Global Nutraceuticals Market
Nutraceutical is a broad term which any product derived from food sources and having additional health benefits than basic nutritional value of food. Nutraceuticals are food products that are believed to prevent or have significant effect upon illnesses or medical conditions. Nutraceuticals may be nutrients, herbs and dilatory supplements.
The nutraceuticals market is driven by multiple factors like new innovations such as probiotics, plant based products and increased preference of consumers for high protein diets. In addition to this, increased healthcare costs, increased prevalence of diseases prompted consumers and healthcare professionals to adopt nutraceuticals as alternative or complementary treatment option for several diseases. However, lack of awareness about the use of nutraceuticals and high cost of research and development is expected to hamper the nutraceutical market growth over forecast period. Moreover, high price of nutraceuticals leading to shifting of consumers towards the low priced pharmaceuticals.
Global Nutraceuticals market has been segmented on the basis of product type into functional food, functional beverages, and dietary supplements
Based on functional food, global nutraceuticals market is segmented into
- Branded Wheat Flour
- Branded Ionized Salt
- Probiotics Fortified Food
- Omega Fatty Acid Fortified Food
Based on functional beverages, global nutraceuticals market is segmented into
- Energy Drinks
- Sports Drinks
- Fortified Juices
Based on dietary supplements, global nutraceuticals market is segmented into
- Vitamins & Minerals
- Proteins & Peptides
- Herbals (plant extracts, ayurvedic extracts, phytochemicals, algal extracts)
- Other (fiber, fatty acids)
Nutraceuticals market is growing at significant rate across the globe. Increased life expectancy globally, had led to an increased incidence of lifestyle (age related) diseases such as diabetes, high blood pressure and cholesterol, obesity etc. as a result of this, people preferring to maintain healthy lifestyle using nutraceuticals. The demand for nutraceuticals mainly driven by rising health awareness among the populace. Currently, market players are working to diversify their nutraceuticals products. Furthermore, players investing in research and developments to increase the market revenue share. For instance, omega-3 a traditionally non-vegetarian product has been developed with vegetarian variants, thereby allowing it to gain traction with the large Indian vegetarian population. Mergers, acquisitions and collaboration are key tools used by the players to capture the market revenue share. For instance, in May 2017, Lycored, partnered with Algatechnologies (Algatech) to market and distribute Alga tech’s “AstaPure” natural astaxanthin carotenoid (in the form of beadlets) in North America market.
Geographically nutraceuticals market has been segmented into following regions viz. North America, Europe, Asia-Pacific, Latin America, and Middle East & Africa. Globally, U.S. and Japan are the most developed markets for nutraceuticals, due to the consumer acceptability in these countries. In Asia-Pacific region, India and China are expected to show huge potential opportunities owing to changing life styles. In the Indian market, the consumption of alternative herbal medicines and supplements (usually Ayurveda and homoeopathic) is expected to have a slight effect on the nutraceuticals market. India promises lucrative potential to nutraceuticals product manufacturers, through customization of their products to include natural and herbal ingredients. Germany in Europe region and Israel in Middle East region has emerged as the key innovation hubs of the nutraceuticals industry.
Some of the players in nutraceuticals market are General Mills Inc. (U.S.), Alphabet Holding Company, Inc. (The Nature’s Bounty Co.) (U.S.), Herbalife International Inc. (U.S.), Koninklijke DSM N.V (Netherlands), PepsiCo, Inc. (U.S.), Groupe Danone (France), Bayer AG (Germany), Abbott Laboratories (U.S.), and Chobani LLC (U.S.) to name a few.
- In 2017, Alga technologies granted national organic program certification from U.S. FDA agricultural marketing service for its haematococcus pluvialis microalgae powder & astaxanthin oleoresin
- In 2016, DolCas Biotech, LLC received GRAS status for its BCM – 95 turmeric extracts to use in food, dietary supplements and medical foods
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