Global Nutraceutical Ingredients Market Size Set to Touch USD 234.5 Billion by 2028
BlueWeave Consulting, a leading strategic consulting and market research firm, in its recent study, estimated Global Nutraceutical Ingredients Market size at USD 161.7 billion in 2021. During the forecast period between 2022 and 2028, BlueWeave expects global nutraceutical ingredients market size to grow at a steady CAGR of 5.5% reaching a value of USD 234.5 billion by 2028.
BlueWeave Consulting, a leading strategic consulting and market research firm, in its recent study, estimated Global Nutraceutical Ingredients Market size at USD 161.7 billion in 2021. During the forecast period between 2022 and 2028, BlueWeave expects global nutraceutical ingredients market size to grow at a steady CAGR of 5.5% reaching a value of USD 234.5 billion by 2028. Major growth drivers for global nutraceutical ingredients market include rising use of probiotic dietary supplements, increasing prevalence of chronic and infectious diseases, growing preference of nutraceutical ingredients in food and beverages, and rising health awareness among consumers. Increasing stringent government initiatives for food fortification and various nutraceutical ingredient manufacturers are progressively embracing personalized healthcare advancements to create better-suited and personalized final products for clients are also forecast to drive the overall market growth.
High adoption of functional foods directly or indirectly in households and restaurants on a frequent basis, growing preference of nutraceutical products among working class population due to their busy schedules, ease of availability and light weight as well as owing to the convenience factor, nutraceutical product supplier employ e-commerce platform or online retail outlets as a form of distribution are also expected to boost the growth of global nutraceutical ingredients during period in analysis. However, consumer scepticism over nutraceutical ingredients is anticipated to hinder the growth of global nutraceutical ingredients market.
Global Nutraceutical Ingredients Market – Overview
Nutraceutical substances are derived from animals, plants, and microorganisms and contribute to the nutritional content of food products. They are gluten-free and include no artificial colors or flavors, making them a healthier alternative to traditional items. The prominence of homeopathic remedies, preventive medicines, and self-treatment has boosted demand for organic nutraceutical substances such as cranberry, garlic, ginkgo biloba, and ginseng extracts; glucosamine; and chondroitin. Along with standard ingredients such as vitamins, minerals, and proteins, companies have begun to include plant sterols, polyphenols, probiotics, and fatty acids in nutraceutical goods. The demand for these items is expected to rise as they can aid in the treatment of baldness, aging, obesity, and diabetes.
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Global Nutraceutical Ingredients Market – By Type
Based on type, global nutraceutical ingredients market is divided into Prebiotics, Amino acids & Proteins, Omega-3 fatty acids, Vitamins, Minerals, Carotenoids, Plant Extracts & Phytochemicals, and Specialty carbohydrate & Fibers segments. The fibers and specialty carbohydrates dominated the market in 2021, owing to their widespread consumption because of obesity and gastrointestinal disorders. Furthermore, the prebiotic segment is predicted to increase significantly during the period in analysis due modifying lifestyle and eating habits, raising awareness of prebiotics' health advantages beyond digestive health, and increasing usage of probiotics in animal feed for animal nutrition. Furthermore, prebiotics and other nutraceutical ingredients help to increase bone density, regulate weight, and even enhance the immune system. Additionally, rising health concerns such as digestive problems and diarrhea, as well as a geriatric population, have contributed to the prebiotic market segment expansion.
Global Nutraceutical Ingredients Market – By Region
Geographically, global nutraceutical ingredients market covers five major regions: North America, Europe, Asia Pacific, Latin America, and Middle East and Africa. Among them, North America held the highest share of the market. Concerns about the prevalence of chronic and infectious diseases are leading North American consumers to seek out healthier options. The increased demand for nutraceutical ingredient-based drugs in this region because of advantages such as anti-aging is also propelling the market forward. The growth can be ascribed to demand for nutraceutical products among the senior population, who prefer them over conventional ones.
The Asia-Pacific region is expected to grow at the fastest rate in global nutraceutical ingredients market. The high prevalence of chronic diseases, government expenditures on healthcare, and increasing disposable income are driving growth in this industry. Furthermore, lifestyle modification and eating habits; rising consumer demand for nutritional and wellness products; and spurring demand for food, beverages, dietary supplements, functional food, and personal care products all contribute to the region's overall nutraceutical ingredients market growth.
Impact of COVID -19 on Global Nutraceutical Ingredients Market
The Covid-19 pandemic benefited the nutraceutical business by increasing demand for better nutritional products and supplements. Increasing intake of vitamin D, vitamin C, zinc, sodium, minerals, and functional food and beverages as disease prevention measures resulted in a significant surge in sales of such nutraceuticals goods. Because of the pandemic's continuous consumer tendency toward health and wellbeing, this boost in sales is anticipated to remain in the post-COVID period.
Major players operating in global nutraceutical ingredients market include Archer-Daniels-Midland Company, DuPont, Associated British Foods PLC, Cargill Incorporated Inc., Ajinomoto Co, Tate & Lyle, Ingredion Incorporated, BASF SE, DSM N.V., Danone S.A, General Mills, PepsiCo, Procter & Gamble, Nestle, Amway, Abbott, Aker, Biomarine, and Arla Foods. To further enhance their market share, these companies employ various strategies, including mergers and acquisitions, partnerships, joint ventures, license agreements, and new product launches.
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