Pune, India, Aug. 28, 2018 (GLOBE NEWSWIRE) -- A study conducted by Market Research Future (MRFR) reveals that the nutraceuticals market will expand at a compound annual growth rate of 6.70% from 2017 to 2023. Towards the end of the review period, the global nutraceuticals market is anticipated to surpass a valuation of USD 319.6 billion. Global consumption of nutraceuticals has continued to grow year over year. Changing lifestyle and consumer preference is influencing the growth of the nutraceuticals market. The increased level of awareness among consumers about nutritional and medicinal benefits of nutraceuticals is also partly responsible for recent hike in their popularity. Moreover, nutraceuticals are now finding application in a broader gamut of processed food items.
Nutraceuticals are viewed to have high food value and thereby added to different types of food products increasing their nutritional offerings. From functional food to dietary supplements and health drinks, nutraceuticals are being added to a range of commercially manufactured items. Adding extra nutritional value to a food item often improves its marketability. Nutraceuticals are added to food products in the form of powder and liquid. Nutraceutical pills and capsules are also available for direct consumption purposes.
Key Players and Competition Tracking
Abbott Nutrition Manufacturing Inc. (U.S.), Cargill Inc. (U.S.), BASF SE (Germany), GlaxoSmithKline Plc (U.K), Archer-Daniels-Midland Company (U.S.), DSM Nutritional Products, Inc. (the Netherlands), and E. I. du Pont de Nemours and Company (U.S.) are among the leading companies operating in the global nutraceuticals market.
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Latest Industry News
- Food Safety and Standards Authority of India (FSSAI) India’s apex organization for food safety has reportedly assisted Confederation of Indian Industry (CII) to set up a Resource Centre for Health Supplements and Nutraceuticals (ReCHaN) in collaboration with the International Alliance of Dietary/Food Supplement Associations (IADSA) in India. The move will be primarily focused on meeting global quality standards for vitamin and mineral ingredients in health supplements marketed in the country.
- Canada based medicinal cannabis expert MYM Nutraceuticals Inc. has reportedly joined forces with the University of Sherbrooke to conduct a special study on medicinal and industrial application scope for hemp and cannabis.
Nutraceuticals Market Segmentation: Insights
MRFR in its Nutraceuticals Market report has provided a descriptive segmental analysis of the market based on type, ingredients and distribution channel. On the basis of type, the market has been segmented into functional foods, functional beverages and dietary supplements. Among these, the functional food segment is expected to remain highly profitable over the next couple of years. During the forecast period, this segment is expected to command close to 35% market share and is estimated to grow at 8.1% CAGR in APAC Region. Demand for dietary supplements is on the rise as well driving its global sales. The dietary supplement segment is projected to record a relatively higher growth rate of 6.88% over 2023. On the basis of ingredients, the market has been segmented into probiotics, vitamins and minerals, omega-3 and protein and peptides. Among these, the vitamins and minerals segment currently accounts for the largest market share of 47.40% and the trend is likely to continue throughout the assessment period. This is primarily owing to increasing number of vitamins deficiency cases among young adults, adolescence and children. The Omega-3 segment is also expected to witness a healthy growth during the projection period, recording an impressive CAGR of 8.23%. Omega-3 fatty acid are considered as a highly effective nutraceutical and thereby used and active ingredient in various types of food products. By distribution channel, the market has been segmented into non-store based and store based. Currently, the store-based segment holds the leading position. Most consumers prefer one stop shopping experience, which continues to favor store bases distribution channels.
Browse the market data and information spread across 97 pages with 85 data tables and 20 figures of the report “Nutraceuticals Market Report - Forecast 2017-2023” in-depth alongside table of content (TOC) at: https://www.marketresearchfuture.com/reports/nutraceuticals-market-2181
Increased Demand for Functional Food Makes North America an Attractive Market for Nutraceuticals
MRFR’s report offers an analysis of the nutraceutical market gauging it on a global level, which covers regions such as North America, Europe, the Middle East & Africa (MEA) and Asia Pacific (APAC). The market in North America continues to be highly attractive. The consumption of functional food has increased substantially in the region over the recent years. In 2017, the North America nutraceutical market reach a valuation of over USD 79.36 billion. A large number of American are opting for functional food to maintain a healthy diet balance amidst their fast-paced lifestyle. The region is expected to retain its top position in the global nutraceutical market over 2023. Meanwhile, APAC is also expected to present lucrative growth opportunities to market players in the near future. Rising number of health-conscious consumers and increased per capita income is supporting the growth of the market in the region. APAC market is set to witness 7.82% CAGR during the assessment period.
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