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The global nutraceuticals market size was USD 262.0 billion in 2018 and is projected to reach USD 486.36 billion by 2026, exhibiting a CAGR of 8.14% during the forecast period (2019-2026).
Nutraceutical is any food product that provides health benefits, including disease prevention, in addition to the basic nutritional value of the food. Nutraceuticals have emerged as a mainstream product in recent years due to the rising awareness regarding its health. Nutraceutical comprises dietary supplements, functional foods, and functional beverages comprises of dietary supplements such as amino acids, vitamins, minerals, proteins, fatty acids, and probiotics to name but a few.
Growing Demand for fortified food is Supporting the Growth of the Nutraceuticals Market
The market is driven by the rise in demand for healthy, nutritious diets. The evolving lifestyle and increasing income of consumers across the world have fueled the demand for functional foods and beverages, along with the dietary supplements. Beverages belonging to functional category are designed to be consumed on-the-go by providing superior nutrition. The increasing product development and innovation activities, availability of a wide variety of products across e-commerce platforms, and adoption of unique promotional strategies by market players are collectively aiding the growth of the market.
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Increasing Demand for Nutraceuticals to Prevent Lifestyle-Related Health Conditions
The global nutraceuticals market is witnessing a strong growth due to their increased utilization in the prevention of health diseases/ conditions such as diabetics, obesity, and blood pressure. Hectic lifestyle and increasing stress have contributed to the increased prevalence of such health conditions. Consumers are increasingly seeking out for solutions that can aid in the preventive maintenance of health and well-being amidst rising cost of treatment, these developments are enabling the global nutraceuticals market growth. Increasing innovations by prominent companies as well as new entrants are further driving the growth of the global market.
The prevalence of vitamin and mineral deficiencies have increased among people due to the increased consumption of convenience and highly processed foods. Governments of various countries are focused on spreading the awareness of nutrient-enriched diets and supplying fortified foods to tackle the nutrient deficiencies. The increasing research and development activities to introduce innovative nutraceutical products are also responsible for driving the growth of the market.
Growing Popularity for Nutrient Enriched Diets in the Global Marketplace
The increasing demand for nutrient-enriched foods due to the hectic lifestyle and rising awareness of their health benefits among consumers is fuelling the growth of this global market. People are demanding foods and beverages incorporated with functional ingredients such as micronutrients and botanicals to prevent lifestyle diseases and maintain overall health. The increasing in R&D activities to develop new food and beverage delivery systems for these functional ingredients are driving the growth of the global nutraceuticals market.
Rigorous Quality and Safety Standards - Impact on the Export Potential for Emerging Markets
The global nutraceuticals market has witnessed a major shift with respect to the preferences for certain categories of products. As the western markets are inclining heavily in favor of functional/fortified foods & drinks, the developing markets of Asia Pacific stand a golden opportunity of export amidst raw material abundance and huge manufacturing base. Regulatory agencies in Europe, U.S., and Canada are making their quality standards efficient with a greater focus towards label-claims validity, sufficient scientific background, and overall product efficacy. Novel ingredients and active principles from botanical extracts are facing stringent quality standards that undermine its sustainable growth. For instance, cannabidiol (CBD) as an active principle from cannabis must undergo rigorous pre-market approval process in the western markets before being launched on the retail shelves.
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Functional/Fortified Beverages are Touted to Drive Future Sales Momentum
The global market for nutraceuticals includes dietary supplements, functional/fortified foods, and beverages as prominent product types. Dietary supplements are witnessing significant sales amidst the growing popularity of sports-based and athletic performance-enhancement supplements. However, consumers in the developed markets of North America and Western Europe are turning their attention towards holistic health management wherein functional foods are proving more suitable as opposed to isolated and purified nutrients in the form of supplements. Moreover, the robust trend of healthy snacking has brought considerable innovations in the functional category. Emerging markets of Asia Pacific and South America have long recognized the benefits of functional foods in the overall health and wellness, the recent sales traction in this category has encouraged manufacturers and processors to fortify a wide variety of food matrices with the plethora of nutrients in order to create products with healthy-indulgence. Concepts such as probiotic drinks, plant-based fortified beverages, and energy-dense nutrition bars are expected to further the growth of nutraceuticals in the foreseeable future.
