The global nutraceuticals market is projected to reach USD 578.23 billion by 2025, according to a new report by Grand View Research, Inc. Rising health concerns are likely to drive the product demand over the next eight years.
Growing awareness regarding the consumption of healthy foods has resulted in increased demand for nutraceuticals in the U.S. The European market is driven by a steady innovation of high-performance natural ingredients used in nutraceuticals. Increasing adoption of e-commerce and growing consumer awareness through social media are further likely to augment the demand for nutraceuticals over the forecast period.
The market has witnessed an increased focus on the ingredients used for manufacturing nutraceuticals. The demand for natural products is expected to grow at a rapid pace over the next eight years as consumers perceive these products to be healthier and more effective as compared to synthetic products.
Market players have been trying to expand their competitive profile by setting up innovation centers for new product development. For instance, in December 2016, Cargill started Cargill ONE Innovation Center for developing innovative flavors and food products.
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Further key findings from the report suggest:
Dietary supplements segment is expected to ascend at a CAGR of over 9.7% from 2017 to 2025 on account of rising product demand from Brazil, China, India, South Korea, Poland, and Mexico.
Botanical dietary supplements segment is anticipated to witness considerable growth over the forecast period on account of increasing popularity of nutraceuticals with natural ingredients. These are available in numerous forms including dry, solid or liquid extracts, tablets, capsules, powders, and tea bags. Low cost as compared to prescription drugs and easy availability are factors expected to augment their demand over the next eight years.
North America nutraceuticals market is a mature market and is likely to progress at a CAGR of over 7.8% from 2016 to 2024. Increasing utilization of functional food and beverages by the baby boomer population in North America is expected to augment market growth over the forecast period.
Central & South America accounted for a market share of 7.2% in 2016 and is projected to ascend at a CAGR of 9.0% from 2017 to 2025 in terms of revenue owing to growing demand for nutraceuticals in Brazil
Asia Pacific is predicted to ascend at the fastest CAGR of 9.9% over the forecast period on account of rapid growth of the market in China, Japan, and India
The global players rely on widespread distribution networks to ensure sales in various regions. Manufacturers are involved in extensive R&D to develop innovative products and sustain the competition within the market.
Grand View Research has segmented the global nutraceuticals market on the basis of product and region:
Nutraceuticals Product Outlook (Revenue, USD Million, 2014 – 2025)
Prebiotics & Probiotics