Nutraceuticals Market - Global Industry Analysis, Trends, and Forecast 2015 – 2021
Albany, NY -- (SBWIRE) -- 10/17/2017 -- A handful of players dominate over half of the global market for nutraceuticals, thus contributing significantly to the formation a moderately consolidated competitive landscape. The global market is sensitive of prices and has experienced an intensified competition amongst the vendors. Players such as Groupe Danone S.A., Nestle S.A., BASF SE, and Royal DSM N.V. have come up to be leading companies in the global nutraceuticals market with cumulatively accounting for over 50% of market share in 2015. These companies in the market are primarily engaged in the manufacturing functional food, beverages, and nutritional supplements. Tactical collaborations, acquisitions, and mergers are the important strategies taken up by the leading companies to enhance their market presence in the global nutraceuticals market.
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Recently, the industrial bioscience enterprise, Amyris Inc., announced that it has joined hands with Royal DSM N.V. about new product development and have made a manufacturing agreement for a new category of nutrition ingredients for humans. The global science-based company is active in nutrition, health, and materials. With the help of this new venture, the company is trying to focus on producing and developing solutions that will serve bigger markets within the human and animal nutrition and health sector.
The global market for is expected to reach a staggering figure of market valuation worth US$278.96 bn by the end of the year 2021. This growth in the market valuation is expected to be achieved with the help of an impressive CAGR of 7.3% over the course of the given forecast period of 2015 to 2021.
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What Factors are Driving Overall Development of Global Nutraceuticals Market?
The demand for nutraceutical products is projected to grow significantly on the back of the growing incidences of chronic non-communicable diseases and increasing expenditure over healthcare. Emerging countries such as India, China, and Japan show a comparatively higher occurrence of these non-communicable diseases such as diabetes, cancer, lung disorders, and cardiovascular disorders. Demand for these nutraceuticals is thus projected to slowly increase from these emerging nations. The slowly growing expenditure in the healthcare segment will also propel the growth of the global nutraceuticals market.
The increasing demand for milk and meat is encouraging manufacturers of animal feed in the emerging nations to integrate nutraceuticals in the animal feed. Besides this, the growing demand for natural beauty product and a proper nutritional diet across the developed countries is also expected to augment the growth of the global nutraceuticals market.
All across the globe, people are becoming increasingly aware of the common side effects caused by pharmaceutical products. This is also one of the major reasons for masses to opt for natural products and food derived from natural elements, and thus, driving the overall growth of the global nutraceuticals market.
What Factors May Slow Down Development of Global Market?
In spite of experiencing decent growth opportunities across the globe, the rising prices of the nutraceutical products are causing some problems in the overall development of the market. The most affected areas are the emerging nations where people have low acceptance towards buying these products that are costlier than normal pharmaceutical products. Moreover, a general lack of awareness is also stopping the global nutraceuticals market to reach its full potential. However, increasing marketing strategies by the leading companies and the initiatives to create awareness among masses about these nutraceutical products is expected to create lucrative opportunities over the coming years.