According to a report by Grand View Research, Inc.; the global nutraceuticals market is estimated to reach at USD 578.23 billion by 2025. The market is expected to register a strong growth rate of 8.8 % during the forecast period (from 2018 to 2025). Nutraceuticals offer medicinal and health benefits while enhancing the nutritional value of foods. Thus, growing requirement for healthy and nutritional food items to control rising cases of health disorders would propel the demand for nutraceuticals. Growing cases of chronic diseases such as diabetes, blood pressure, cholesterol, and several others are likely to fuel the market growth in the forthcoming years. High costs related to healthcare treatments is also anticipated to spur the demand for nutraceuticals among consumers within next few years.
Rising awareness regarding the benefits of consuming healthy and nutritious food is said to positively influence the market development during the next few years. The nutraceuticals market is segregated on the basis of product and region. Based on product, the market is categorized into functional foods, dietary supplements, and functional beverages. The functional beverages segment is expected to display a significant growth expanding at the highest CAGR of 8.1 % during the forecast period. Growing adoption of ready-to-drink beverages among consumers coupled with rising consumption of sports and energy drinks is projected to foster demand for functional beverages in the coming years.
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The dietary supplements segment is also estimated to have a substantial demand owing to increased consumer disposable income levels. Ingredients in dietary supplements such as mineral blends, vitamins, and omega 3 can reduce the chances of malnutrition in infants and adults. Thus, rising number of geriatric population base and premature births can further promote the clinical use of dietary supplements thereby boosting the segment development. Extensive research from major manufacturers to develop innovative products, in terms of flavors and nutrition levels, is said to fuel the demand for dietary supplements.
Functional foods segment is also expected to grow well due to the potential health benefits of these foods. Consumption of such food products can reduce total and Low-Density Lipoprotein or LDL cholesterol thereby reducing the potential risks of cardiac disorders. Regional segmentation includes Asia Pacific, Europe, North America, Central & South America, and Middle East & Africa. Asia Pacific dominated the global market and accounted for the maximum share of 44.3 % in 2016. It is projected to expand further during the forecast period on account of high demand for nutraceuticals in emerging nations such as China, India, and South Korea. Supportive regulations from local governments toward the development of retail sector is likely to enhance the accessibility to buyers, which, in turn, is expected to propel the market growth in coming years.
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North America is a matured market and accounted for 27.5 % of global revenue share in 2015. Stringent government regulations along with maturation of the dietary supplements market may slow down the region’s development in future. However, frequent launch of new products is estimated to create competition among the existing market players in this region providing growth opportunities. The MEA nutraceuticals market is likely to grow well due to escalating demand for dietary supplements in this region. Increasing disposable income levels and rapid urbanization are estimated to be the major growth-drivers for the market. In addition, increasing number of working professionals as a result of strong presence of oil & gas sector in the region can further contribute toward the market development.
Some of the leading companies offering nutraceuticals are Bayer Healthcare AG; Nestle S.A.; Royal DSM N.V.; Cargill Inc.; and Danone. Most companies invest in R&D to develop advanced, innovative nutraceutical products to strength their market position. For instance, a Czechoslovakian brewery, Zatec, has partnered with an ad agency called Y&R Prague and local breast advocacy group called Mamma HELP to develope an alcohol-free beer for breast cancer patients. The new alcohol-free beer, Mamma offers vitamin B and potassium to help patients fight against the disease. This limited-edition beverage is only available in the local pharmacies in the Czech Republic and was also distributed at no cost at eight Mamma HELP centers and to several oncology hospitals.
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