A recently added market study by TMR Research, titled, “Nutraceuticals Market – Global Industry Analysis, Size, Share, Trends, Analysis, Growth, and Forecast 2017–2025,” tries to help stakeholders in the market to take informed decisions. To that end, it furnishes detailed information on the growth drivers, hindrances, trends, and competitive dynamics in the market. It also attempts to understand the size of the market and segments it based on different parameters.
The report finds that with people becoming increasingly health conscious these days, the demand for nutraceuticals will likely receive a major fillip. Nutraceuticals, a term used for any product extracted from food sources with additional health benefits apart from the basic nutrition contained in foods, are versatile in nature. Hence they find application in a number of industries such as food and beverages, personal care, pharmaceuticals, and animal feed additives.
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A rising crop of health conscious consumers, with rising disposable incomes, along with dieticians and nutritionists suggesting dietary supplements and functional foods, means the food and beverages industry have to come up with more healthy products. This has led to the demand for nutraceuticals, which are used in functional food and beverages, namely energy drinks and breakfast cereals.
A noticeable trend in the market is the rising preference for plant-based functional foods, namely oats, tomatoes, flax seeds, citrus fruits, broccoli, and cranberries, since they are known to bring down the risk of chronic diseases like cancer. Their high fiber content is also beneficial to health. In fact, rising instances of non-communicable, chronic diseases and increasing spends on healthcare too are expected to positively benefit the nutraceuticals market in the foreseeable future.
On the flipside, however, the rising price of nutraceuticals, its high research and development costs, and limited knowledge about it are posing a major challenge to its sales. Nevertheless, nutraceuticals – considered an alternative to OTC and prescription drugs – will continue generating opportunities for companies in the upcoming years on the back of rising preference of preventive healthcare and the increasing number of medical treatments.
Already, many multinational pharmaceutical and fast-moving consumer goods (FMCG) companies have forayed into the nutraceuticals market expecting the demand to increase in the future. They are trying to reach out to prospective customers via myriad channels such as pharmacy stores, supermarkets, and e-tailing.
From a geographical perspective, the region of North America is a key market for nutraceuticals which will likely account for a substantial share in the upcoming years as well. A sizeable proportion of health conscious population is propelling demand of nutraceuticals in the region. The U.S. and Canada are at the forefront of driving growth in the region.
Asia Pacific is another key market for nutraceuticals which is expected to gain significantly in the near future on the back of fast growing economies of India and China, which are home to a burgeoning middle class population looking for dietary supplements and functional foods.
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The global market for nutraceuticals is currently consolidated in nature because of a few players holding most of the share in it. With growing mergers and acquisitions and collaborations, the market is projected to remain consolidated. E. I. du Pont de Nemours, Groupe Danone S.A., General Mills, Inc., Archer Daniels Midland Company, Cargill Incorporated, BASF SE, Nestle S.A., and Royal DSM N.V. are to name a few key players in the market.
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