The nutraceuticals market mainly constitutes functional foods and beverages as well as dietary supplements. They are available in various forms including powder, pills, liquid, capsule which help in minimizing the risks of chronic diseases and helps in further providing health benefits. Rising cases of obesity is boosting the growth of the nutraceuticals market. With a global increase in the prevalence of obesity, exercise and nutrition play a crucial role in its prevention and treatment. The nutraceutical market has experienced significant growth due to these reasons.
The prevalent trend in the market is to be preventive of diseases rather than deal with the health issues, which involve huge healthcare costs in developed economies. The consumer preference from synthetic ingredients to organic foods is shifting, thus they incline towards the nutraceutical foods to pharmaceutical drugs. Nutraceuticals are products that are derived from food sources with extra health benefits in addition to the basic nutritional value found in foods. They are considered biological therapies used to prevent malignant processes, promote general well-being and control symptoms. This includes whole foods and enriched, fortified, or enhanced dietary components that may reduce the risk of chronic disease and yields many health-related benefits. Due to numerous benefits provided by these products, there is a meteoric expansion taking place in the nutraceuticals market. Market Research Future (MRFR) reports extensively that the market is expected to be worth USD 319.6 billion reaching the CAGR of 6.70% by 2023.
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Major Key Players
The important players in the Nutraceuticals Market global are
- GlaxoSmithKline Plc.,
- I. du Pont de Nemours and Company,
- BASF SE,
- Archer-Daniels-Midland Company,
- Kellogg Co.,
- Kraft Foods,
- Nestle S.A.
- Pepsi Co
As early entrants in the emerging nutraceutical platform, excellent scientific capabilities and equipment are required. Aspiring companies in this market plan and recruit for these in advance if they are vying for a comfortable position in the market. Market players have been trying to amplify their competitive edge by setting up innovation centers for new product development. Global vendors count on widespread distribution of networks to ensure sales in various regions. Manufacturers are engaged in extensive R&D to develop innovative products and maintain the competition within the market. The market is price-sensitive and observe a high degree of competition.
As reported in June 2018, PepsiCo is launching plant-based packaging. It’s announced that it will launch the first ever 100% compostable, plant-based packaging this year.
DuPont Safety & Construction has invested over $400 Million to increase Tyvek® Capacity. The production expansion is scheduled to start up in 2021.
Kellogg Co. has risen 2.71% for 28 May 2018, cited among the biggest risers on the S&P (The Standard & Poor’s 500).
The market for nutraceuticals globally is segregated into ingredients, types and distribution channel. The segment of ingredients includes vitamins, probiotics, and minerals, protein, omega-3 and peptides and others. Omega-3 will potentially observe the maximum growth rate followed by probiotics in the imminent years. The types of nutraceuticals are functional foods, functional beverages, and dietary supplements. Focusing on type, dietary supplements are reckoned to undergo the utmost growth rate of 6.88% on a global level. The distribution avenue comprises of store based and non-store based. In the distribution channel category, store-based distribution channel are reigning with a prime share of 74.49% in 2017.
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Global Nutraceuticals Market spans across four regions North America, Europe, Asia Pacific and the rest of the world. In accordance with Market Research Future (MRFR), in terms of volume and value, North America is projected to subjugate the nutraceuticals market sitting comfortably at the top position with share of 36.69%. On the other hand, Asia Pacific is estimated to grow at 7.82% during the forecast period. The European market for nutraceuticals also stands for promising segments, although at more average rates. The ever-changing lifestyles and growing preferences towards healthy style of eating act as prime driving forces for Asia Pacific nutraceuticals market. Excessive consumption of junk food, alcohol and smoking has led to imbalance in nutritional requirements, in turn leading to elevated demand for nutraceuticals in the region.