Noida, India, June 08, 2021 (GLOBE NEWSWIRE) -- A study recently conducted by the strategic consulting and market research firm, BlueWeave Consulting revealed that the global nutraceutical ingredients market was worth USD 154.1 billion in 2020 and is further projected to reach USD 208.2 billion by 2027, at a CAGR of 4.5% during the forecast period (2021-2027). The global nutraceutical ingredients market is driven by factors, such as the increasing application in fortified foods, preventative healthcare, and dietary supplements. Added health benefits of the nutraceuticals ingredients are also contributing to the growth of the global nutraceutical ingredients market.
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An increasing focus on preventive healthcare is expected to support the growth of the global nutraceutical ingredients market during the forecast period.
The trend of preventive healthcare is growing by leaps and bounds. The focus of preventive healthcare is to prevent a disease or health condition, even before it can affect the person. The growth of preventive healthcare is also supporting the growth of gobal nutraceutical ingredients market. These ingredients are seen as an effective preventive solution against several lifestyle diseases such as obesity, hypertension, diabetes, and cardiovascular diseases (CVDs). Prebiotics, amino acids & proteins, Omega-3 fatty acids, vitamins, minerals, carotenoids, plant extracts & phytochemicals, specialty carbohydrates, and fibers, are examples of these ingredients, which promote health and wellbeing.
The ongoing COVID-19 pandemic has further fueled the demand for nutraceutical ingredients in the preventive healthcare industry, and has also helped in growth of global nutraceutical ingredients market. The COVID-19 has altered people’s perception of the healthcare system and now the people are focusing more and more on the prevention of diseases. According to the 2019 World Health Organization (WHO) report, healthcare spending is expanding faster than the rest of the global economy, accounting for more than 10% of global GDP. An increase in healthcare spending means people are willing to pay more in return for better healthcare with preventive healthcare at the forefront. The growing demand for preventive healthcare and added health benefits of these ingredients is expected to lead to the increasing use in the healthcare industry, thereby, driving the growth of the global nutraceutical ingredients market during the forecast period.
The rise in chronic and non-chronic diseases is expected to propel the growth of the global nutraceutical ingredients market during the forecast period.
The number of chronic and non-chronic diseases is rising at an alarming rate around the world. Nutraceutical ingredients have the potential to prevent such diseases before occurring. As per WHO’s estimation, 42% of children less than 5 years of age and 40% of pregnant women worldwide are anemic. According to the data of the International Agency for Research on Cancer, there were almost 19.3 million new cancer cases in 2020 with approximately 10 million deaths caused due to cancer. The agency further estimated that the global cancer cases would increase by 28.4 million in 2040. According to the WHO, non-chronic diseases are responsible for around 70% of deaths around the world every year.
As the numbers of chronic and non-chronic diseases keep increasing, people are realizing that prevention is the best protection against these diseases. Thus, consumer awareness is fueling the demand for nutraceuticals in the market and is also expected to contribute to the growth of the market during the historic period. Also, nutraceuticals are seen as a suitable alternative for pharmaceuticals. This factor, coupled with the increasing demand for nutraceutical ingredients for the prevention of chronic and non-chronic diseases, is expected to drive the growth of the global nutraceutical ingredients market during the forecast period.
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The high cost of nutraceutical ingredients is expected to restrict the growth of the global nutraceutical ingredient market during the forecast period.
Because nutraceutical compounds are extracted from natural resources using highly sophisticated technology with excellent selectivity, they are more expensive than APIs (active pharmaceutical ingredients). Antioxidants are extracted from plants using the solvent extraction process, but solvents used in the extraction process have very high selectivity. Extraction of Vitamins, Amino Acids, Omega-3 fatty acids, and other ingredients also necessitate the use of specific reagents and solvents, which raises the cost of these ingredients, as well as the cost of the final product. These highly specific requirements may impede the growth of the global nutraceutical ingredients market as it is not possible for all the companies to afford all types of solvents for the extraction of nutraceutical ingredients and not all consumers can afford costly nutraceuticals.
Dry form accounted for the largest share in the global nutraceutical ingredients market in 2020
The global nutraceutical ingredients market is segmented into dry form and liquid form. Between these segments, the dry form held the majority of the market share in 2020. The majority of these ingredients are extracted in dry form from the resources. Protein powder and fibers are part of dry segment and are extracted from the hemp plant. Ease of handling, longer shelf-life, high stability, and manageable transportation process are some of the other factors that led to the large market share of the dry form in global nutraceutical ingredient market in 2020.
