Health is a point of concern for most of the people before consumption of any food or beverage. With the growing awareness regarding health, there is an increase in the number of people that prefer consuming foods that provide health benefits along with nutrients. Nutraceuticals are food items that possess some kind of medicinal properties along with nutritional value. There is a rapid increase in popularity as well as the demand for nutraceuticals. Nutraceuticals usually consist of natural ingredients that provide health benefits to the consumers and are not synthesized chemicals for a particular purpose. The nutraceutical may be used as food additives in order to increase the value of foods or beverages or consumed separately in order to supplement the food. With the increasing popularity and awareness about their benefits, the global nutraceutical market is expected to grow positively during the forecast period.
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Growing Awareness Regarding the Benefits of Nutraceuticals
There is a rapid increase in the demand for nutraceuticals due to their nutritional as well as medicinal properties. Rising awareness regarding consumption of healthy food and increasing number of health-conscious people are the major factors expected to drive the growth of the nutraceuticals market. The increasing demand for preventive health care and rising cost of health care are factors expected to fuel the demand for nutraceuticals. Growing awareness regarding the benefits of nutraceutical is expected fuel the growth of the global nutraceutical market in terms of value as well as volume over the forecast period.
Global Nutraceutical Market: Key Players
The global nutraceutical market is growing at a robust pace. Examples of some of the key players operating in the global nutraceutical market are Nestle, Cargill, PepsiCo Inc., Amway Enterprises, General Mills, Inc., Herbalife International Inc., Kellogg Co., Marlyn Nutraceuticals, Yakult Honsha Co. Ltd., and Royal DSM.
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Opportunities for Market Participants
The nutraceutical market is robustly growing creating many opportunities for market participants. The players operating in the market are focusing on to introduce new and innovative nutraceutical products in order to increase their product portfolio and market presence. There is a rising demand for natural products and thus manufacturers have opportunities for launching nutraceutical products with natural ingredients and increase their product sale. There is a rising demand for health supplements from population below age 40, the manufacturers can target a particular group of the population and meet their nutraceutical product requirements. There is a growing trend for personalized medicines, launching customized nutraceutical products for a particular age group or certain region can help to boost the market. With increasing opportunities and launch of innovative nutraceutical products, the nutraceutical market is expected to grow positively during the forecast period.
Global Nutraceutical Market: Regional Outlook
The global nutraceutical market can be regionally segmented into North America, Latin America, Asia-Pacific, Europe, and MEA. North America currently dominates the global nutraceutical market and is expected to follow the same trend during the forecast period due to the growing geriatric population looking for health supplements. The nutraceutical market in Europe, with Germany and France being the major consumers of nutraceutical, is projected to grow at a significant rate during the forecast period. Asia-Pacific is expected to be the fast-growing market due to increasing demand for functional food in China, India, and Japan. The nutraceutical markets in Latin America and MEA are also expected to witness significant growth due to growing urbanization in South America, Brazil, Mexico, and other countries.
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