Global Nutraceuticals Market: Snapshot
The global market for nutraceuticals holds a significant potential for growth in the future. The increasing awareness among people across the world regarding health and fitness is likely to boost the demand for nutraceuticals in the coming years. Versatile in nature, nutraceuticals find significant usage in a number of industries, such as the food and beverages, pharmaceuticals, personal care, and animal feed additives. The recent findings regarding the function-specific antioxidants are projected to open an avenue of new opportunities for players in this market.
With the tremendous rise in the demand for preventive healthcare and the increasing number of medical treatments, fueling the demand for nutraceutical products, the global market for nutraceuticals is anticipated to witness a substantial rise over the next few years. However, the need for high investment for the research and development activities may hamper the market’s growth in the years to come.
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The increased focus in emerging economies on preventive healthcare is likely to boost the demand for nutraceutical product considerably over the forthcoming years, translating into high growth of this market in the future. The usage of antioxidants in excess in the functional food and beverages industry is also projected to contribute to the growth of this market in the years to come.
Global Nutraceuticals Market: Overview
The global market for nutraceuticals is anticipated to offer several growth opportunities for key players in the market. The increasing use of nutraceuticals for diverse applications across industries is predicted to augment global nutraceuticals market in the next few years. In addition, the tremendous demand for cosmetic products in order to enhance physical appearance is likely to boost the demand for nutraceuticals across the globe.
Global Nutraceuticals Market: Key Trends
The increasing prevalence of non-communicable chronic diseases across the globe and the rising healthcare expenditure are projected to fuel the growth of the global nutraceuticals market in the coming few years. In addition, the growing demand for nutritional diet in several developed economies is anticipated to supplement the market’s growth.
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On the flip side, the increasing costs of nutraceuticals and the lack of knowledge among consumers regarding its benefits are expected to hamper the growth of the overall market in the forecast period. Nevertheless, nutraceuticals are considered as an alternative to OTC and prescription drugs, which is likely to generate lucrative growth opportunities for the leading players operating in the global nutraceuticals market in the next few years.
Global Nutraceuticals Market: Market Potential
The prominent players in the global nutraceuticals market are emphasizing on the advancements in the technology and expand the application base are anticipated to accelerate the growth of the global nutraceuticals market in the coming years. Furthermore, the increasing disposable income of consumers in developing economies is projected to contribute widely towards the overall development of the market in the forecast period.
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Global Nutraceuticals Market: Regional Outlook
In the last few years, North America led the global nutraceuticals market and is anticipated to remain the topmost position across the forecast period. The increasing percentage of the health conscious population, boosting the demand of nutraceuticals is expected to supplement the growth of the North America market in the next few years. Moreover, the rising contribution from the U.S. and Canada is estimated to contribute towards the development of the market.
Furthermore, Asia Pacific is projected to account for a significant share of the global nutraceuticals market and attain a second position in the next few years. The rising growth of this region can be attributed to the growing demand for dietary supplements and functional foods from the emerging economies in this region. The growing awareness among consumers regarding the benefits of a healthy lifestyle and the rising participation in various sports are some of the other factors that are likely to fuel the growth of the Asia Pacific market in the near future.
Global Nutraceuticals Market: Competitive Analysis
According to the research study, the global nutraceuticals market is consolidated in nature, owing to the presence of a few players who are anticipated to account for a key share of the overall market in the coming years. The rising number of mergers and acquisitions and collaborations are predicted to enhance the competition among the leading players throughout the forecast period. Furthermore, the expansion of the product portfolio in order to attract a large percentage of consumers is anticipated to encourage the growth of the overall market in the coming years.
Some of the leading players operating in the nutraceuticals market across the globe are E. I. du Pont de Nemours, General Mills, Inc., Groupe Danone S.A., Archer Daniels Midland Company, BASF SE, Cargill Incorporated, Nestle S.A., and Royal DSM N.V. The rise in the number of players estimated to enter the global market in the coming years is anticipated to expand the application base of nutraceuticals, which is likely to accelerate the growth of the market in the near future.