Nutraceuticals Market size is estimated to reach $477.23Billion by 2026 and is poised to grow at a CAGR of 7.73% during the forecast period 2021-2026. Nutraceuticals are a pharmaceutical alternative that claims physiological benefits. Nutraceuticals are defined as a substance that provides physiological benefit or prevention of chronic disease. These are used to improve health, delay the aging process, prevent chronic disease, increase life expectancy, and support the structure or function of the body. The increasing prevalence of obesity and the focus on preventive healthcare are major drivers of growth in the market. Rising health awareness among consumers of all age groups in both developed and developing economies and the inclination toward personalized nutrition is also fueling the market growth. The increasing demand for functional foods and beverages, the rise in product development and innovation activities, and the increase in the availability of Nutraceutical products are estimated to boost the market for Nutraceuticals during the forecast period 2021-2026.
Nutraceuticals Market Segment Analysis – By Type
The global Nutraceuticals Market based on Type can be further segmented into Dietary Supplements, Functional Foods, Functional Beverages, and Personal Care. The Functional Beverages segment registered for the highest revenue in 2020. This is owing to the rising demand for ready-to-serve beverages. Moreover, consumers high buying capacity, willingness to pay for health products, acute interest in sports, and increasing inclination towards fitness activities are the factors driving the growth of the segment. The Functional Foods segment is estimated to be the fastest growing segment with a CAGR of 8.6% during the forecast period 2021-2026. This is owing to the rising demand for natural foods, including antioxidants, fortified dairy products, citrus fruits, vitamins, minerals, herbals, milk, and cereals.
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Nutraceuticals Market Segment Analysis – By Form
The global Nutraceuticals Market based on Form can be further segmented into Capsules, Powder, Liquid, and others. The Powder segment registers for the highest market share in 2020. Powder form of Nutraceuticals are more stable and easy to handle. Capsules segment is estimated to be the fastest growing segment is owing to the cost-effectiveness. They offer significant benefits to manufacturers such as trouble-free packaging and transportation and increased chemical and physical stability, which are the major factors driving the capsules segment.
Nutraceuticals Market Segment Analysis – By Geography
The global Nutraceuticals Market based on Geography can be further segmented into North America, Asia-Pacific, Europe, and the Rest of the World. North America held the largest share with 34.61% of market in 2020. The growth in this segment is owing to the prevalence of lifestyle-related diseases such as diabetics, obesity, and cardiovascular disorders in the region. Asia-Pacific is estimated to be the fastest-growing segment owing to the factors such as adopting healthy eating habits owing to the growing health concerns and the presence of a wide range of vendors offering nutrient products in the region.
Nutraceuticals Market Drivers
Rising demand for Nutraceuticals
The rising demand for nutraceuticals with medical benefits is one of the major factors driving the market growth. Nutraceuticals contain probiotics, antioxidants and polyunsaturated fatty acids, which helps to modify and maintain physiological functions for maximum medical and personal benefits. The young population and opulent consumers are aware of these various benefits of Nutraceuticals through media, and medical sources. These factors are enhancing the market growth. Owing to health consciousness, and the need to consume healthy foods, consumers are readily opting for Nutraceuticals, which is estimated to fuel the market during the forecast period 2021-2026.
Rising trend for personalized nutrition
The rising preference for personalized nutrition is one of the key factors to fuel the market growth. The trend of personalized nutrition is growing, particularly among individuals with medical conditions associated with the intestine, where general treatment is not effective. Consumers are making dietary changes to improve their health and are opting for the custom nutritional solutions. To keep up with this trend, food manufacturers are also introducing specialized food products for such consumers. These products are specially formulated for people with celiac disease and gluten sensitivity. This is estimated to support the growth of the Nutraceuticals market. The gradual adoption of probiotic and prebiotic food products as part of a personalized diet is estimated to boost the market during the forecast period 2021-2026.
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Nutraceuticals Market Challenges
High R&D cost of Nutraceuticals
The cost of producing raw materials for food products has increased significantly, restrain the growth of the Nutraceuticals Market. The limited manufacturing of quality nutrients increases the demand than its supply. Moreover, the lab pipeline to market for Nutraceutical products usually takes a long time. This is one of the major factors that add to the cost of production. Hence, high R&D cost is estimated to restrict the market growth during the forecast period 2021-2026.
Nutraceuticals Market Industry outlook:
Product launches, mergers and acquisitions, joint ventures, and geographical expansions are key strategies adopted by players in the Nutraceuticals Market. Key companies of this market Cargill Incorporated, DuPont, General Mills, Archer Daniels Midland Company, Amway Corporation, Danone, WR Grace, Nestle S.A., Valensa International, and Royal DSM N.V.
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 August 2019, Nestlé’s health sciences unit has acquired the nutrition startup Persona to expand its personalized nutrition segment.
In March 2019, Royal DSM has partnered with Cargill to establish a joint venture firm Avansya to expand their business of functional foods by manufacturing zero-calorie, great-tasting sweeteners through fermentation.
Geographically, North America is poised to see extraordinary development owing to the prevalence of lifestyle-related diseases in the region and is set to continue during the forecast period 2021-2026.
The rising demand for ready-to-serve beverages is propelling the demand for Functional Beverages segment.
The high R&D cost of Nutraceuticals is estimated to restrain the market growth during the forecast period 2021-2026.
Detailed analysis on the Strength, Weakness and Opportunities of the prominent players operating in the market will be provided in the Nutraceuticals Market report.
Related Reports :
A. Functional Food and Nutraceuticals Market
B. Nutraceutical Ingredients Market
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