NEWARK, Del, April 20, 2023 (GLOBE NEWSWIRE) -- The Nutraceutical Ingredients Market is expected to increase from US$ 53.61 billion in 2023 to US$ 118.99 billion by 2033. The probiotics nutraceutical product by type is projected to have the highest market share in terms of value in the nutraceutical ingredient market throughout the forecast period
The demand for functional food components is increasing
The growing government emphasis on improving the nutritional condition of developing nations where malnutrition and undernutrition are major concerns is likely to fuel growth in the nutraceutical ingredients market during the forecast period. Growing government and private sector knowledge of the benefits of nutraceutical components is one of the primary factors driving the increased demand for the products.
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Innovation, adequate finance, regulatory support through the implementation of conductive measures, and tax breaks are all key drivers of industry expansion. The growing demand for dietary supplements, functional foods, and drinks, as well as vitamins and minerals, is reshaping the nutraceutical ingredients market in developing countries. The shift in health-conscious consumers' focus from curative to preventative treatment is fuelling the expansion of the nutraceutical ingredients market.
Rising hospitalisation costs, as well as increased awareness of preventive care and access to information, have influenced consumers' interest in nutraceuticals and health supplements, driving the expansion of the nutraceutical ingredients market. Further factors contributing to the expansion of nutraceutical ingredients include rising vitamin inadequacies among the growing population as a result of consumers' hectic lifestyles and shorter mealtimes.
The growing desire to improve the nutritional content of products using high-quality food and supplement components is driving up demand for nutraceutical ingredients. Growing consumer preferences for naturally produced nutraceutical components comprising of herbal and botanical extracts are likely to enhance market expansion. The growing popularity of homoeopathic medicines, as well as the expanding trend of self-treatment, are predicted to boost global demand for natural nutraceutical ingredients.
Key Points from the Nutraceutical Ingredients Market
- The market is expected to surpass US$ 118.99 billion by 2033.
- An increase in the prevalence of chronic diseases.
- Demand for nutraceutical items such as power gummies, which are chewable nutritional supplements with a variety of health advantages, is projected to be driven by innovation and new product development.
- Nutraceutical ingredients market is expected to grow at a CAGR of 8.3% during the forecast period 2023 to 2033.
- Asia Pacific dominated the nutraceutical ingredients market.
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Key Development in the Nutraceutical Ingredients Market
- June 2022 - DSM announced the acquisition of Prodap, a firm that provides animal nutrition, services, and technology. This acquisition adds to DSM's extensive animal feeding knowledge and services. Specifically, for the company's existing Verax animal management system and Sustell intelligent sustainability services. The acquisition also broadens the company's market presence in Brazil.
- November 2020 - Ingredion signed a deal to purchase the remaining portion of Verdient Foods Inc. that it did not already own. With this acquisition, Ingredion be able to accelerate net sales growth, expand manufacturing capability, and co-create customers to meet rising consumer demand for plant-based protein.
- May 2022 - Tate & Lyle announced the completion of its acquisition of Nutriati, an ingredient technology firm that produces chickpea protein and flour. They previously had a distribution arrangement in 2021 with whom they previously had a supply of chickpea protein and flour. This transaction also includes Nutriati's assets, intellectual property, and liabilities. This purchase expands the company's ingredient portfolio.
- December 2022 - Neutralities, a startup brand owned by Pune-based Shover Foods International, India, increased its product line with a move into nutraceuticals. Nutraceutical products have been developed to support good health and immunity. According to the company, it chose to launch its products in capsule form because gummy supplements include less vitamins and minerals. Furthermore, the company says that the components are vegan, sugar-free, and have been authorized by India's Food Safety and Standards Authority (FSSAI).
- November 2021 – Archi Med purchased SUANFARMA, a key manufacturer and distributor of active nutraceutical components and pharmaceuticals, to outsource important products abroad, boosting sales and profits.
Key players:
- BASF SE
- ADM
- Ingredion
- DSM NV
- Cargill
- Tate & Lyle
- Ajinomoto
- Roquette Freres
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Key Segments
by Product:
- Probiotics
- Prebiotics
- Vitamins
- Amino acids
- Carotenoids
- Phytochemicals & plant extracts
- Protein
- EPA/DHA
- Minerals
- fiber & carbohydrates
by Form:
- Dry Form
- Liquid Form
by Application:
- Functional food
- Functional beverages
- Dietary supplements
- Personal care
- Animal Nutrition
by Region:
- North America
- Europe
- Asia Pacific
- Latin America
- Middle East & Africa
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Table of Content
1. Executive Summary | Nutraceutical Ingredients Market
1.1. Global Market Outlook
1.2. Demand-side Trends
1.3. Supply-side Trends
1.4. Technology Roadmap Analysis
1.5. Analysis and Recommendations
2. Market Overview
2.1. Market Coverage / Taxonomy
2.2. Market Definition / Scope / Limitations
3. Market Background
3.1. Market Dynamics
3.1.1. Drivers
3.1.2. Restraints
3.1.3. Opportunity
3.1.4. Trends
Explore FMI’s related ongoing Coverage on Food and Beverage Domain
Organic Food and Beverages Market Size: The net valuation of the global organic food and beverages market was valued at US$ 220 Billion in 2022. According to the market analysis report published by FMI this year, the total revenue to be generated in 2023 would be around US$ 250 Billion and would register a CAGR of 13% over the next ten years of progress ultimately reaching US$ 850 Billion by 2033.
Organic Snack Food Market Share: The Organic Snack Food Market is expected to expand at a CAGR of 4.1%. The industry's estimated value will increase from US$ 9.1 billion in 2023 to US$ 13.5 billion in 2033.
GCC Functional Food Market Value: The revenue generated from the sales of functional foods in GCC countries is estimated to be around US$ 30.9 Bn by 2032, and is projected to expand at a CAGR of 11% during the forecast period 2022-2032.
Functional Foods and Natural Health Products Market Demand: The global functional food and natural health products market size was valued at US$ 22.4 bn in 2022, and it is expected to grow at a CAGR of 5.1% from 2022-2032. The market is expected to reach a valuation of US$ 37.5 bn by 2032.
Functional Beverages Market Trends: The functional beverages market is projected to record a CAGR of 6% from 2022 to 2032.
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