Future Trends, Drivers & Opportunity: Growth in the demand for functional food and beverages owing to increasing health consciousness amongst consumers, Increasing Incidences of Chronic Diseases, Increase in Demand for Nutraceuticals in Pet Food
The global nutraceuticals market was valued at US$ 252,535.4 Mn in 2018 and is projected to be worth US$ 465,709.8 Mn by 2027, growing at a CAGR of 7.1 % during the forecast period 2019 – 2027. The nutraceuticals market is rapidly growing at a faster pace over the past few years. Increase in the disposable income coupled with changing lifestyle is attracting consumers to consume nutraceuticals or functional foods in the daily diet. Currently, a healthy gut system is a major concern among health-conscious consumers. Functional food enrich with probiotic and prebiotic ingredients are consumed for maintaining gut health. Additionally, functional foods help to reduce the risk of diabetes and cardiovascular diseases and also provide physiological benefits. Consumers prefer to consume nutraceuticals rather than pharmaceutical drugs to prevent various diseases. The current trend among consumers to take preventive action to minimize the possibility of chronic diseases such as cancer, obesity, diabetes, allergy, Alzheimer, eye, immune, inflammatory and Parkinson’s diseases further boost the demand for nutraceuticals.
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Based on the type, the nutraceuticals market has been segmented into functional food, functional beverages, dietary supplements, personal care and pharmaceuticals. The functional food segment led the nutraceuticals market in 2018. Functional foods are food that provides us with enhanced health and performance by the introduction of ingredients that they lack naturally or the modification of the ingredients that are present. To increase nutritional content of daily food products they are fortified with several types of functional ingredients such as carotenoids, dietary fibers, fatty acids, minerals, prebiotics and probiotics, and vitamins. Wide applications of these ingredients for weight management, sports nutrition, immunity, clinical nutrition digestive health and cardio health among others has attracted consumers towards functional foods. Rising consumer awareness regarding their health, increase in disposable coupled with increasing demand for fortified food and beverage has influenced the growth of this segment positively.
Nutraceuticals are defined as health supplements which helps to improve health, prevent chronic diseases, increase life expectancy, or support the structure or function of the body. The demand for nutraceuticals have subsequently gone up owing to increasing use of health and wellbeing products in day to day life to improve overall health. North America held the largest share of the global nutraceuticals market in 2018 and is forecast to maintain its dominance over the forecast period. The nutraceuticals market in this region is primarily being driven by the rising health concerns and increase in disposable income of consumer. Countries such as US, Canada and Mexico are witnessing an upsurge in consumer spending on health and wellbeing products which provides ample opportunities for the key nutraceuticals market players. In addition, the increasing prevalence of chronic diseases such as obesity, diabetes, allergy, Alzheimer owing to busy and hectic lifestyles has generated the demand for the nutraceuticals in the region. With the increasing health-related awareness among the consumer, the need for nutraceuticals in the region is expected to grow over the forecast period. Furthermore, the increasing popularity of dietary supplements in the region, particularly in US also aids to North American nutraceuticals market.
Some of the players present in the global nutraceuticals market are Amway, The Nature’s Bounty Co., Nestle SA, General Mills, Inc., Kellogg Co, Herbalife International of America, Inc., Abbott, Danone S.A., GlaxoSmithKline plc. and Helion Nutraceuticals, LLC among others.
The overall global nutraceuticals market size has been derived using both primary and secondary source. The research process begins with exhaustive secondary research using internal and external sources to obtain qualitative and quantitative information related to the nutraceuticals market. Also, multiple primary interviews were conducted with industry participants and commentators in order to validate data and analysis. The participants who typically take part in such a process include industry expert such as VPs, business development managers, market intelligence managers, and national sales managers, and external consultants such as valuation experts, research analysts, and key opinion leaders specializing in the nutraceuticals market.
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This post was originally published on Food and Beverage Herald