapidly that again trigger the rate of competition among the market players. Presently, consumers are more inclined towards healthy products that have forced the manufacturers in the industry to health based products. In the wake of same, the industry players invest prominently in the market to develop new and advanced products.
Some of the key players operating in the market are GlaxoSmithKline, Kraft Heinz Company, Abbott, Kellogg’s, Danone, Cargill Inc., Amway, Nestle, Archer Daniels Midland, DSM, BASF, PepsiCo, General Mills, Aker Biomarine, Procter & Gamble, Johnson & Johnson.
Market Segmentation
By Type
- Probiotic
- Proteins and amino acids
- Phytochemical & plant extracts
- Fibers & specialty carbohydrates
- Omega 3 fatty acids
- Vitamins
- Prebiotic
- Carotenoids
- Minerals
- Others
By Application
- Food
- Beverages
- Personal care
- Animal nutrition
- Dietary supplements
By Health Benefits
- Cognitive health
- Gut health
- Heart health
- Bone health
- Immunity
- Nutrition
- Weigh management
- Others
By Form
By Regional
- North America
- Europe
- Asia Pacific
- China
- India
- Japan
- South Korea
- Rest of the World
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