Nutraceutical Ingredients Market: Growing at a CAGR of 7.2% to Reach USD 261.7 Billion by 2027

According to the research report titled "Nutraceutical Ingredients Market by Type (Probiotics, Proteins, Amino Acids, Phytochemicals & Plant Extracts, Fibers & Specialty Carbohydrates), Application (Food, Beverages, Animal Nutrition, Dietary Supplements), Form & Region - Global Forecast to 2027" by MarketsandMarkets, the nutraceutical ingredients market is anticipated to witness significant growth. The market, valued at USD 185.2 billion in 2022, is projected to achieve a compound annual growth rate (CAGR) of 7.2%, reaching USD 261.7 billion by 2027.

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Key Highlights:

Driving Factors for Market Growth:

The increasing awareness of health and wellness among consumers, coupled with the customization of products based on targeted audience needs, is propelling the growth of the nutraceutical ingredients market. With the rising cost of pharmaceutical and hospital expenses viewed as a luxury by many, there is a heightened demand for nutraceutical products that can prevent health problems.

Probiotics Leading the Market:

Probiotics, a type of nutraceutical product, are projected to have the highest market share in terms of value throughout the forecast period. These products offer various health benefits, driving their popularity as nutraceutical ingredients. Innovations in new products with functional and nutritional benefits contribute to the growth of the probiotics nutraceutical ingredients market.

Dominance of Food Segment in Application:

The food segment, in terms of application, is projected to have the highest market share in the global nutraceutical ingredients market. Research and development efforts in nutraceutical products focus on creating innovative and customized products aligned with consumer requirements. The market is witnessing the development of various nutraceutical products, such as lozenges, hard candies, malt powders, and nutrient bars, tailored to specific health benefits and dietary preferences.

Rapid Growth of Dry Ingredients:

The dry ingredient, by form, is projected to experience the fastest market growth throughout the forecasted period. Technological advancements, including encapsulation methods, have facilitated the transformation of liquid-format ingredients into stable dry formats. These innovations address stability concerns and degradation issues associated with liquid ingredients.

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APAC Leading in Market Share:

Asia Pacific (APAC) is expected to account for the highest market share in the nutraceutical ingredients market during the forecast period. Economic growth in the region, coupled with increased consumption of convenience foods due to busy lifestyles, is driving the demand for enriched nutritional food and beverage products. Rising consumer expenditure on health and wellness products, influenced by changing lifestyles and higher disposable incomes, is a significant contributing factor in the APAC region, as well as in the Middle East & Africa.

Key Market Players:

Key players in the nutraceutical ingredients market include Associated British Foods Plc, Arla Foods Ingredients Group P/S, DSM, Ingredion, Tate & Lyle, Ajinomoto Co., Inc., CHR Hansen Holdings A/S, Kyowa Hakko Bio Co., Ltd., Glanbia Plc, Fonterra Co. Operative Group Limited, Cargill Incorporated, ADM, International Flavors & Fragrances, Inc., BASF SE, and Kerry Groups. The dominant strategies adopted by these players include strategic partnerships, expansions, and new product launches to enhance their presence in different regions and industrial segments.

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