Introduction:
Nutraceuticals are functional foods which provide nutritional and health benefits in addition to the basic nutritional value found in food items. These products have physiological benefits, and provide relief from various ailments and chronic diseases to the consumers. Currently, consumers are becoming more health conscious and are well informed on products which are high in nutrients. Nutraceuticals vary from isolated nutrients, herbal products and dietary supplements to processed beverages, foods and specific diets. These products are consumed in order to maintain daily intake of nutrients. They also help in prevention of diseases and act as performance booster. Nutraceuticals are extremely vital for manufacturers of food and beverages, owing to preferably high margins and nominal regulations involved. Factors such as increasing health concerns, development of key demographics, and rising consumer consciousness towards healthy life are some of the major driving factors responsible for the growth of nutraceuticals market. Furthermore, these products also assist in avoiding intake on synthetic drugs and are aimed at improving cardiac health. The developing market for minerals and vitamins-enriched herbal creams and shampoos is also another major driver responsible for the significant demand of nutraceutical ingredients. Considering all these factors, this market is anticipated to grow at a steady rate during the forecast period. However, increasing prices of these products is likely to hinder the expansion of market.
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Market Classification:
The Nutraceuticals Product Market is divided into two segments, namely product type and geography. By product type, the nutraceuticals market is categorized into functional beverages, functional food, dietary supplements, pharmaceutical and personal care. Furthermore, functional food is divided into branded wheat flour, probiotic fortified food, Omega-3 based food and branded ionized salt among others. The functional beverages segment has been segmented into non-carbonated drinks, fruit and vegetable drinks and juices and dairy products. Dietary supplements are sub-divided into minerals and vitamins, peptides and proteins and herbals and non-herbals. In terms of revenue, functional food dominates the nutraceuticals market, owing to increasing interest among individuals to remain healthy through proper intake of diet. Moreover, growing aging population and skyrocketing costs of healthcare are also responsible in fueling the growth of functional foods segment. There is significant demand for this segment in Asia-Pacific as dairy based beverages are mostly preferred in this region.
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Regional Overview:
On the basis of geography, the nutraceuticals market is divided into North America, Europe, Asia-Pacific, Middle East & Africa (MEA) and Latin America. In terms of revenue, North America holds the largest share in the market. As consumers in this region are becoming more health conscious, the demand for nutraceuticals is likely to increase significantly. Moreover, the regional market is likely to gain from consistent demand in the U.S. and Canada. Asia-Pacific is the second largest market for nutaceuticals. The major reason is attributed to growing urge for dietary supplement and functional food from developing countries of this region. There has also been an increase in preference for health drinks among sports person and athletes in Asia-Pacific, as these products help in losing weight and staying fit. In addition, Indian consumers are continuously opting for nutraceuticals as a replacement of synthetic alternatives for prevention and cure of chronic ailments. These developments are expected to provide potential impetus to the growth of market for nutraceuticals in Asia-Pacific.
Market Participants:
Some of the chief players active in the nutraceuticals market are Archer Daniels Midland Company, BASF SE, Groupe Danone SA, Royal DSM N.V., Cargill Incorporated, E. I. du Pont de Nemours, Company, and General Mills, Inc. and Nestle S.A. among others. These companies are continuously involved in new product development, mergers and acquisitions, partnerships among others to sustain in the industry.
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Market Segmentation
Market by Product
Functional beverages
o Non-carbonated drinks
o Fruit and vegetable drinks
o Juices and dairy products
Functional food
o Branded wheat flour
o Probiotic fortified food
o Omega-3 based food
o Branded ionized salt
Dietary supplements
o Minerals and vitamins
o Peptides and proteins
o Herbals and non-herbals
Pharmaceutical
Personal care
Market by Geography
North America
o US
o Canada
o Mexico
Europe
o UK
o Germany
o France
o Rest of Europe
Asia-Pacific
o China
o Japan
o India
o Philippines
o Rest of Asia-Pacific
Latin America
o Brazil
o Chile
o Rest of Latin America
Middle East and Africa (MEA)
o South Africa
o Saudi Arabia
o Rest of MEA
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