WELLESLEY, Mass., July 23, 2018 (GLOBE NEWSWIRE) -- In the face of rising healthcare costs and lifestyle diseases, consumers are turning to dietary supplements and functional foods and beverages in an effort to avoid costly treatments. Nutraceuticals are defined as any food or food product that provide health benefits, including the prevention or treatment of disease. Nutraceuticals consist of ingredients such as vitamins, minerals, amino acids, fatty acids and probiotics and are sold in the form of foods, beverages and supplements (FBSs).
According to the BCC Research report Nutraceuticals: Global Markets to 2023, individuals are more likely to self-medicate through nutraceuticals, functional foods, organic foods and botanicals, and over-the-counter (OTC) drugs than at any other time in history. The market is being driven by rising health concerns, an aging population and growing per capita income in developing countries such as China, India and Brazil as consumers turn to more natural ways to prevent disease.
Research Highlights
- Functional beverages dominated the global nutraceutical market with a 36.0% market share in 2017. The market was valued at $77.1 billion in 2017 and is expected to grow at a CAGR of 8.4% from 2017 through 2023, reaching $124.4 billion.
- The global dietary supplements market was valued at $67.5 billion in 2017 and is expected to reach $100.8 billion by 2023, growing at a CAGR of 6.8% from 2017 through 2023.
- The global functional food market was $69.6 billion in 2017 and is expected to reach $110.9 billion by 2023, growing at a CAGR of 8.1% from 2017 through 2023.
“Due to the exponential growth, there are many potential opportunities to enter the global nutraceutical market,” the report notes. “There also is an opportunity for contract manufacturers of nutraceutical products, which would improve product manufacturing and delivery time.”
About BCC Research
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