The newly published report titled “Global Nutraceutical Ingredients Market By (Devices (LED devices, IPL devices, ultrasound devices, laser-based devices, RF devices and others), Treatment (platelet-rich plasma tightening, radiofrequency, skin tightening, micro needling, therapy, chemical peel, and others), End-users (beauty clinics, dermatology clinics, and parlor & salons))- Trends, Industry Competition Analysis, Covid-19 Analysis, Revenue (US$ Billions) and Forecast Till 2034.” of InsightAce Analytic Pvt. Ltd. features detailed industry analysis and an extensive study on the market, exploring its significant factors.
The global Nutraceutical Ingredients market is estimated to reach over USD 391.4 Billion by 2034, exhibiting a CAGR of 6.8% during the forecast period.
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The term “nutraceutical” denotes food or fortified food generated from food sources that deliver additional health benefits beyond the essential nutritional content already in the food. Vitamins, minerals, prebiotics, plant extracts, probiotics, phytochemicals, fiber, specialized carbs, proteins, etc., are some of the substances found in nutraceuticals.
The rising prevalence of chronic disorders like diabetes, cardiovascular diseases, and obesity among the expanding population is the main factor driving market revenue growth. Nutraceutical ingredients have been shown to promote cardiovascular and skin health, regulate diabetes, increase immunity, improve eye health, improve tumor growth, and improve bone health.
List of Prominent Players in the Nutraceutical Ingredients Market:
Associated British Foods plc (London), Arla Foods (Denmark), Koninklijke DSM N.V., (The Netherlands),Ingredion Incorporated (U.S.), Tate & Lyle PLC (U.K.), Ajinomoto CO. INC. (Japan), Chr. Hansen Holding A/S (Denmark), Glanbia PLC (Ireland), Fonterra Co-operative Group Limited (New Zealand), Cargill, Incorporated (U.S.), Archer Daniels Midland Company (U.S.), DuPont de Nemours, Inc.(U.S.), BASF SE (Germany), and Kerry Inc. (Ireland), among others.
Market Dynamics:
Drivers-
The global toll of chronic diseases is rising quickly. According to the WHO, by 2020, chronic diseases will be the leading cause of death worldwide. Ischemic heart disease (IHD), stroke, and diabetes will each be the leading causes of death in developing nations, accounting for 71%, 75%, and 70% of deaths, respectively. Additionally, consumers are looking for products that offer the ideal balance of flavor and nutrients. This urgent demand is met by fortified food ingredients, which give food formulators ingredients with specialized functions and healthier substitutes. Thus, the overall health and well-being movement strengthen the demand for nutraceutical components.
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Challenges:
The increased competition from food substitutes will significantly hamper the market’s expansion. The market’s potential for expansion will be further constrained by fluctuations in raw material costs and supply chain interruptions brought on by the pandemic. The market growth rate would also be hampered by consumer resistance to using different nutraceutical ingredients, high prices for these goods, and rising expenses for R&D operations.
Regional Trends:
The Asia Pacific Nutraceutical Ingredients market is expected to register a significant market share in revenue and is projected to grow at a high CAGR shortly. The use of nutraceutical ingredients in the region is increasing as governments emphasize improving the nutritional status of developing nations. As customer preferences shift toward functional meals, beverages, and dietary supplements, the need for nutraceutical ingredients in the food and beverage industries is increasing. As the focus shifts from curative to preventative care, consumers in the region are searching for more affordable options like health supplements and nutraceuticals, which is likely to accelerate market growth in the area. Besides, North America had a substantial share in the nutraceutical ingredients market. Rising consumer demand for dietary supplements and functional meals is anticipated to propel market expansion in the area. During the forecast period, the market expansion is expected to be supported by rising investments made by critical producers of food and beverage items in research and development efforts for the enhancement of nutraceutical ingredients.
Recent Developments:
- In March 2022, Tate & Lyle and ChemPartner Pharmatech had an agreement for Tate & Lyle to purchase Quantum Hi-Tech Biological, a prebiotic dietary fiber company in China, for USD 237 million. The purpose of the strategic acquisition was to expand the company’s market share in China and Asia for dietary fiber.
- In January 2020, Archer-Daniels-Midland Company purchased Yerbalatina Phytoactives, a producer of plant-based extracts and components from Brazil. The purchase was intended to broaden the range of natural-source ingredients offered by Archer-Daniels-Midland Company.
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Segmentation of Nutraceutical Ingredients Market-
By Type-
- Probiotic
- Proteins and amino acids
- Phytochemical & plant extracts
- Fibers & specialty carbohydrates
- Omega 3 fatty acids
- Vitamins
- Prebiotic
- Carotenoids
- Minerals
- Others
By Application-
- Food
- Beverages
- Personal care
- Animal nutrition
- Dietary supplements
By Health Benefits-
- Cognitive health
- Gut health
- Heart health
- Bone health
- Immunity
- Nutrition
- Weight management
- Others
By Ingredients Form-
- Dry
- Liquid
By Region-
North America-
- The US
- Canada
- Mexico
Europe-
- Germany
- The UK
- France
- Italy
- Spain
- Rest of Europe
Asia-Pacific-
- China
- Japan
- India
- South Korea
- South East Asia
- Rest of Asia Pacific
Latin America-
- Brazil
- Argentina
- Rest of Latin America
Middle East & Africa-
- GCC Countries
- South Africa
- Rest of the Middle East and Africa
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