Nutraceuticals Market size is estimated to reach $4,651 million by 2026, growing at a CAGR of 7.1% over 2021-2026. Nutraceuticals is a substance that may be considered food or amino acid part of a food that offers medical or health benefits, encompassing prevention and treatment of disease. Nutraceuticals may range from isolated nutrients, herbal products, dietary supplements, functional food, probiotics, and processed food ingredients. Apart from this, changes in lifestyle and dietary patterns, along with increased industrialization, rising pollution and work pressure, have led to increased susceptibility to a plethora of disorders such as hypertension, obesity, diabetes, inflammatory and autoimmune conditions, and cancers. Globally, recent advancement in the medical sciences has considerably helped in the treatment of these conditions; however, it has been recently realized that nutrition management is poised to play a huge role in prevention as well as in treatment to some extent. Hence, the market is presently flooded with hundreds of nutraceuticals/food supplements that not only help to prevent and tackle such disease conditions but may also provide general health promotion and is set to further enhance the overall market demand for nutraceuticals market for the period 2021-2026. However, stringent rules and regulations imposed by governments of various countries market is anticipated to restrict the growth of Nutraceuticals Market.
Nutraceuticals Segment Analysis – By Product Type
The Nutraceuticals Market based on product type can be further segmented into Functional Foods, Functional Beverages and Dietary Supplements. The functional beverages segment is the major segment generating revenue in 2020 owing to rising consumer interest in functional beverages as a result of the health benefits, performance coupled with the increasing working population. Also, the growth rate is poised to show upsurge owing to the popular fortification includes vitamins, minerals, fiber, and protein which helps in perceiving wellness and performance. Furthermore, this segment is estimated to register the fastest CAGR of 7.5% for the period 2021-2026, as it is considered as one of the best forms of nutraceuticals for consumers looking for a low-fat diet and is utilized as a replacement for convenient single-serving sizes. Above all rising cases of lifestyle diseases, such as obesity and diabetes, is anticipated to support the segment growth over the forecast period2021-2026.
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Nutraceuticals Segment Analysis – By Source
The Nutraceuticals Market based on source can be further segmented into Animal, Plant and Microbial. The plant segment registers for the highest nutraceuticals market share in 2020. This is mainly owing to the fact that there’s been a real shift and growth in the consumer awareness of plant-based nutrition. According to the Food and Health Survey of American consumers from the International Food Information Council Foundation, more than 70% participants said they perceived from plant sources as healthy in 2019. Furthermore, this diversification has the potential to transform the food company’s principal business and value proposition due to its growth, profitability, risk exposure, and ability to compete and innovate. On the contrary, the microbial segment is forecasted to register the fastest CAGR of 8.7% over 2021-2026. This is mainly owing to the fact that manufacturers are finding out more innovative ways to meet the demand of such products thereby, keeping its nutrient values is poised to raise its growth in the forecast period 2021-2026. Also, the growing awareness about the microbial makes it perfect for Nutraceuticals.
Nutraceuticals Segment Analysis – By Geography
Europe dominated the Nutraceuticals Market with major share of 42.6% in 2020. This is owing to increasing aging populations in the countries like U.K., France, Spain, Italy, etc. Apart from this, Europe is anticipated to hold the lead in nutraceuticals trade during the forecast timeframe owing to the notable contribution of established players functioning in the region. Furthermore, the increasing initiatives to innovate the product is projected to fuel the demand for dietary supplements, which is projected to augment the market in the region.
However, Asia Pacific is estimated to outpace all the regions by displaying the highest CAGR of 7.95% during the forecast period 2021-2026 owing to the growing demand for health supplements in Asian countries such as Japan, China, India and South Korea. Apart from this, rapid growth in urbanization, rising income levels, and growing awareness about the benefits of food fortification with nutraceutical products are the drivers for this market.
Nutraceuticals Market Drivers
Increase Global Awareness Regarding Application of Nutraceuticals
The Nutraceuticals market driver can be attributed to the fact that awareness about the application of nutraceuticals is increasing at a very gradual pace. Even though a lot of health and fitness forums document the benefits of Nutraceuticals, some of them offer an oppositional reading. However, the future demand for the treatment of cardiovascular is anticipated to further augment the nutraceuticals market size during the forecast period. Furthermore, the rising disposable income and growing geriatric population can fuel the demand, thereby developing the market during the forecast period 2021-2026.
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Nutraceuticals Market Challenges
Growing Expenses and Strict Regulations
The major challenge in the Nutraceuticals market is that the stringent rules and regulations imposed by governments of various countries are anticipated to hamper the market rise during the forecast period. Also, the high expenses associated with nutraceuticals are projected to restrain the market rise during the tenure.
Nutraceuticals Market Landscape
Product launches, mergers and acquisitions, joint ventures and geographical expansions are key strategies adopted by players in the Nutraceuticals market. In 2020, Nutraceuticals market share is fragmented by the top ten players present in the market. The Nutraceuticals market top 10 companies are Archer Daniels Midland Company, General Mills, Inc. E. I. du Pont de Nemours and Company, Aland (Jiangsu) Nutraceutical Co., Ltd. BASF SE, Cargill, Incorporated, Royal DSM N.V. Groupe Danone S.A. Nestle S.A., PepsiCo Inc. and others.
Acquisitions/Product Launches
In January 2021, Alpine Start Inc., announced the launch of its functional beverages with the help of American public benefit company Kickstarter. The new fortified beverages are loaded with vitamins, minerals, and other natural ingredients for boosting immunity and focus.
In September 2020, DuPont has announced a partnership with Procter & Gamble. This partnership helped both companies to discover and develop the next generation of probiotics for human health.
In January 2020, ADM acquired Yerbalatina Phytoactives, a natural plant-based extracts and ingredient manufacturer for strengthening its position in the health and wellness market.
Key Takeaways:
In 2020, Europe dominated the Nutraceuticals Market.
Growing health concerns among consumers and increasing awareness regarding nutraceuticals with the growth in the aging population are enhancing the growth of the Nutraceuticals Market.
Detailed analysis of the Strength, Weakness, and Opportunities of the prominent manufacturers operating in the market will be provided in the Nutraceuticals Market report.
Growing expenses and strict regulations is set to create hurdles for the Nutraceuticals Market.
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