Witha handful of companies commanding more than half market share, the globalnutraceuticals market features a largely consolidatedvendor landscape. Key players, namely BASF SE, Royal DSM N.V., Groupe DanoneS.A., and Nestle S.A. held more than 52.1% of the overall market in 2014. Thesecompanies hold large shares as they offer an array of products includingfunctional food, functional beverages, and nutritional supplements. Strategiccollaborations and mergers and acquisitions adopted by these companies toexpand their product offerings and geographical outreach are also factorsbehind the prominence of these companies.
As per abusiness and market intelligence study by Transparency Market Research (TMR),the global nutraceuticals market is predicted to expand at a CAGR of 7.3%between 2015 and 2021. Expanding at this pace, the market’s valuation of US$165.62 bn in 2014 will become US$278.96 bn by 2021-end. Vis-à-vis revenue,functional food product type segment held the commanding share of the market in2014. This is mainly because of surging demand for an array of foods such asfortified foods, probiotics, and branded ionized salt as individuals vie toattain wellness through diet. Dairy-based functional beverage segment commandsthe leading share as dairy-absed beverages are consumed widely in Asia.Region-wise, North America holds supremacy in the nutraceuticals market due tothe presence of a large health-savvy population; the growth of this market ismainly driven by persistent demand for nutraceuticals in the U.S. and Canada.
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Rising Spending onHealth-benefitting Foods Fuels Growth
“Demand fornutraceuticals is expected to rise on the back of rising incidence ofnon-communicable diseases and rising healthcare expenses,” says the author ofthe study. Changing lifestyle and rising consumption of packaged food inemerging economies have been reasons for the increasing incidence of lifestylediseases such as cardiovascular ailments and diabetes. This, along with risinghealthcare expenses are stoking demand for nutraceuticals in emerging nations.
The risingdemand for milk and meat is leading animal feed manufacturers to add nutraceuticalsin animal feed. This is boosting the nutraceuticals market. Besides this, ahigh level of awareness among consumers in developed countries regarding thebenefits of nutritional diet and rising demand for natural beauty products areaiding the growth of nutraceuticals market. Consumers in developedcountries have a high degree of awareness about the side-effects ofpharmaceuticals, hence are increasingly opting for natural foods andhealth-benefitting supplements derived from products derived from naturalingredients.
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Apart fromthis, unlike pharmaceuticals, nutraceuticals are available over-the-counterwithout prescription. This makes another reason for their increased adoption asa natural supplement for well-being.
Relatively High Price Factor ofNutraceuticals Limits Uptake
Despite ahost of positive factors, increasing prices of nutraceuticals are limitingtheir uptake especially in less developed economies. Nutraceuticals prices aregenerally higher than pharmaceuticals. Substantial difference between theprices of nutraceuticals and pharmaceuticals is compelling consumers to opt forlow price medicines.
Lowawareness about nutraceuticals is another factor challenging the growth ofnutraceuticals market. A large population worldwide are yet to realize thebenefits of nutraceuticals. Nevertheless, rising healthcare spending in AsiaPacific is likely to offer lucrative growth opportunities to globalnutraceuticals market.
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