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Ready To Use Therapeutic Food Market: Analysis and In-depth Research on Size, Trends, Emerging Growth Factors and Forecasts 2024
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Market drivers and trends
Increasing government as well as NGO focus on the treatment of malnutrition is expected to drive revenue growth of the global ready-to-use therapeutic food market over the forecast period. Increasing instances of malnutrition along with a rapidly growing population is another key market driver. Also, an increasing demand for drinkable ready-to-use therapeutic foods and rising global emergencies and disasters is expected to further fuel market growth. However, increasing consumer/local government shift towards local ingredients and inconsistencies in ready-to-use therapeutic food milk products thereby creating a risk of contamination are factors likely to restrict market growth during the forecast period.
The global ready-to-use therapeutic food market offers great opportunities for market players with UNICEF encouraging the domestic production of ready-to-use therapeutic foods.
Segment analysis
The global ready-to-use therapeutic food market is segmented on the basis of Product Type into Solid (Powder/Blends, Biscuits/Bar), Semi-solid Paste, and Drinkable Therapeutic Food. The Drinkable ready-to-use therapeutic food segment is expected to gain significant market share during the forecast period. The Semi-solid Paste segment is estimated to be valued at US$ 251.1 Mn by 2016 end and is expected to reach US$ 559.8 Mn by 2024 end, registering a CAGR of 10.5% during the forecast period. The Drinkable Therapeutic Food segment is estimated to be valued at US$ 15.5 Mn by 2016 end and is expected to reach US$ 39.0 Mn by the end of 2024. This segment is expected to witness a CAGR of 12.2% during the forecast period.
Regional analysis
The global ready-to-use therapeutic food market is segmented into four main regions – North America, Asia Pacific (APAC), Europe, and Middle East & Africa (MEA). The MEA market is likely to account for comparatively higher revenue contribution in the global ready-to-use therapeutic food market. The North America ready-to-use therapeutic food market is estimated to be valued at US$ 35.7 Mn by 2016 end, and is expected to reach US$ 78.2 Mn by 2024 end, registering a CAGR of 10.3% over the forecast period. Europe is expected to witness high production capacity and revenue share in the global ready-to-use therapeutic food market between 2016 and 2024. The APAC market is anticipated to represent absolute $ opportunity of US$ 1.7 Mn in 2016 over 2015 and incremental $ opportunity of US$ 27.2 Mn between 2016 and 2024. Cost-effective availability of raw materials in the APAC region is likely to fuel the production of ready-to-use therapeutic foods and subsequently boost the APAC ready-to-use therapeutic food market during the forecast period.
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Key market players
Insta Products (EPZ) Ltd., MANA, Nutrivita Foods Pvt Ltd., Power Foods Industries Ltd., Tabatchnick Fine Foods, HILINA Enriched Food Processing Center P.L.C., GC Rieber Compact AS, Diva Nutritional Products, Edesia, Inc., Nutriset, and InnoFasoSA are some of the companies operating in the global ready-to-use therapeutic food market. Ease of product availability, rising malnutrition population in developing nations, and an easy storage and distribution network are factors encouraging new players to venture into the global ready-to-use therapeutic food market. Leading market players are adopting strategies such as expansion of product portfolio through innovative new product development and are forming strategic partnerships and alliances to ensure a continuous supply of high quality ready-to-use therapeutic foods as a quick response to growing market needs.
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