Global Nutraceutical Ingredients Market to Surpass US$ 57.46 Billion by 2025
Posted by anagha on June 4th, 2019
Nutraceutical ingredients are the ingredients that provide nutritive value to the food by providing vitamins, minerals, proteins and other valuable nutrients. Nutraceutical ingredients are gaining popularity owing to health benefits associated with consumption of these such as aiding in controlling blood pressure, obesity, cholesterol, and heart diseases. Therefore, nutraceutical ingredients are increasingly being used in dietary supplements, functional foods etc. Nutraceutical ingredients have become the part of daily diet for the consumers.
The nutraceutical ingredients market has witnessed significant growth owing to rise in concern about side effects and synthetic additives in conventional consumer food, which has led to increasing demand for natural additives. Nutraceutical ingredients help in prevention of numerous diseases. Increasing prevalence of heart diseases such as XXX is anticipated to fuel growth of the global nutraceutical ingredients market. According to European Society of Cardiology, cardiovascular diseases cause around 4 million deaths every year, in Europe.
Asia Pacific was the dominant region in the global nutraceutical ingredients market in 2016, owing to increasing geriatric population and increasing health concerns among the population. According to National Centre of Biotechnology Information, aging population are associated with risks such as disability, chronic diseases, hypertension, diabetes and various other diseases. Emerging economies such as China, Japan, and India are some of the key markets in this region.
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Among product ingredients, fibers & specialty carbohydrates was the dominant segment in the global nutraceutical ingredients market in 2016. Omega fatty 3 acid segment is expected to witness significant growth rate over the forecast period. This is attributed to increasing product launches that are rich in omega-3 & fibers. For instance, in 2011, the Kashi Company launched Kashi waffles, 7 Grain Waffles and Blueberry Waffles that are rich in omega-3 and fibers. In 2012, Abbott’s Company’s Zoneperfect brand introduced a line of nutritive bars named Perfectly Simple. These bars have ingredients such as vitamins, proteins, minerals, and others.
By application, functional beverages accounted for the largest market segment in the nutraceutical ingredients market in 2016 with a revenue of US$ 10.51 billion. This is owing to the burgeoning growth in consumption of energy drinks & enhanced drinks, majorly by millennials, globally. According to National Centre for Complementary and Integrative Health, males consume most of the energy drinks between age of 18 and 34. . Functional beverages contain probiotics as nutraceutical ingredients and consumption of these aids in improving gut health, immune system, etc.
Among form, dry form was the dominant segment in the market in 2016 and is expected to retain its dominance over the forecast period. This form has gained popularity owing to its easy storage, handling, and transportation.
In terms of revenue, Asia Pacific was the largest market in 2016 with a market share of 36.19%. It is also projected to exhibit the fastest growth with a CAGR of 7.59% over the forecast period. This is owing to rise in healthcare spending. According to EU Business Avenues in South East Asia, the healthcare spending in ASEAN countries was estimated to be around US$ 110.78 billion in 2014. Emerging countries such as China and India are expected to be the key markets for nutraceutical ingredients as these are major consumers of functional food and beverages. Moreover, increasing geriatric population in Asia Pacific region is one of the major drivers for growth of this market. According to Economic and Social Commission for Asia Pacific (ESCAP), the total number of elderly people is expected to double in 2050, which will be about 1.3 billion from 547 million in 2016. Japan is the largest consumer of nutraceutical ingredients owing to its wide usage in herbal medicine for maintaining health and treating diseases, further driving the overall growth of the market in Asia Pacific. According to EU-Japan Centre for Industrial Cooperation, Japan is anticipated to have 54.8% market share of the Asia-Pacific nutraceutical ingredients market in 2017.
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North America has witnessed to be the second largest market of the nutraceutical ingredients in 2016. U.S. is expected to be the major market in this region over the forecast period. This growth is attributed to increasing use of dietary supplements owing to rising awareness regarding health benefits of consumption of these supplements as it provides nutrients mainly minerals and vitamins. According to U.S. Pharmacopeia Convection, dietary supplements are used by 80% of adults in the U.S.
Major players operating in the global nutraceutical ingredients market include BASF SE, E.I. du Pont de Nemours and Company, Cargill Inc., Archer Daniels Midland Company, DSM Nutritional Products, Ingredion Incorporated, Tate & Lyle Plc, Ajinomoto Co. Inc., and FMC Corporation.
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Joined: July 22nd, 2017
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