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Nutraceutical ingredients also known as medical foods, functional foods, or designer foods are substances derived from sources such as animal, plant, microbial, and synthetic that add health-improving value to food above their usual nutritional value due to the presence of active ingredients in them.
Found in diverse forms ranging from naturally occurring substances and chemical compounds to bioactive substances; they provide basic nutritional, enhance health, delay the aging process, prevent chronic diseases, increase longevity, provide gamut of physiological benefits; improve immunity and support body composition or function.
They are gluten-free and do not contain artificial colors and flavors, which makes them a healthy alternative to traditional products.
The global nutraceutical ingredients market is estimated to grow at a CAGR of around 7.0% from 2021 to 2025.
The growth of this market is attributed towards major relying factors including; the growth in the demand for fortified food products owing to the increasing health consciousness amongst consumers, the increasing incidences of chronic diseases and long-term disorders worldwide, growing number of mandates on food fortification by government organizations due to inadequate levels of vitamins and minerals in the human body, the rising adoption of nutraceutical ingredients in the pharmaceutical drugs due to its effective properties such as anti-aging, the increase demand and application of nutraceutical ingredients across various industries, the increasing demand for preventive healthcare; the product-based and the technological innovations in the nutraceutical ingredients industry etc.
Additionally, clinical evidence supporting health benefits of nutraceuticals has tremendously risen in the previous years. This has led to a massive growth in the consumption of these products. Alongside, with the rising popularity of homeopathic remedies, preventive medicines, and self-treatment, the demand for natural nutraceutical ingredients such as cranberry, garlic, ginkgo biloba, and ginseng extracts; glucosamine; and chondroitin has also increased, thereby fueling the growth of the market considerably.
Moreover, these products are easy to carry and can be consumed anytime, thereby offering a suitable match for the demands of the people who are working and who often face difficulty in getting additional time for the intake of food. Adding to this, the ease of product availability through online retail platforms enhances the demand for nutraceutical products significantly, which, in turn, adds to the overall market growth also.
Furthermore, other factors such as growth in geriatric population globally, the high preference for natural ingredients, health consciousness among consumers, the increasing consumption of junk food, the rise in gastrointestinal disorders and obesity concern, rising disease outbreak in animals, rise in the number of non-communicable diseases and demand for longer life span, increase in research & development activity, the rising reliability of and awareness about nutraceutical products and the rapidly expanding customer base across the globe will further augment the market growth.
However, factors such as the high cost of raw materials, high investments in R&D activities, the consumer skepticism associated with the adoption of various nutraceutical ingredients, limited quality nutraceutical manufacturing, increased competition, lack of awareness and advertisement about product benefits and counterfeit products restrain the growth of this market.
NUTRACEUTICAL INGREDIENTS MARKET SEGMENTATION:
By Health Benefits Offered:
By End Users:
The Asia Pacific region is the largest and the fastest growing regional market for nutraceutical ingredients. The region is projected to witness enormous growth in the next few years and as such is expected to continue its dominance in the upcoming years as well. The growth in this region is driven by factors such as the rising hospitalization cost which is increasing consumer demands for supplements and other nutrients such as vitamins and minerals, increase in the consumption of convenience food products, the presence of a large consumer base for food, beverages, dietary supplements, personal care products, and feed, the increased number of geriatric populations preferring nutraceutical products over medicines. Also, the changing lifestyle patterns, increase in disposable incomes, increase in consumer awareness, growing incidences of chronic diseases and the presence of prominent pharmaceutical and functional food & beverage products manufacturers also contribute to the regional market growth. The major contributors in the region are India and China.
The North American region holds a significant share in the nutraceutical ingredients market and is anticipated to register robust growth in the forthcoming years owing to factors such as the growing demand for nutraceutical products owing to their anti-aging properties, the substantial investments in healthcare sector, the increasing product application in pharmaceutical drugs owing to its effective properties and the in increasing research & development activity regarding plant-derived products etc. The major contributor in the region is the U.S. This region is to be followed by the European region and subsequently the Middle East and African region in terms of market size and revenue.
FEW KEY PLAYERS IN NUTRACEUTICAL INGREDIENTS MARKET:
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