Nutraceuticals Market - Rising Chronic Ailments Boost Demand for Nutraceuticals from Developing Countries

Nutraceuticals range from dietary supplements, isolated nutrients, and herbal products to specific diets and processed foods and beverages. These are extremely attractive to food and beverages companies due to the relatively high margins and minimal regulatory requirements involved. Factors such as rising health concerns, growth of key demographics, and increasing consumer desire to lead a healthy life and avoid dependence on synthetic drugs are the major drivers contributing to the growth of this market. In addition, factors such as new product launches, mergers and acquisitions, and nutraceuticals aimed at improving cardiac health are expected to enhance the growth of this market. All these properties mentioned above have led to the growing demand for nutraceuticals in recent years.

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A handful of companies hold over half of the global nutraceuticals market, thus contributing to the creation of a fairly consolidated vendor landscape. The market is price-sensitive and witnesses a high degree of competition. As per Transparency Market Research (TMR), BASF SE, Groupe Danone S.A., Royal DSM N.V., and Nestle S.A., emerged as the top players, accounting for over 52.1% in the global nutraceuticals market in 2014.

The companies operating in the market are primarily engaged in the production of functional beverages, functional food, and nutritional supplements. Strategic collaborations and mergers and acquisitions are the key strategies adopted by the leading players to expand their footprint in the global nutraceuticals market.

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“Demand for nutraceuticals is expected to rise considerably in response to the increasing incidence of non-communicable chronic ailments and the rising healthcare expenditure,” said a lead TMR analyst. Developing countries such as China, Japan, and India exhibit a relatively higher prevalence of non-communicable diseases (NCDs) such as cancer, diabetes, cardiovascular ailments, and lung disorders. Demand for nutraceuticals is therefore expected to gradually rise from these nations. The steadily increasing healthcare expenditure will also augment demand for nutraceuticals across emerging nations.

“The rising demand for meat and milk is encouraging animal feed manufacturers in developing nations to incorporate nutraceuticals in animal feed,” added the analyst. Besides this, the increasing demand for a nutritional diet and natural beauty products across developed countries will also bolster demand for nutraceuticals. Across these nations, people have become more aware about the side-effects commonly associated with the most popular pharmaceuticals. Hence, their preference is shifting towards natural food and products derived from natural ingredients, from their synthetically produced counterparts.

Furthermore, unlike pharmaceuticals, nutraceuticals are natural healthcare options; they are hence easily available without the need of a prescription.

The global nutraceuticals market is segmented on the basis of product and geography. On the basis of product, the global nutraceuticals market is segmented into functional food, functional beverages, dietary supplements, and personal care and pharmaceuticals. Of these, the functional food segment led in terms of revenue in 2014, representing a share of 31% in the global nutraceuticals market. The segment is expected to expand at a 7.1% CAGR from 2015 to 2021.

On the basis of region, the global nutraceuticals market is segmented into Europe, North America, Asia Pacific, and the Rest of the World. Of these, North America held the largest share in the market in 2014 and the demand for nutraceuticals is expected to remain steady in the future, due to high demand from the U.S. and Canada.

The report profiles key companies operating in the global nutraceuticals market for the purpose of study. The companies included are: BASF SE, Archer Daniels Midland Company, Groupe Danone S.A., Cargill, Incorporated, Aland (Jiangsu) Nutraceutical Co., Ltd. The challenges faced by these companies and the strategies adopted by them to grow in the market have been included in the report.

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