Rising Healthcare Budgets of Developing Countries to Supplement Nutraceuticals Market Growth

A substantial rise in consumer spending has increased the demand for functional and healthy food products. As consumers across the world are gaining awareness regarding the benefits of dietary supplements, functional food products, and nutritious diets, the demand for nutraceuticals is also achieving momentum. Nutraceuticals provide additional health benefits to consumers along with the basic nutritional value of daily food products. Nutraceutical food products range from processed beverages and food, specific diet nutrients, herbal products to isolated nutrients, and dietary supplements. The demand for nutraceuticals is significantly high from the food and beverages industry owing to the minimal regulations involved in the use of nutraceuticals and considerably high profit margins.

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According to a report published by Transparency Market Research (TMR), the global nutraceuticals market is projected to expand at a 7.3% CAGR between 2015 and 2021. The market was worth US$165.62 bn in 2014 and is likely to rise to a valuation of US$278.96 bn by 2021. The market for nutraceuticals is poised to witness strong growth in Asia Pacific apart from the high growth in developed countries. The development of the healthcare sector across the developing countries in the Asia Pacific region is the primary reason behind the mounting demand for nutraceuticals in the region.

How are developing countries likely to contribute to the growth of the global nutraceuticals market?

The growth of the global nutraceuticals market can be attributed to the rising cases of chronic diseases and mounting healthcare expenditure in developing countries. Countries such as India, Japan, and China exhibit a high incidence rate of non-communicable diseases such as lung disorders, cardiovascular ailments, diabetes, and cancer. Moreover, the rising expenditure on healthcare in these countries is another factor that is likely to augment the growth of the global nutraceuticals market. Manufacturers of animal feed in developing nations are also focusing on the addition of nutraceuticals in animal feed to meet the growing demand for milk and meat.

Additionally, developed countries are aiming at developing advanced nutraceuticals with enhanced health benefits. An Australian nutraceuticals company recently developed nutraceuticals from broccoli and various other vegetables and fruits. The nutraceutical is expected to have a positive impact on the biomarkers present in human cells.

What is restraining the market for nutraceuticals?

Although, nutraceutical products are gaining acceptance across the world, their extensively high price is expected to act as a barrier in the growth of the market in developing economies. As compared to pharmaceuticals, nutraceuticals are priced higher. As a result of this, numerous consumers are still preferring the consumption of pharmaceuticals over nutraceuticals. Furthermore, low awareness about the health benefits of nutraceuticals is another factor limiting the growth of the global nutraceuticals market. As a result of this, many people are refraining from the use of nutraceuticals due to lack of knowledge about their efficiency, thus adversely impacting the growth of the market.

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Which segment is expected to generate the highest revenue for the nutraceuticals market?

The rising demand for branded wheat flour and ionized salt, omega fatty acid fortified food products, probiotics, and fortified food has lifted the revenue generated from the functional food and beverages segment. This growth can be attributed to the interest of consumers towards achieving fitness through a proper diet and growing global geriatric population. The demand for functional beverages is anticipated to rise at a steady rate in the Asia Pacific region hence contributing to the progress of the market.

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This release was published on openPR.