Chicago, Jan. 05, 2023 (GLOBE NEWSWIRE) -- According to MarketsandMarkets, the Nutraceutical Ingredients Market is estimated at USD 185.2 billion in 2022; it is projected to grow at a CAGR of 7.2% to reach USD 261.7 billion by 2027.
The expansion of the market for nutraceutical ingredients would be driven by the prevalence of chronic diseases. Important attributes including cholesterol reduction, blood clotting prevention, and inflammation reduction as well as the prevention of heart arteries thickening will also aid in product penetration.
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The prebiotics segment, by nutraceutical ingredient is projected to account for the highest CAGR growth in the nutraceutical ingredient market over the forecast period.
Prebiotic products are proven to promote to increase gut ecosystem, help with various digestive problems, and can boost body immune system. Most of the prebiotics in the market are plant sourced and provides functionally properties like sweetness, has increased the market share of prebiotics.
The dietary supplement segment, by application is projected to grow at the highest CAGR growth in the nutraceutical ingredient market over the forecast period.
These dietary supplements either have one or more nutraceutical ingredients or are consumed orally. Concept of personalized and tailor-made product have increased their demand more, for instance athletic performance-based supplements, children nutrition supplements in various flavors, and more.
The dry ingredient, by form is projected to attain the fastest market growth in the nutraceutical ingredients market throughout the forecasted period.
Most of the nutraceutical food product formulation uses dry form of ingredient, which also depends on the product formulation. And majority of the nutraceutical product being in dry form, the market share for the dry ingredient is more than liquid form. The products such as drinks can also use dry form as their ingredient, as it has good dissolution property and can add density to the products.
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APAC is projected to account for the highest market share in the nutraceutical ingredients market during the forecast period.
The increased economic growth of the countries in the region and the rise in convenience food consumption due to busy lifestyles have fuelled the demand for enriched nutritional food and beverage products in this region. Additionally, rising consumer expenditure on health and wellness products because of changing lifestyles and rising disposable income is likely to be a major factor contributing to market growth in the Middle East & Africa and the Asia Pacific.
The key players in this market include Associated British Foods Plc (UK), Arla Foods Ingredients Group P/S (Denmark), DSM (Netherland), Ingredion (US), Tate & Lyle (UK), Ajinomoto Co., Inc. (Japan), CHR Hansen Holdings A/S. (Denmark), Kyowa Hakko Bio Co., Ltd. (Japan), Glanbia Plc (Ireland), Fonterra Co. Operative Group Limited (New Zealand), Cargill Incorporated (US), ADM (US), International Flavors & Fragrances, Inc. (US), BASF SE (Germany) and Kerry Groups (Ireland). Strategic partnerships were the dominant strategy adopted by the key players, followed by expansions and new product launches. These strategies have helped them to increase their presence in different regions and industrial segments.
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