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Market Overview:Nutraceuticals market is expected to grow at a steady rate owing to the growing importance of bone and joint health, weight management, and cognitive development among others across the globe.
Nutraceuticals are referred to dietary supplements which majorly includes vitamins and minerals supplement, herbal supplements, and protein supplements. Nutraceuticals are derived from natural as well as synthetic sources. Demand for nutraceuticals is increasing owing to urbanization, increasing health awareness, and growing concern towards cognitive development as well. Moreover, growing trends such as single-serve functional beverages and multi-herb supplements are expected to fuel the growth of nutraceuticals market during the forecast period.
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Latest Industry Updates:
June 2018 Archer Daniels Midland Company acquired Probiotics International Limited (PIL), a UK-based provider of probiotic supplements.
May 2017 GlaxoSmithKline plc. signed a contract to Kuehne + Nagel to manage and distribute GSK’s fast-moving consumer and healthcare goods throughout the UK by domestic road.
January 2017 BASF SE and Nuritas went under strategic partnership to work together on delivering next generation peptide ingredients through artificial intelligence.
Competitive Analysis:
Key players in the global nutraceuticals market are considering new product launches with high focus on R&D sector, which results in unique and quality nutraceutical products with improved formulation. Manufacturers are majorly following the strategy of new and innovative product launches imparting more health benefits to create product differentiation and gain attention of mass consumers towards their offerings. They are also observed to have keen focus on regional expansions to extend their geographic footprints. Furthermore, promotions through social media, magazines and other media platforms are also fueling product awareness among consumers, which is expected to directly influence the growth of global nutraceuticals market.
The key players profiled in nutraceuticals are Archer Daniels Midland Company (US), BASF SE (Germany), DuPont (US), GlaxoSmithKline plc. (UK), Nestle S.A. (Switzerland), Abbott Nutrition Manufacturing Inc. (US), Koninklijke DSM N.V. (The Netherlands), and Cargill, Incorporated (US) among many others.
Market Segments:
The global nutraceuticals market has been divided into type, ingredient, distribution channel and region.
On the basis of Type: Functional Beverages, Functional Foods, and Dietary Supplements.
On the basis of Ingredient: Vitamins and Minerals, Probiotics, Proteins and Peptides, Omega-3, and Others.
On the basis of Distribution Channel: Store-Based, and Non-Store-Based.
On the basis of Region: North America, Europe, Asia Pacific, and ROW.
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Regional Analysis:
The global nutraceuticals market is segmented into North America, Europe, Asia-Pacific, and rest of the world (RoW). North Europe region is estimated to account for the major market share in 2018 and it is expected to continue throughout the forecast period of 2018-2023. Factors such as demand for natural weight loss products and affluence of working population with changing lifestyles and dietary patterns are expected to drive the regional sales of nutraceuticals during the forecast period. The US is estimated to hold a significant market share in the North American region due to growing health issues among aging population and a growing need for health promoting diet. Europe is expected to gain a significant share in the global nutraceuticals market due to increasing awareness of preventive healthcare products among the consumers of the region. Asia-Pacific is expected to witness a steady growth in the nutraceuticals market as well as record the highest CAGR during the period of 2018–2023 due to urbanization, increasing per capita disposable income, and growing awareness for health supplements. Presence of major players in the region and running awareness campaigns are expected to boost the regional market during the forecast period especially in emerging economies such as India and China.
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