Nutraceutical Ingredients Market Size, Trends, Growth Drivers, and Impact of COVID-19 | 2030
The global Nutraceutical Ingredients Market, which reached a value of USD 164.2 billion in 2021, is poised for significant growth with a projected Compound Annual Growth Rate (CAGR) of 6.7% during the forecast period. The market’s expansion is attributed to rising consumer demand for nutraceuticals that offer health benefits such as probiotics, prebiotics, and vitamins.
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Increasing Demand for Nutraceuticals Drives Market Growth
The global nutraceutical ingredients market is witnessing growth due to consumer preferences for nutraceuticals that provide additional nutritional value. Nutrients derived from plants, animals, and microorganisms contribute to the nutritional value of nutraceuticals, making them distinct from conventional products. Rising popularity of homeopathic remedies, preventive medicines, and self-treatment has led to increased consumption of nutraceuticals like cranberry, garlic, ginseng, and ginkgo biloba extracts. The incorporation of various functional ingredients such as probiotics, polyphenols, and fatty acids in nutraceutical products further fuels market growth.
Rising Chronic Diseases Propel Demand for Nutraceuticals
Global chronic disease prevalence is on the rise, creating a demand for healthier dietary options. The World Health Organization (WHO) predicts that by 2020, chronic diseases will account for nearly three-quarters of all deaths worldwide, with conditions like ischemic heart disease, stroke, and diabetes leading the cause. The correlation between diet and health has prompted consumers to make healthier food choices, leading to increased demand for nutraceutical products that offer health benefits beyond nutrition. As a result, the market for nutraceutical ingredients is growing to meet the demand for functional foods that promote overall wellness.
High Cost of Fortified Products Hinders Mass Adoption
While fortified products offer specific functionalities and healthier alternatives, their higher price tags deter mass adoption. The cost of producing fortified products often translates to higher retail prices, limiting their appeal to budget-conscious consumers. For instance, probiotic-infused bottled water, while offering digestive and immunity benefits, is more expensive than traditional bottled water. This price disparity hinders the widespread adoption of fortified products, thereby impacting market growth.
Probiotics Lead as Essential Ingredients for Human Health
The probiotics segment is expected to dominate the market, driven by their vital role in human health. Probiotics have gained popularity due to their positive impact on overall well-being and immunity. With applications in functional foods, beverages, dietary supplements, and animal nutrition products, probiotics are in high demand. Additionally, dietary supplements, a key category, contribute significantly to market share. They offer a wide range of health benefits such as improved gut health, better digestion, enhanced bone density, and immune system support.
Asia Pacific Takes the Lead with Changing Lifestyles
Asia Pacific is anticipated to hold the largest revenue share, driven by shifting lifestyles, dietary patterns, and growing nutrition awareness. Consumers’ inclination towards improving health and wellness has contributed to the demand for nutraceutical ingredients. Similarly, North America is expected to witness rapid growth due to increasing consumer interest in functional foods and dietary supplements. The adoption of nutraceuticals is further accelerated by the current focus on preventive healthcare measures.
Industry Players Forge Partnerships for Market Expansion
Notable developments in the nutraceutical ingredients market include DSM Group’s integrated food & beverage functional structure and ArchiMed’s acquisition of SUANFARMA. As the market continues to expand, players are aligning their strategies to meet evolving consumer preferences and health trends.
Global Industry Analysis, Size, Share, Growth, Trends, and Forecast 2023-2030 – By Product, Technology, Grade, Application, End-user, Region: (North America, Europe, Asia Pacific, Latin America and Middle East and Africa) https://www.fairfieldmarketresearch.com/report/nutraceutical-ingredients-market
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