DUBLIN–(BUSINESS WIRE)–The “Nutraceuticals Market to 2027 – Global Analysis and Forecasts By Type; Application” report has been added to ResearchAndMarkets.com’s offering.
The global nutraceuticals market was valued at US$ 252,535.4 Mn in 2018 and is projected to be worth US$ 465,709.8 Mn by 2027, growing at a CAGR of 7.1 % during the forecast period 2019 – 2027. The nutraceuticals market is rapidly growing at a faster pace over the past few years. Increases in disposable income coupled with changing lifestyles are attracting consumers to consume nutraceuticals or functional foods in the daily diet. Currently, a healthy gut system is a major concern among health-conscious consumers.
Functional food enriched with probiotic and prebiotic ingredients are consumed for maintaining gut health. Additionally, functional foods help to reduce the risk of diabetes and cardiovascular diseases and also provide physiological benefits. Consumers prefer to consume nutraceuticals rather than pharmaceutical drugs to prevent various diseases. The current trend among consumers to take preventive action to minimize the possibility of chronic diseases such as cancer, obesity, diabetes, allergy, Alzheimer, eye, immune, inflammatory and Parkinson’s diseases further boost the demand for nutraceuticals.
Based on the type, the nutraceuticals market has been segmented into functional food, functional beverages, dietary supplements, personal care and pharmaceuticals. The functional food segment led the nutraceuticals market in 2018. Functional foods are food that provides us with enhanced health and performance by the introduction of ingredients that they lack naturally or the modification of the ingredients that are present. To increase nutritional content of daily food products they are fortified with several types of functional ingredients such as carotenoids, dietary fibers, fatty acids, minerals, prebiotics and probiotics, and vitamins. Wide applications of these ingredients for weight management, sports nutrition, immunity, clinical nutrition digestive health and cardio health among others has attracted consumers towards functional foods. Rising consumer awareness regarding their health, increase in disposable coupled with increasing demand for fortified food and beverage has influenced the growth of this segment positively.
Nutraceuticals are defined as health supplements which help to improve health, prevent chronic diseases, increase life expectancy, or support the structure or function of the body. The demand for nutraceuticals has subsequently gone up owing to increasing use of health and wellbeing products in day to day life to improve overall health. North America held the largest share of the global nutraceuticals market in 2018 and is forecast to maintain its dominance over the forecast period. The nutraceuticals market in this region is primarily being driven by the rising health concerns and increases in the disposable income of consumers.
Countries such as US, Canada and Mexico are witnessing an upsurge in consumer spending on health and wellbeing products which provides ample opportunities for the key nutraceuticals market players. In addition, the increasing prevalence of chronic diseases such as obesity, diabetes, allergy, Alzheimer’s owing to busy and hectic lifestyles has generated the demand for the nutraceuticals in the region. With the increasing health-related awareness among the consumer, the need for nutraceuticals in the region is expected to grow over the forecast period. Furthermore, the increasing popularity of dietary supplements in the region, particularly in US, also aids the North American nutraceuticals market.
Reasons to Buy
- Highlights key business priorities in order to assist companies to realign their business strategies.
- The key findings and recommendations highlight crucial progressive industry trends in the global nutraceuticals market, thereby allowing players to develop effective long term strategies.
- Develop/modify business expansion plans by using substantial growth offering developed and emerging markets.
- Scrutinize in-depth the market trends and outlook coupled with the factors driving the market, as well as those hindering it.
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Enhance the decision-making process by understanding the strategies that underpin commercial interest with respect to products, segmentation and industry verticals.
Market Dynamics
Drivers
- Growth in the demand for functional food and beverages owing to increasing health consciousness amongst consumers
- Increasing Incidences of Chronic Diseases
Restraints
- Regulations Related to Dietary Supplements and Functional Food
Opportunities
- Increase in Demand for Nutraceuticals in Pet Food
Trends
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Increasing Spectrum of Nutraceuticals in Sports Nutrition
Companies Profiled
- Amway
- The Nature’s Bounty Co.
- Herbalife International of America, Inc.
- General Mills, Inc.
- Kellogg Co.
- Abbott
- Nestle SA
- Danone S.A.
- GlaxoSmithKline plc.
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Helion Nutraceuticals, LLC.
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