ALBANY, New York, October 9, 2015 /PRNewswire/ --
According to a new market report published by Transparency Market Research "Nutraceuticals Market - Global Industry Analysis, Size, Share, Growth and Forecast, 2015 - 2021", global nutraceuticals market was valued at US$165.62 billion in 2014 and is expected to reach US$278.96 billion by 2021, growing at a CAGR of 7.3% from 2015 to 2021. North America is expected to dominate the global nutraceuticals market in terms of demand over the forecast period.
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Nutraceuticals are products that provide nutritional benefits in addition to the basic nutritional value present in food. The modern consumers are more health conscious and have better awareness about nutritional products. Furthermore, consumers use dietary supplements not only as means to meet the recommended daily intake of nutrients but also as a physical performance booster and disease prevention option. In addition, there has been a shift in consumer preference from synthetic ingredients to organic foods and ingredients, which are obtained from non-genetically modified food sources (non-GM) extracts. Consumers are adopting nutritional products as the key to maintain good health and this in turn is driving the global nutraceuticals market globally.
In many developing countries, such as India, China, and Japan among others, the growing affluent middle class population with its increasing disposable income is moving towards lifestyle changes. These lifestyle changes often involve the inclusion of nutraceuticals or functional foods in the daily diet of middle class consumers. At present, healthy gut system is a major concern among the health conscious consumers to maintain a healthy lifestyle. Furthermore, it is observed that functional foods have physiological benefits, and they reduce the risk of diabetes and cardiovascular problems. However, the current trend among consumers is to take preventive action to minimize the possibility of health issues. Therefore, consumers prefer to utilize nutraceuticals rather than pharmaceutical drugs. All these factors have led to a growing demand for nutraceuticals in the last few years.
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The nutraceuticals market constitutes mainly foods, beverages, and dietary supplements. The growing demand for milk and meat is driving animal feed manufacturers to incorporate nutraceuticals in animal feed. The growing market for herbal shampoos and creams enriched with vitamins and minerals is also one of the major drivers raising the demand for nutraceutical ingredients. Dietary supplements are available in the form of capsules, tablets, and liquids. Nutraceutical ingredients include probiotics and prebiotics, vitamins, proteins, minerals, omega 3 fatty acids, fibers, amino acids, structured lipids, and various other ingredients. Nutraceutical ingredients find applications right from grains, cereals, nuts, fruits, vegetables, dairy products, poultry products, seafood, and confectionery to non-alcoholic beverages like energy drinks, juices, and sports drinks. A few examples of functional foods are drinks with herb blends, yogurts enriched with probiotics, and soy beverages that are rich in protein.
In terms of revenue, functional foods segment held the largest share in the global nutraceuticals market, accounting for 31.0% market share in 2014 and is expected to grow at a CAGR of 7.1% from 2015 to 2021. Functional beverage held the second largest market share in the overall nutraceuticals market and is expected to grow at a CAGR of 7.4% over the forecast period.
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North America held the largest market share in the nutraceuticals market and acquired 39.6% in 2014. The market growth in this region is attributed to the growing consumer's awareness regarding their health and food habits. Globally, North America generated the highest revenue in the nutraceuticals market in 2014. In this region, consumers are conscious about their health and food habits. Asia Pacific held the second largest market share in 2014 witnessing a significant growth rate. Dietary supplements and functional food is an emerging segment in the nutraceuticals market in this region. This market is anticipated to witness a high growth rate in the herbal, vitamins, and minerals segment of the dietary supplement market.
The nutraceuticals market is consolidated where top five players acquired more than 50% of the market in 2014. The key players in the nutraceuticals market include Cargill, Incorporated, Archer Daniels Midland Company, Royal DSM N.V., BASF SE, Nestle S.A., Groupe Danone S.A., E. I. du Pont de Nemours and Company, and General Mills, Inc. among others.
This research study is specially designed to estimate and analyze the demand and usage of nutraceuticals in a global scenario. Under the scope of the report, functional food; functional beverages; dietary supplements segment; and personal care and pharmaceutical products type are covered. The research study provides in depth analysis of the by product segment across different geographies. The scope of the study presents a comprehensive evaluation of the stakeholder strategies and winning imperatives for them by segmenting the nutraceuticals market as below:
Global nutraceuticals market, by product type
- Probiotics Fortified Food
- Omega Fatty Acid Fortified Food
- Branded Ionized Salt
- Branded Wheat Flour Market
- Others (nuts, grains, garlic)
- Fruit & Vegetable Juices and Drinks
- Dairy & Dairy Alternative Drinks
- Noncarbonated Drinks (bottled water, tea and coffee)
- Other (herbal tea, sports drinks, energy drinks)
Dietary Supplements Segment
- Proteins & Peptides
- Vitamins & Minerals
- Herbals ( Ayurvedic extracts, plant extracts, algal extracts, phytochemicals)
- Other (fatty acids, fiber)
Personal Care and Pharmaceutical
In addition the report provides cross-sectional analysis of all the above segments with respect to the following geographical markets:
Global Nutraceuticals market, by geography
- Rest of Europe
Rest of the World (RoW)
- Latin America
- Middle East
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- Latin America Nutraceuticals Product Market: http://www.transparencymarketresearch.com/latin-america-nutraceutical-product-market.html
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