The increase in consumer spending on functional foods and beverages offers lucrative opportunities for the global nutraceutical market. Consumers, especially those in developed countries, are studying healthier lifestyle choices to reduce the incidence of chronic and lifestyle-related diseases. These trends have reinforced the demand for dietary supplements not only to increase physical performance, but also as a disease prevention option. Encouraged by such factors, the global nutraceutical market will grow at a compound annual growth rate of 7.3% in the next few years.
In addition to the growth observed in developed regions, the market should also see interesting opportunities in the Asia-Pacific. The solid development of healthcare demonstrated in the emerging economies of the region and the increase in disposable income for people will accelerate the nutraceutical market in Asia-Pacific. Global Nutraceuticals Market will reach $336.1 billion by the year 2023 from $230.9 billion in 2018 growing at a CAGR of 7.8% from 2018 to 2023.
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Drivers and Restraints:
Based on income, functional foods have become the largest product segment in the global nutraceutical market. In 2014, it owned more than 31% of the market. In the past two years, the demand for functional food products such as branded wheat flour, fortified foods, probiotics, fortified foods, branded ionized salt and others has increased dramatically. The growing interest of people in achieving well-being through nutrition, the aging of the population and the skyrocketing costs of medical care are fueling demand in the functional food sector.
In addition, functional beverage producers will also see interesting opportunities in the future. It is expected that the demand for functional drinks will be very high in Asian countries, since they prefer milk drinks. At the same time, the demand of the food supplement segment is also expected to increase significantly in the coming years.
Geographic Segmentation:
At the regional level, North America dominated the world market for nutraceuticals with a share of more than 39.6% in value. With consumers in North America increasingly aware of health, the demand for nutraceuticals in the region is expected to increase. It is also expected that the regional market will benefit from the constantly increasing demand in Canada and the United States.
In the same year, the Asia-Pacific region became the second largest nutraceutical market. The growing demand for functional foods and dietary supplements from emerging economies in Asia Pacific will accelerate sales of nutraceuticals in the region. The growing preference for energy drinks among athletes due to their benefits in sports, losing weight and staying healthy.
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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