Nutraceuticals Market - Global Industry Analysis, Size, Share, Growth, Trends, and Forecast 2015 - 2021
Albany, NY -- (SBWIRE) -- 09/08/2017 -- Nutraceuticals are products that offer health and nutrition benefits over and above the basic nutrition value present in food items. Nutraceuticals range from dietary supplements, isolated nutrients, and herbal products to processed foods and beverages. Nutraceuticals offer lucrative margins to food and beverages company and also have minimal regulatory requirements involved. Thus, an increasing number of companies are entering the nutraceuticals market.
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Increasing health consciousness among consumers is driving the global nutraceuticals market. The increasing consumer awareness about the basic nutrition value present in food and growing preference for nutritious products are driving the global nutraceuticals market. The use of nutraceuticals products as a physical performance booster is expected to benefit the market. Moreover, nutraceuticals products are perceived to contain nutrients that will prevent diseases, which is propelling the nutraceuticals market. The use of nutraceuticals as an alternative to prescription and OTC drugs will further drive the market towards growth.
Yet, the global nutraceuticals market is expected to be hampered by rising prices of nutraceuticals. A lack of awareness about nutraceuticals is also expected to restrain the market's growth. However, technological advancements are expected to open doors of opportunities in the global nutraceuticals market. Additionally, the use of nutraceuticals across new application areas will also drive the market to a new high.
TMR forecasts, the global nutraceuticals market to reach US$278.96 bn by the end of 2021 from a valuation of US$165.62 bn in 2014. The market is projected to exhibit a CAGR of 7.3% from 2014 to 2015.
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Based on products, functional food emerged as the largest segment, holding approximately 31% of the market in terms of revenue. With a share of 39.6% by value, North America emerged as the dominant geographical segment in the market in 2014.
A handful of companies hold over half of the global nutraceuticals market, thus contributing to the creation of a fairly consolidated vendor landscape. The market is price-sensitive and witnesses a high degree of competition. As per Transparency Market Research (TMR), BASF SE, Groupe Danone S.A., Royal DSM N.V., and Nestle S.A., emerged as the top players, accounting for over 52.1% in the global nutraceuticals market in 2014.
This review is based on a report published by Transparency Market Research, titled "Nutraceuticals Market - Global Industry Analysis, Size, Share, Growth, Trends, and Forecast 2015 - 2021."
Lack of knowledge to limit scope of expansion of nutraceuticals market across less developed regions.
With a share of 39.6% in revenues, North America dominated the global market in 2014
Functional food emerged as the leading product segment, holding over 31% of the market by revenue in 2014