Nutraceutical Ingredients Market Growth Driven by Increased Demand for Functional Foods and Dietary Supplements

The newly published report titled "Global Nutraceutical Ingredients Market By (Devices (LED devices, IPL devices, ultrasound devices, laser-based devices, RF devices and others), Treatment (platelet-rich plasma tightening, radiofrequency, skin tightening, micro needling, therapy, chemical peel, and others), End-users (beauty clinics, dermatology clinics, and parlor & salons))- Trends, Industry Competition Analysis, Covid-19 Analysis, Revenue (US$ Billions) and Forecast Till 2030." of InsightAce Analytic Pvt. Ltd. features detailed industry analysis and an extensive study on the market, exploring its significant factors.

The global Nutraceutical Ingredients market is estimated to reach over USD 320.28 Billion by the year 2031, exhibiting a CAGR of 6.76% during the forecast period.

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The term "nutraceutical" refers to food products or fortified foods derived from natural food sources that provide additional health benefits beyond the basic nutritional content inherent in the food. Nutraceuticals include substances such as vitamins, minerals, prebiotics, plant extracts, probiotics, phytochemicals, fiber, specialized carbohydrates, proteins, and more. The growing prevalence of chronic conditions such as diabetes, cardiovascular diseases, and obesity among an expanding global population is a primary driver of the market's revenue growth. Nutraceutical ingredients have demonstrated benefits such as supporting cardiovascular and skin health, regulating blood sugar levels, boosting immunity, enhancing eye health, reducing tumor growth, and improving bone health, all of which contribute to increased demand from manufacturers.

The rising consumer demand for nutraceutical ingredients derived from diverse sources, including plants, animals, synthetics, and microorganisms, is largely driven by heightened health and wellness awareness. Additionally, increased government focus on addressing malnutrition and undernutrition in developing countries is expected to further stimulate the market for nutraceutical ingredients over the forecast period. The growing efforts by both industry and government stakeholders to raise awareness about the health benefits of nutraceutical ingredients play a significant role in boosting product demand. Key drivers of market growth include innovation, adequate funding, regulatory support through favorable policies, and tax incentives.

List of Prominent Players in the Nutraceutical Ingredients Market:
Associated British Foods plc (London), Arla Foods (Denmark), Koninklijke DSM N.V., (The Netherlands),Ingredion Incorporated (U.S.), Tate & Lyle PLC (U.K.), Ajinomoto CO. INC. (Japan), Chr. Hansen Holding A/S (Denmark), Glanbia PLC (Ireland), Fonterra Co-operative Group Limited (New Zealand), Cargill, Incorporated (U.S.), Archer Daniels Midland Company (U.S.), DuPont de Nemours, Inc.(U.S.), BASF SE (Germany), and Kerry Inc. (Ireland), among others.

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Market Dynamics:
Drivers:
The global incidence of chronic diseases is increasing at an alarming rate. According to the World Health Organization (WHO), chronic diseases are expected to become the leading cause of death worldwide by 2020. Ischemic heart disease (IHD), stroke, and diabetes are projected to account for 71%, 75%, and 70% of deaths, respectively, in developing nations. Concurrently, consumers are increasingly seeking products that offer a balance of taste and nutritional value. This demand is being met by fortified food ingredients, which provide food manufacturers with specialized ingredients that offer functional benefits and healthier alternatives. As a result, the overall focus on health and well-being continues to drive the demand for nutraceutical ingredients.

Challenges:
The market's growth is expected to face significant challenges due to the rising competition from food substitutes. Additionally, fluctuations in raw material prices and supply chain disruptions, particularly those caused by the ongoing pandemic, are likely to hinder expansion. Consumer resistance to incorporating new nutraceutical ingredients, coupled with the high costs of these products and increasing expenditures on research and development, will further limit the market's potential for growth.

Regional Trends:
The Asia Pacific region is projected to hold a significant market share in terms of revenue and is expected to experience a high compound annual growth rate (CAGR) in the near future. The demand for nutraceutical ingredients in the region is rising as governments focus on improving the nutritional status in developing nations. Consumer preferences are increasingly shifting towards functional foods, beverages, driving demand for nutraceutical ingredients in the food and beverage industries. Furthermore, as the focus shifts from curative to preventive healthcare, consumers are looking for more affordable options, such as health supplements and nutraceuticals, which is likely to accelerate market growth in the region.

North America also holds a considerable share of the nutraceutical ingredients market. The growing consumer demand for functional foods is expected to fuel market expansion in the region. Additionally, increased investments by key food and beverage manufacturers in research and development aimed at enhancing nutraceutical ingredients will further support market growth during the forecast period.

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Recent Developments:
• In March 2022, Tate & Lyle and ChemPartner Pharmatech had an agreement for Tate & Lyle to purchase Quantum Hi-Tech Biological, a prebiotic dietary fiber company in China, for USD 237 million. The purpose of the strategic acquisition was to expand the company's market share in China and Asia for dietary fiber.
• In January 2020, Archer-Daniels-Midland Company purchased Yerbalatina Phytoactives, a producer of plant-based extracts and components from Brazil. The purchase was intended to broaden the range of natural-source ingredients offered by Archer-Daniels-Midland Company.

Segmentation of Nutraceutical Ingredients Market-
By Type-
• Probiotic
• Proteins and amino acids
• Phytochemical & plant extracts
• Fibers & specialty carbohydrates
• Omega 3 fatty acids
• Vitamins
• Prebiotic
• Carotenoids
• Minerals
• Others
By Application-
• Food
• Beverages
• Personal care
• Animal nutrition
By Health Benefits-
• Cognitive health
• Gut health
• Heart health
• Bone health
• Immunity
• Nutrition
• Weight management
• Others
By Ingredients Form-
• Dry
• Liquid
By Region-
North America-
• The US
• Canada
• Mexico
Europe-
• Germany
• The UK
• France
• Italy
• Spain
• Rest of Europe
Asia-Pacific-
• China
• Japan
• India
• South Korea
• South East Asia
• Rest of Asia Pacific
Latin America-
• Brazil
• Argentina
• Rest of Latin America
Middle East & Africa-
• GCC Countries
• South Africa
• Rest of the Middle East and Africa

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This release was published on openPR.