“Supermarkets/hypermarkets are Dominating the Distribution Landscape - Online Retail to Witness Significant Growth”
Mass merchandisers (supermarkets/hypermarket) are dominating the distribution space of nutraceuticals - these giant retailers are intensively capitalizing on market penetration by targeting underserved locations, offering distinct shelves to superior nutritional products, and developing a bundling strategy for such products. The e-commerce boom has effectively provided strong headwinds to online retail sales of nutraceuticals. Key manufacturers are actively tapping popular e-commerce platforms with a mix of attractive discounts, robust sales & support, and enhanced shopping experience.
North America Nutraceuticals Market Size, 2018 (USD Billion)
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“Asia Pacific is Leading the Global Nutraceuticals Market with the Fastest Growth Projection”
The Asia Pacific nutraceuticals market growth is driven by the rising health awareness and increasing discretionary incomes. Consumers in the region have exhibited willingness to spend more on nutritional products to prevent lifestyle diseases and improve overall wellbeing. The demand for nutraceuticals is increasing at a rapid pace in highly populated countries of the region, such as China and India.
The increased utilization of micronutrient supplements for children, pregnant women, and the elderly to improve overall health thereby tackling nutrient deficiencies is driving the growth of the market in the region. The increased consumption of convenience foods in millennials has increased the prevalence of lifestyle-related conditions such as obesity, diabetics, and cardiovascular diseases. In countries like Japan, China, and India, the awareness of digestive health is rising, which is fuelling the demand for probiotic supplements and foods. The newly emerging trend of hemp and cannabidiol-infused edibles and beverages is also responsible for boosting the growth of the market in the region.
Asia Pacific is the fastest-growing region with immense potential for nutraceuticals and witnessed the fastest growth rate as compared to the global average. Rapidly evolving food & beverage sector with new product innovations and increasing research activities are driving the nutraceuticals market across the region. The increasing popularity and awareness of functional ingredients and its perceived benefits among the consumers have fueled-up the demand for functional foods and beverages, which is encouraging the manufacturers to develop innovative products.
Moderately Consolidated Industry Structure in Global Nutraceuticals Market
The global nutraceuticals market is moderately consolidated with few key players such as Amway, Abbott, BASF SE, Danone S.A., and Nestle S.A. operating internationally. These players are focusing on mergers and acquisitions of regional companies to increase the consolidation in the market. The key players are focusing on research and innovation activities to keep up with consumer demands for innovative and sustainable offerings.
The prominent companies are expanding their portfolio with innovative product introductions in the functional food and beverage segment. For instance, in July 2019, Bio-Up Mimetic Technologies, Inc. launched two functional teas, Cholesterol Aid and Cardio Vitality. Both beverages are non-GMO, gluten-free and intended to promote heart health. New players are likewise entering the market to meet the growing demand for more affordable products, as nutraceuticals become mainstream. The arrival of new players in the market is responsible for intensifying competition within the market, which is acting as a positive factor for the growth of this market.
The nutraceutical industry is witnessing promising growth owing to the increased consumer awareness about the health benefits of nutrient-enriched diets. Consumers nowadays are becoming increasingly interested in functional foods and beverages due to their positive health effects. Furthermore, the rising per capita income of consumers is encouraging them to invest in wellness products.
An Infographic Representation of Nutraceuticals Market
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The report provides qualitative and quantitative insights on this market. It also offers a detailed analysis on the market size and growth rate for all possible segments in the market. Along with this, the report provides an elaborative analysis of the market dynamics and competitive landscape. Various key insights presented in the report are an overview of related markets, recent industry developments such as mergers & acquisitions, the regulatory scenario in critical countries, and key industry trends.
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Value (USD Billion)
By Product Type
By Distribution Channel
Fortune Business Insights says that the global market size was USD 262.0 billion in 2018 and is projected to reach USD 486.36 billion by 2026.
Growing at a CAGR of 8.14%, the market will exhibit steady growth in the forecast period (2019-2026).
The functional/fortified beverage segment is expected to be the leading segment based on the product type in the market during the forecast period.
Increasing demand for nutraceuticals to prevent and treat lifestyle-related health conditions.
Abbott, Amway, Danone S.A., Nestle S.A., and General Mills, Inc. are few of the key players in the market.
Asia Pacific dominated the market share in the market in 2018.
Supermarkets/hypermarkets segment is expected to grow at the fastest pace during the forecast period.
The increasing demand for nutraceuticals to prevent and treat lifestyle-related health conditions and the growing popularity of nutrient-enriched diets are some of the trends in the global market place.
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