Global Nutraceuticals Product Market Report, published by Variant Market Research, forecast that the global market is expected to reach $340 billion by 2024 from $195 billion in 2016; growing at a CAGR of 7.2% from 2016 to 2024. By geography, Asia-Pacific and Rest of the World are expected to grow at a CAGR of 7.6% and 7.7%, respectively, during the forecast period.
Rise in healthcare expenditure, increased usage of nutraceuticals product as a substitute to prescription and OTC drugs and augmented demand for nutritional diet are the major factors driving the global nutraceuticals product market. However, high price and lack of consumer awareness may hinder the market growth in the coming years. Technological advancement and practice of nutraceuticals across new application areas would provide new business opportunities for the market in the coming years.
The global nutraceuticals product market has been bifurcated by product type and geography. By product type, the market is segmented into functional food, dietary supplements, functional beverages, and personal care & pharmaceutical. The functional food segment accounted for the largest market share in 2016, driven by increased consumer spending on functional food which has amplified its demand globally. Geographically, the market is categorised into North America, Europe, Asia-Pacific and Rest of the world (RoW).
The functional food segment is further divided into omega fatty acid fortified food, probiotics fortified food, branded wheat flour market, branded ionized salt, and others. The functional beverages segment is classified into fruit & vegetable juices and drinks, dairy & dairy alternative drinks, noncarbonated drinks, and others. The dairy supplements segment is divided into proteins & peptides, herbals, vitamins & minerals and others.
North America accounted for the largest market share of 39.4% in 2016, driven by increased demand for nutraceuticals product in the U.S. and Canada, due to its several benefits such as low risk of diabetes and cardiovascular problems. Asia-Pacific accounted for the second largest market share of 30.3%, owing to rise in disposable income and growth in middle class affluent population, majorly in developing economies such as China, Japan, and India. In terms of growth, rest of the world is to attain the fastest CAGR of 7.7% during the forecast period 2016-2024, due to rising health awareness among consumers.
The major players in the nutraceuticals product market include Cargill Incorporated, General Mills, Inc., DuPont, Royal DSM N.V., Nestle S.A., BASF SE, Archer Daniels Midland Company (ADM), Groupe Danone S.A., PepsiCo, and Aland (Jiangsu) Nutraceutical Co., Ltd., among others.