Nutraceuticals are referred to as functional foods, beverages and dietary supplements derived from natural food sources that imparts health benefits. Major share of nutraceuticals has been witnessed in North America, which held 36.69% of market share for the year 2017. Nutraceuticals are derived from natural as well as synthetic raw materials. They contain additional nutrients that are not found in conventional foods which is driving the market of nutraceuticals. They are available in different forms including powder, pills, liquid, capsule and others which helps in reducing the risks of chronic diseases and helps in further providing health benefits. Growing health concerns among the population is boosting the growth of the market.
The global market for nutraceuticals has been experiencing high demand from the last few years and is projected to reach USD 319.61 billion by 2023 compared to USD 216.32 in 2017. Increasing number of health conscious population is driving the growth of nutraceuticals market. Owing to the high nutritional attributes of nutraceuticals, it is gaining popularity among growing health conscious population.
Based on the type, dietary supplement is expected to witness the highest growth rate of 6.88% on a global level. Functional beverages is also expected to grow rapidly during the forecast period. Moreover, on the basis of ingredients, vitamins and minerals is dominating the market over past years. However, Omega-3 is projected to witness high growth at a CAGR of 8.23% over the forecast period followed by Probiotics.
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The major key players in nutraceuticals are:
- Archer-Daniels-Midland Company (U.S.)
- BASF SE (Germany)
- E. I. du Pont de Nemours and Company (U.S.)
- GlaxoSmithKline Plc (U.K)
- Abbott Nutrition Manufacturing Inc. (U.S.)
- DSM Nutritional Products, Inc. (the Netherlands)
- Cargill Inc. (U.S.)
By Downstream Analysis:
On the basis of type of the nutraceuticals, functional foods is dominating the market holding a global market share of 35.14%. However, dietary supplements is expected to grow substantially over the forecast period followed by functional beverages.
Potential application of vitamins and minerals as an active ingredient of nutraceutical have a positive impact on its market growth with the major market share of 47.40% in the year 2017. However, Omega-3 is likely to witness the highest growth rate followed by probiotics over the coming years.
Based on the distribution channel, store based distribution channel is dominating the market with a leading share of 74.49% in the year 2017. However, non-store based distribution channel are projected to witness higher growth rate over the forecast period.
Among the regions, North America is dominating the nutraceuticals market with over 36.69% of the global market share and is projected to reach more than USD 111.86 billion by 2023. In North America, Mexico is expected to grow at the highest rate followed by Canada over the forecast period. Moreover, Asia Pacific is projected to witness the highest growth rate during the forecast period 2017-2023 in which India is expected to grow at the highest growth rate. In Asia Pacific, Japan is dominating the market with market share of 45.96% in the year 2017.
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The global nutraceuticals market is segmented by type, ingredients, distribution channel and region.
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