Increasing Health Sensitivity Among Consumers Will Drive The Nutraceuticals Product Market

Global Nutraceuticals Product Market is expected to reach $340 billion by 2024 from $195 billion in 2016; growing at a CAGR of 7.2% from 2016 to 2024. By geography, Asia-Pacific and Rest of the World are expected to grow at a CAGR of 7.6% and 7.7%, respectively, during the forecast period.

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The major factors supporting growth of the market are demand for a nutraceuticals product as a substitute to prescription and OTC drugs, increasing investments on healthcare. Though, high cost and lack of consumer knowledge may restraint the growth of the market. Advance technology and market expansion would provide opportunities for the market in the future years.

The global nutraceuticals product market has been categorized into product type and geography. The product type is bifurcated into dietary supplements (herbals, proteins & peptides, vitamins & minerals, and others), personal care & pharmaceutical, functional food (omega fatty acid fortified food, probiotics fortified food, branded wheat flour market, branded ionized salt, and other functional foods), and functional beverages (fruit & vegetable juices and drinks, noncarbonated drinks, dairy & dairy alternative drinks, and others). The functional food segment accounted for highest market share in 2016, owing to growing consumer expenditure in functional food which has amplified its demand globally.

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By geographically, the market is categorized into North America, Europe, Asia-Pacific, and Rest of the world (RoW). North America accounted for the largest market share of 39.4% in 2016, driven by increased popularity of nutraceuticals product in the U.S. and Canada, due to its several benefits such as and cardiovascular problems and low risk of diabetes. Asia-Pacific held the second largest share of 30.3%, driven by growth in middle class affluent population, increasing disposable income, majorly in developing economies such as China, Japan, and India. In terms of growth, Rest of the World is anticipated to dominate fastest CAGR of 7.7% during the forecast period 2016-2024, due to increasing health sensitivity among consumers.

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The major key players operating in the nutraceuticals product market are General Mills, Inc., Cargill Incorporated, DuPont, Nestle S.A., Aland (Jiangsu) Nutraceutical Co., Ltd., Royal DSM N.V., Archer Daniels Midland Company (ADM), PepsiCo, Groupe Danone S.A., and BASF SE, among others.

Scope of Nutraceuticals Market
Product Type Segments
• Personal Care and Pharmaceuticals
• Functional Food
o Omega Fatty Acid Fortified Food
o Branded Wheat Flour Market
o Probiotics Fortified Food
o Branded Ionized Salt
o Others

• Dietary Supplements
o Vitamins & Minerals
o Proteins & Peptides
o Herbals
o Others

• Functional Beverages
o Dairy & Dairy Alternative Drinks
o Noncarbonated Drinks
o Fruit & Vegetable Juices And Drinks
o Others

Geographical Segments
• North America
o US
o Canada
o Mexico
• Europe
o UK
o France
o Italy
o Others
• Asia-Pacific
o China
o India
o Japan
o Others
• RoW
o South America
o Middle East
o Africa

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