Nutraceuticals Product Market Revenue Will Reach $349 Billion By 2024, Says Esticast Research and Consulting
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As per the report “Nutraceuticals Product Market by Type ( Functional Food (Probiotics Fortified, Omega Fatty Acid Fortified, Branded Ionized Salt, Others), Functional Beverages (Fruit & Vegetable Juices and Drinks, Noncarbonated, Dairy & Dairy Alternative), Dietary Supplements (Proteins & Peptides, Vitamins & Minerals, Vitamins & Minerals, Herbals), Personal Care and pharmaceuticals, Others ), Industry trends, Estimation & Forecast, 2016 – 2024″, the global nutraceuticals product market was valued at $196.9 billion in 2016, and is projected to reach $349 billion by 2024, growing at a CAGR of 7.5% from 2017 to 2024.
In 2016, the functional food segment generated the highest revenue share in the global nutraceuticals market. Among major regions, North American nutraceutical market was the highest revenue-generating market valued at $77.37 billion in 2016.
“In the current scenario, nutraceutical products are more of a necessity to the modern world. The market is supposed to witness significant growth during the forecast period, as a result of increasing demand for preventive health care and rise in medical treatment, which stimulates the demand for nutraceuticals-containing products. However, high investment for R&D is expected to hamper the market growth.”
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The functional food segment held a market share of $60.6 billion in 2016 and is expected to witness a CAGR of 7.35 during the forecast period. However, the personal care and pharmaceuticals segment is expected to grow with the highest CAGR of 7.8% during the forecast period of 2017-2024. A steep increase in demand for natural products due to fewer side effects, increasing popularity among the aging population, and rising medical healthcare costs are fueling the nutraceutical ingredients-based personal care and pharmaceutical products market globally.
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Fruit and vegetable juice market held a total share of $24.70 billion in 2016.
Fruit and vegetable juice market held nearly 43% of the total functional food segment. Additionally, the market is supposed to dominate the total functional beverage market throughout the forecast period because fruits and vegetable juices and drinks are considered to be healthy and a good source of fortification. These help maintain gut health, weight, support immune system, beauty-from-within, and heart health. The dairy & dairy alternative drink market will follow the fruit and vegetable juice market by generating a revenue of $15.41 billion in 2016 as, dairy based beverages supply over 20% of the daily requirement for calcium and supply significant amount of vitamins A, D, B12, riboflavin (vitamin B2), as well as minerals such as potassium and magnesium.
North America held the largest share of global nutraceutical market in 2016, generating a revenue of nearly $77.5 billion in 2016
The North America nutraceuticals product market held nearly 40% of the total revenue share in 2016. In North America, consumers are conscious of their health and food habits. Moreover, the advancing per capita income, which helps in physical fitness and mental well-being, is fueling the growth of this market. In addition, the functional beverages market is expected to have a steady growth rate during the forecast period as it has brought a new dimension in the sports drinks, and ready-to-drink segments.
However, the Asia-Pacific region is supposed to witness the highest growth during the forecast period, having a CAGR of 7.9% owing to high consumption of nutraceuticals in emerging countries like Japan, South Korea, Thailand, China and India.
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NUTRACEUTICAL MARKET KEY FINDINGS
• The global nutraceutical market was valued at $196.9 billion in 2016 and is projected to reach $349 billion by 2024, growing at a CAGR of 7.5% from 2017 to 2024
• The functional food segment held the largest revenue share at nearly 31% of the global nutraceutical market.
• The functional food segment held a market share of $60.6 billion in 2016 and is expected to witness a CAGR of 7.35 during the forecast period.
• Fruit and vegetable juice market held a total share of $24.70 billion in 2016.
• North America held the largest share of global nutraceutical market in 2016, generating a revenue of nearly $77.5 billion in 2016.
Key strategies adopted by these players include product launches, joint ventures, acquisitions, partnership, expansion, collaboration, and investments. Cargill, Incorporated, a major nutraceutical product company entered into a joint venture with Arasco to set up a sweetener and starch business in Saudi Arabia in 2013. The incorporation will help Cargill to expand its business in the Middle East. Some other major players of the market are Archer Daniels Midland Company, Royal DSM N.V., BASF S.A., Nestle S.A., Danone (Danone S.A), I. du Pont de Nemours and Company, PepsiCo Inc., Dean Foods and General Mills, Inc.