Redding, California, June 12, 2023 (GLOBE NEWSWIRE) -- According to a new market research report titled, ‘Nutraceutical Ingredients Market by Product Type (Vitamins, Amino Acids, Probiotic, Minerals), Source, Form (Liquid), Application (Functional Food, Functional Beverages, Animal Nutrition), End User, and Geography - Global Forecast to 2030,’ the global nutraceutical ingredients market is projected to reach $317 billion by 2030, at a CAGR of 7.1% during the forecast period.
The major factors driving the growth of the global nutraceutical ingredients market are the growing demand for these ingredients in fortified food and food and beverage products, the rise in non-communicable chronic diseases, and the increasing use of nutraceutical ingredients in animal nutrition. Additionally, research & development of new nutraceutical products in the food and beverage industry and the rising establishment of food & beverage manufacturing units and mega food parks provide significant growth opportunities for nutraceutical ingredient manufacturers in the coming years.
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The nutraceutical ingredients market is segmented by product type (vitamins, proteins and amino acids, probiotics, minerals, omega-3 fatty acids, fibers & specialty carbohydrates, prebiotics, phytochemical & plant extracts, and others), source (naturally-sourced and synthetic), form (dry and liquid), application (functional food, functional beverages, dietary supplements, animal nutrition, and other applications), end user (food and beverage manufacturers, health supplement manufacturers, pharmaceutical manufacturers, animal feed manufacturers and other end users) and geography (North America, Europe, Asia-Pacific, Latin America, and the Middle East & Africa).
Among the product types studied in this report, the probiotics segment is slated to register the highest CAGR during the forecast period. The fastest growth of this segment is attributed to the changing lifestyle and eating habits, increasing awareness about the health benefits of probiotics beyond digestive health, and growing use of probiotics in animal feed for animal nutrition. In addition, increasing health issues such as digestive disorders and diarrhea and the growing aging population drive the demand for probiotics.
Among the sources studied in this report, in 2023, the naturally-sourced segment is expected to account for the larger share of the global nutraceutical ingredients market. The large market share of this segment is attributed to the increased consumer confidence in organic foods as well as their concern about possible health risks and side effects associated with artificial food and synthetic chemicals.
Among the forms studied in this report, in 2023, the dry form segment is expected to account for the larger share of the global nutraceutical ingredients market. The large market share of this segment is attributed to the better handling & transport, ease of use, ability to avoid costly formulation errors, enhanced shelf life of dry ingredients due to the absence of water content, and ability to maintain the stability of the functionality of the ingredient until utilized. However, the liquid segment is slated to register the highest CAGR during the forecast period. The rapid growth of this segment is attributed to the greater ease of creating new products, ease of consumption, and low cost for processing.
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Among the applications studied in this report, the functional food segment is expected to account for the largest share of the nutraceutical ingredients market. The large market share of this segment is attributed to the growing demand for nutritional & fortifying food products and rising awareness about the health benefits of consuming these products. Consumers prefer foods with functional ingredients to lower the risk of specific health concerns, such as obesity, weight loss, diabetes, and cardiovascular diseases, which contribute to the growth of this segment. However, the functional beverages segment is slated to register the highest CAGR during the forecast period. The rapid growth of this segment is attributed to the growing demand for functional beverages in emerging economies, increasing demand for sports drinks, and a rise in health expenditure.
Among the regions studied in this report, in 2023, North America is expected to account for the largest share of the nutraceutical ingredients market. The large market share of this region is attributed to the presence of high nutraceutical product manufacturers, the growing vegan population, consumer awareness of nutraceutical products, and high investments in the research & development of food processing equipment.
However, Asia-Pacific is slated to register the highest CAGR during the forecast period. The growth of this regional market is attributed to technological advancements in the food industry, the wide availability of raw materials with huge production capabilities, increasing demand for dietary supplements, rising awareness regarding the health benefits of nutritional products, increasing disposable incomes, rapid urbanization, and rising health wellness trends in nutraceutical sector.
The nutraceutical ingredients market has witnessed several product launches, partnerships, agreements, and collaborations in recent years. The key players operating in the nutraceutical ingredients market are Associated British Foods plc (U.K.), Arla Foods (Denmark), Koninklijke DSM N.V. (Netherlands), Ingredion Incorporated (U.S.), Tate & Lyle plc (U.K.), Ajinomoto Co. Inc. (Japan), Chr. Hansen Holding A/S (Denmark), Glanbia plc. (Ireland), Cargill, Incorporated (U.S.), BASF SE (Germany), and Kerry Group plc (Ireland).
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Scope of the Report:
Nutraceutical Ingredients Market Assessment - by Type
- Vitamins
- Proteins and Amino Acids
- Probiotics
- Minerals
- Omega-3 Fatty Acids
- Fibers & Specialty Carbohydrates
- Prebiotics
- Phytochemical & Plant Extracts
- Other Products
Nutraceutical Ingredients Market Assessment - by Source
- Naturally-sourced
- Synthetic
Nutraceutical Ingredients Market Assessment—by Form
- Dry
- Liquid
Global Nutraceutical Ingredients Market Assessment - by Application
- Functional Foods
- Functional Beverages
- Dietary Supplements
- Animal Nutrition
- Other Applications
Nutraceutical Ingredients Market Assessment - by End User
- Food and Beverage Manufacturers
- Health Supplement Manufacturers
- Pharmaceutical Manufacturers
- Animal Feed Manufacturers
- Other End Users
Nutraceutical Ingredients Assessment - by Geography
- North America
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- U.S.
- Canada
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- Europe
-
- Germany
- France
- U.K.
- Italy
- Spain
- Rest of Europe
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- Asia-Pacific
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- China
- Japan
- India
- Rest of Asia-Pacific
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- Latin America
- Middle East & Africa
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