The global nutraceutical ingredients market, valued at USD 164.2 billion in 2021, is on a trajectory for substantial growth, with a projected Compound Annual Growth Rate (CAGR) of 6.7 percent during the forecast period. The markets expansion is fueled by a surge in consumer demand for nutraceuticals such as probiotics, prebiotics, vitamins, and other health-enhancing ingredients.
Consumer Demand for Health and Wellness
As individuals increasingly prioritize their well-being and explore preventive health measures, the demand for nutraceuticals has surged. Nutraceutical products, derived from plants, animals, and microorganisms, offer additional nutritional value without artificial colors or flavors, making them an attractive choice for health-conscious consumers.
Diverse Product Portfolio
The nutraceutical market has evolved to include a diverse range of ingredients, extending beyond traditional vitamins and minerals to encompass plant sterols, polyphenols, probiotics, and fatty acids. For instance, products like 7UP Revive by PepsiCo, introduced in March 2016, incorporate nutraceuticals like vitamins and electrolytes, appealing to consumers seeking hydration and refreshment with added health benefits.
Strategic Acquisitions
In March 2022, Tate & Lyle acquired Quantum Hi-Tech Biological, a prebiotic dietary fiber business in China, for USD 237 million, aiming to strengthen dietary fiber markets in China and Asia. Similarly, ABF Ingredients, a subsidiary of Associated British Foods, acquired Fytexia Group in February 2022, expanding its nutritional, pharmaceutical, and food product portfolio.
COVID-19 Impact
The COVID-19 pandemic heightened interest in immune-boosting supplements, such as vitamins, further driving growth in the nutraceutical market. Probiotic products, in particular, gained prominence as an effective means to support immune health. Japan witnessed a surge in sales of probiotic products during the pandemic, with Yakult reporting substantial year-on-year sales increases.
Market Drivers
The rise in chronic diseases worldwide, including obesity, diabetes, high blood pressure, and cardiovascular diseases, has prompted individuals to make healthier dietary choices. This increased awareness of the link between diet and health is driving the demand for nutraceuticals. The health and wellness movement is also contributing to this growth, with a significant focus on digestive health.
Consumer Shift Towards Healthier Lifestyles
Consumers are inclined towards healthier lifestyles, prioritizing health over high medical bills. This shift has led to an increased adoption of nutraceutical ingredients in daily diets. Nutraceutical products are evolving to address specific health concerns, aligning with consumers desire for both nutrition and taste.
Market Restraints
One of the challenges in the market is the higher cost of fortified nutraceutical products, which can deter mass adoption. While these products offer health benefits, their premium price compared to traditional alternatives hinders widespread acceptance.
Segment Overview
- Probiotics Dominate: Probiotics are projected to be the leading segment in the nutraceutical ingredients market, driven by their positive impact on overall human health. Probiotic ingredients find applications in functional foods, beverages, dietary supplements, and animal nutrition.
- Dietary Supplements Prevail: Dietary supplements hold the largest market share due to their multiple health benefits, including improved gut health, immune function, and the reduction of various health risks.
Regional Landscape
The Asia Pacific region is expected to dominate the market, driven by changing lifestyles and increased awareness of nutrition. North America is also experiencing significant growth, with rising demand for functional foods and supplements.
Competitive Landscape
Key players in the nutraceutical ingredients market include Associated British Foods, Arla Foods, Dsm, Ingredion, Tate & Lyle, Ajinomoto, Chr. Hanse, Kyowa Hakko Kirin Group, Glanbia Plc, and many others.
The nutraceutical ingredients market is poised for substantial growth as consumers continue to prioritize their health and well-being. With a diverse product portfolio and increasing demand for health-focused solutions, the market is set to thrive in the coming years.
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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COMTEX_442467029/2840/2023-10-26T02:15:48