The Nutraceutical Ingredients Market is estimated to be valued at USD 162.1 billion in 2020 and is projected to reach USD 227.5 billion by 2025, at a CAGR of 7.0% from 2020 to 2025. The growth of the nutraceutical ingredient market is driven by factors such as rising awareness regarding health & wellness among consumers and increasing demand for fortified food products. Key drivers for the market’s growth include increasing incidences of chronic diseases worldwide and mandates on food fortification by government organizations.
Challenges: Consumer skepticism associated with nutraceutical products
Along with a growing consumer awareness about better dietary choices and increasing health awareness, there also remains an underlying consumer skepticism associated with the adoption of nutraceutical products. Although there are multiple factors, but the two major reasons that are hindering the consumer adoption of nutraceutical products are synthetic sourcing and unsubstantiated health claims. Health claims act as a major marketing and selling points for most nutraceutical ingredient manufacturers; however, when such claims do not result in successful fruition, consumer skepticism toward these products increases. Another factor hindering market growth for nutraceutical products is their formulation or synthetic sourcing. Most consumers do not prefer products that have been genetically modified to impart beneficial product characteristics. These factors act as major deterrents to market growth for various nutraceutical ingredient manufacturers.
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By application, the market for dietary supplement is projected to account for the fastest growing in the nutraceutical ingredients market during the forecast period
The global market, by application, has been segmented into food, beverages, personal care, animal nutrition and dietary supplement. The dietary supplement segment is projected to be the fastest-growing, by application, during the forecast period. The segment is growing because dietary supplements offer various health benefits such as improvement in the balance of the gut microflora, improvement of intestinal functions such as bulking and regularity, increased calcium absorption & improvement in bone density, enhancement of immune function, reduction in the release of toxins that can lead to fatty liver and other diseases, reduced risk of cardiovascular diseases, control of blood sugar, possible reduction of risk of obesity & metabolic syndrome, and improvement in abdominal pain, bloating, and constipation.
The liquid segment is estimated to be the second largest in 2020.
The nutraceutical ingredients market, on the basis of form, is segmented into dry and liquid. The liquid form nutraceutical ingredients is majorly used in products such as sports drinks, and other nutritional drinks and cosmetic products.Also, in terms of consistent concentration in the solution, liquid nutraceutical ingredients are easier to mix and provide a uniform texture to the consumable product.
The Asia Pacific is projected to account for the largest market share during the forecast period.
Asia Pacific is a dominant region in the global nutraceutical ingredients market. Factors such as increasing consumption of convenience food products due to busy lifestyles and the rapid economic growth of countries in the region, are driving the demand for fortified food & beverage products in the region. The food & beverage market in this region is currently undergoing a transformation in response to the rapid urbanization, diet diversification, and liberalization of foreign direct investment in the food sector. The application of nutraceutical ingredients is projected to increase at a rapid rate in the region due to a surge in demand and the presence of a large consumer base for food, beverages, dietary supplements, personal care products, and feed.
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This report includes a study of the marketing and development strategies used, along with the product portfolios of leading companies. It consists of the profiles of leading manufacturers such as Associated British Foods (Uk), Arla Foods (Denmark), DSM (Netherlands), Ingredion Incorporated (US),Tate & Lyle PLC (UK), Ajinomoto Co., Inc. (Japan), Chr. Hansen (Denmark), Kyowa Hakko Kirin Group (Japan),Glanbia plc (Ireland),Fonterra Co-operative Group Ltd. (New Zealand),Cargill (US),ADM (US), DuPont (US), BASF (Germany) are the players that hold a significant share in the nutraceutical ingredients market.
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