Growing awareness about the drawbacks of consuming heavy dosage of drugs has headed consumers towards experimenting with the healthier alternatives including functional foods and beverages. Nutraceuticals market has witnessed substantial innovation in terms of new product launches along with research & development and collaboration by the industrial players. Also, the overall increasing disposable income of the consumer and their evolving buying pattern over the past few years which, in turn, has led to a surge in the sales of nutraceuticals during the forecast period.
Robust increase in medical cost has a huge direct impact on the nutraceutical market. The rising medical cost is a result of rising adoption of new technologies and treatments, overuse of procedures and tests, and lack of transparency and information on prices and quality of medical services that is been provided. For instance, in 2014, the U.S. healthcare expenditure increased 5.4% following growth of 2.87% in 2013 to reach $3 trillion, or $9,523 per person. The escalating medical service costs have resulted in consumers shift towards adopting healthy alternatives into their daily routine. Owning to this, the consumption and demand for nutraceuticals have experienced a drastic increase. Consumers are identified to include consumption of functional foods and supplements as a part of their daily diet. Nutraceuticals provide essential nutrients the body thereby enhancing the body’s metabolism.
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Rise in preventive healthcare is observed to be one of the huge opportunities for the manufacturers which will boost the market of nutraceuticals on a global level. Consumers inclination towards adopting healthy lifestyle clubbed with increasing product promotions through advertisements is estimated to increase the sale of nutraceuticals more during the given forecast period. Many consumers also consider better digestive health to be a major element in preventive healthcare. Owning to this, dietary supplements for better gut health is experiencing a surge. Additionally, since digestive health is closely related to cleansing and detoxification of the body, consumers are found to be more attracted towards it. Growing awareness about preventive healthcare as a better alternative to conventional healthcare is expected to increase the global demand and sale of nutraceuticals during the corresponding period.
Leading Key Players
Manufacturers invest in research and technical development and investigative activities to improve existing products and procedures in order to develop new products. Research and development will lead to development of new product to improve the quality of the product and improve its functionality by experimenting with better ingredient to give a balanced diet. Key industrial players have been developing better-for-you products to accommodate the healthy food movement in convenient packaging, with clean labels ensuring food safety for their consumers.
The key players profiled in Nutraceuticals Industry are Archer-Daniels-Midland Company (U.S.), BASF SE (Germany), E. I. du Pont de Nemours and Company (U.S.), GlaxoSmithKline Plc (U.K), Abbott Nutrition Manufacturing Inc. (U.S.), DSM Nutritional Products, Inc. (The Netherlands), and Cargill Inc. (U.S.) among many others.
The global nutraceuticals market has been segmented into type, ingredients, distribution channel, and region.
On The Basis Of Type: Functional Beverages, Functional Foods, Dietary Supplements, and Others
On The Basis Of Ingredients: Vitamins and Minerals, Probiotics, Protein and Peptides, Omega-3, and Others
On The Basis Of Distribution Channel: Store Based, and Non-Store Based
On The Basis Of Region: North America, Europe, Asia Pacific, and ROW.
The global nutraceuticals market is segmented into North America, Europe, APAC, and Rest of the World (RoW). On the basis of region, North America dominated the market and is projected to reach USD 111.86 billion by 2023 at a CAGR of 5.89% from 2017 to 2023 in terms of value. Additionally, Asia Pacific is also considered to be one of the attractive markets for the nutraceuticals manufacturers and is projected to grow at the CAGR of 7.82% and accounting for a market share of 29.54% in 2017.
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