At 7.1% CAGR, nutraceuticals market is anticipated to accumulate US$ US$ 465,709.8 million by 2027, says The Insight Partners

According to The Insight Partners' research, the global nutraceuticals market was valued at US$ 252,535.4 million in 2018 and is projected to be worth US$ 465,709.8 million by 2027, growing at 7.1% CAGR during 2019-2027. Surging demand for functional food and beverages due to rising health consciousness among customers and growing incidences of chronic diseases are the key factors credited for this expansion.

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Nutraceuticals ingredients such as vitamins and minerals are added in functional food and beverages to enhance the nutritional value. Functional foods have a positive effect on health beyond basic nutrition and also promote optimal health. Functional food and beverages are enhanced with nutrition not provided naturally. For example, calcium is added to fruit juices, and milk is fortified with vitamin D. Many children and teens don't meet daily nutrient requirements that are necessary to maintain a healthy lifestyle. Functional foods are important sources of nutrients, especially iron, zinc, and B vitamins, for kids. Rising awareness regarding nutrient deficiencies such as iodine, vitamin A & D, and myopia is expected to lead to the growth of functional foods and beverages during the forecast period.

Nutraceuticals are gaining popularity among customers due to their potential nutritional and therapeutic effects. Over the past few years, nutraceuticals are consumed as a preventive measure for chronic diseases such as cancer, diabetes, allergy, Alzheimer, cardiovascular, eye, immune, inflammatory and Parkinson's diseases, and obesity. For instance, Arthritis is a common disease that results in joint replacement surgery. Nutraceuticals are used as an alternative treatment for pathological manifestations of arthritic disease. The consumption of fish oils such as cod liver oil in the diet helps prevent arthritic disease.

Similarly, Alzheimer's disease (AD), also known as primary degenerative dementia of the Alzheimer's type (PDDAT) is the most common form of dementia. Various nutraceuticals such as antioxidants such as vitamin C, Gingko biloba, and Huperzine alpha are used to cure Alzheimer's disease. Additionally, a wide range of nutraceuticals such as isolated nutrients, dietary supplements, herbal products, and processed foods such as cereals, soups, and beverages are used for treating various chronic diseases, which will likely aid market augmentation.

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On the other hand, regulations related to dietary supplements and functional food will likely hinder market growth over the analysis timeframe.

Based on type, the global nutraceutical market is split into functional food, functional beverages, dietary supplements, and personal care & pharmaceuticals. Among these, the functional food segment held 36.4% of the market share in 2018. It was estimated at US$ 91,988.5 million in 2018 and is anticipated to expand at a CAGR of 7.3% during 2019-2027 to amass US$ 172,510.2 million by 2027.

As per application scope, the nutraceutical market sphere is arrayed into general wellness, beauty & anti-aging, weight management, digestive health, and sports & energy. Among these, the general wellness segment accounted for 31.5% of the market share in 2018. The segment was evaluated at US$ 79,493.2 million in 2018 and is projected to expand at 6.8% CAGR during 2019-2027 to accumulate US$ 143,194.3 million by 2027.

From the regional frame of reference, North America held a major share in the global functional food market valuation. It was valued at US$ 93,520.1 million in 2018 and is slated to amass US$ 173,709.7 million by 2027, expanding at 7.2% CAGR throughout. Meanwhile, the Asia Pacific market is projected to register a stellar growth rate of 7.3% during 2019-2027 and amass US$ 140,178.6 million by 2027.

Leading players profiled in the global nutraceutical market report are Amway; The Nature's Bounty Co.; Herballife International of America, Inc.; General Mills, Inc.; The Kellogg Company; Abbott Laboratories; Nestlé S.A.; Danone S.A.; GlaxoSmithKline plc; and Helion Nutraceuticals, LLC.

• In December 2018, GlaxoSmithKline plc (LSE/NYSE: GSK) reached an agreement with Pfizer Inc. to combine their consumer health businesses into a new world-leading Joint Venture, with combined sales of approximately £9.8 billion (US$ 12.7 billion). GSK will have a majority controlling equity interest of 68% and Pfizer will have an equity interest of 32% in the Joint Venture.
• In October 2018, Nestlé SA launched its own brand of A2 baby milk in Australia and New Zealand. The company's A2 milk contains 100% natural fresh cows' milk with only the A2 protein-a formula that Nestlé now ventured into.
• In April 2018, Abbott Laboratories launched Ensure Max Protein-a 150 calorie beverage with 30g of protein and all nine essential amino acids.

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The Insight Partners is a one stop industry research provider of actionable intelligence. We help our clients in getting solutions to their research requirements through our syndicated and consulting research services. We specialize in industries such as Semiconductor and Electronics, Aerospace and Defense, Automotive and Transportation, Biotechnology, Healthcare IT, Manufacturing and Construction, Medical Device, Technology, Media and Telecommunications, Chemicals and Materials.

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