The Global Nutraceutical Ingredients Market: Regional insights
Global nutraceutical ingredients market is segmented into five regions: North America, Europe, the Asia-Pacific, Latin America, and the Middle East & Africa. Among all the regions, North America leads the global nutraceutical ingredients market with the highest market share. North America’s large market share can be attributed to the high prevalence of chronic and non-chronic diseases, high disposable income, presence of leading companies, stable & highly developed infrastructure, focus on R&D, and the presence of the latest technology. Moreover, the US spends around USD 3.8 trillion in annual healthcare costs with chronic diseases being a major driver of that spending. In 2014, around 47% of Americans were affected by at least one chronic disease and since then, the numbers have only gone up. According to National Center for Chronic Disease Prevention and Health Promotion, every year more than 868,000 Americans die of heart disease, stroke, or other cardiovascular diseases (one-third of all US deaths). Now, people have begun to realize that preventing such diseases is essential for their well-being, which has contributed to North America’s substantial market share in the global nutraceutical ingredients market.
Also, the Asia-Pacific is expected to register the fastest growth rate in the global nutraceutical ingredients market during the forecast period owing to the growing number of chronic and non-chronic diseases, developing economies, the growing number of leading market players in the region, and increasing consumer awareness.
COVID-19 Impact on Global Nutraceutical Ingredients Market
COVID-19 has affected almost all the industries and markets around the globe, with the majority of the markets witnessing restricted growth, while some industries were hugely benefitted from it, and global nutraceutical ingredients market is one of those industries. Soon after the COVID-19 outbreak, consumer focus has shifted towards the prevention of diseases and consequently, the demand for nutraceuticals has gone up. India registered a 20% increase in demand for nutraceuticals in 2020 owing to increased prescriptions from doctors amid the ongoing pandemic. Since the COVID-19-induced pandemic is still going strong, consumers are showing a preference for preventive medicines, thereby propelling the demand for nutraceuticals. However, disrupted supply chains, nationwide lockdown, and closure of the ongoing trials have affected the production of nutraceuticals. As the governments of different countries ease the lockdown restrictions, supply chains are likely to be bolstered, and manufacturing is likely to gradually ramp up to meet the growing demand for nutraceutical ingredients and drive the growth of global nutraceutical ingredients market.
The Leading Players Operating in the Global Nutraceuticals Ingredients Market are Archer-Daniels-Midland Company, E. I. Du Pont De Nemours and Company, Associated British Foods PLC, Cargill Incorporated, Ajinomoto Co, Arla Foods, Otsuka Pharmaceutical Co., Ltd., Tate & Lyle PLC, Ingredion Incorporated, BASF SE, Koninklijke, DSM N.V., Royal DSM, Danone S.A, General Mills, Pepsico, Procter & Gamble, Nestle, Amway, Abbott, Aker Biomarine, and other prominent market players.
The key market players are entering into collaborations and engaging in mergers & acquisitions to capture a greater market share. Furthermore, the market participants are focused on improving their product quality to attain a competitive edge over other players.
Recent Developments in the Global Nutraceutical Ingredients Market
In May 2021, Otsuka Pharmaceutical Co., Ltd., launched a new venturing firm in North America with the name Once Ventures. Otsuka is a leading company in global nutraceutical ingredients market, and the company has chosen to launch its new venturing firm in North America, where the nutraceutical industry is witnessing significant innovation. The ventures will be focusing on companies that competing in active nutrition, supplements, healthy beverages, and plant-based food.
In May 2021, ECS Nutraceuticals Group LLC was added to NSF International’s NSF/ANSI 455-2 Dietary Supplements Good Manufacturing Practice (GMP) certification. This certification verifies that the company has the proper methods, equipment, facilities, and controls in place to produce dietary supplements in its manufacturing plant in Hauppauge, N.Y. ECS Nutraceuticals Group LLC is the manufacturer of ECS Therapeutics premier health care-exclusive hemp CBD brand and other private label brands.
Scope of the Report
By type
- Prebiotic
- Proteins and amino acids
- Omega-3 fatty acids
- Vitamins
- Minerals
- Carotenoids
- Phytochemical & plant extracts
- Fibers & specialty carbohydrates
- Others
By Application
- Food & Beverages
- Animal nutrition
- Dietary supplements
- Personal care
- Others
By Form
- Powder
- Liquid
- Others
By Region
- North America
- Europe
- The Asia-Pacific
- Latin America
- The Middle-East & Africa
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