Nutraceuticals are versatile substances utilized in a large number of industries including, personal care, animal feed additives, food & beverages, and others. These products are essential in the modern-day world.
The global nutraceuticals market is primarily driven by the growing demand for fortified food due to the growing health consciousness among consumers all across the world. Latest innovations and research on function-specific antioxidants are likely to create several lucrative growth opportunities in the market. Furthermore, the application of nutraceuticals in treating cardiovascular disorders and malnutrition is likely to project the growth of nutraceuticals substances globally. The sky-touching healthcare cost along with the constantly surging geriatric population is likely to fuel the demand for functional food. These nutraceutical substances are regarded to have exceptional health benefits due to their nutritional content. Therefore, many fitness enthusiasts and sport athletes are highly adopting nutraceuticals in their daily life to enhance their quality of living. Manufacturers are constantly using research and development activities to innovate distinct products in the market. In addition, the increment in funding is made to fuel the development of the market globally.
The global nutraceuticals market can be segmented into form, application, type, health benefits, product, and region.
By form, the market can be segmented into liquid and dry.
By health benefits, the market can be segmented into weight management, nutrition, immunity, bone health, heart health, gut health, cognitive health, and others.
By application, the market can be segmented into dietary supplements, animal nutrition, personal care, beverages, and foods.
By type, the market can be segmented into mineral, carotenoids, prebiotics, vitamins, Omega 3 fatty acids, fibers & specialty carbohydrates, phytochemical & plant extracts, proteins & amino acids, probiotics, and others.
By product, the market can be segmented into functional beverages, functional foods, and dietary supplements.
Asia Pacific accounts for the largest share in the global nutraceuticals market due to the growing health awareness among people in the region. Furthermore, the surging aging population along with the growing disposable income of the people in the region will further escalate the demand for nutraceutical products in the region.
North America is expected to witness the fastest growth rate in the forthcoming years due to the growing number of fitness enthusiasts in the region.
Some of the significant players in the global nutraceuticals market are General Mills, Inc., Aland (Jiangsu) Nutraceutical Co., PepsiCo Inc., E. I. duPont de Nemours and Company, Groupe Danone S.A., Nestle S.A., BASF SE, Royal DSM N.V., Incorporated, Cargill, and Archer Daniels Midland Company. To cite, the Coca-Cola company in October 2018 acquired a 45% interest of Made (Aust) Pty Ltd in partnership with Coca-Cola Amatil to expand their consumer base.