Nutraceuticals which are a combination of nutrients and pharmaceuticals are seeing increased demand due to rising awareness of consumption of nutrient healthy products. Market reports linked to the food, beverage & nutrition sector made available by Market Research Future along with published reports on other sectors have been recently published along with a report on this market. The industry is anticipated to achieve USD 319.6 billion approximately in terms of revenue while expanding at a CAGR of 6.70 percent by 2023.
Upsurge in the level of eating disorders and lifestyle diseases have prompted an increased level of interest in the nutraceutical sector. The benefits of nutraceuticals in improving the overall health and also addressing certain health issues have been instrumental in the growth of the sector. The lack of nutrient rich produce organically due to environmental degradation and reduction of soil quality are a few of the causes that are contributing to the growth of demand for the nutraceutical sector.
Contenders who are a part of the industry have devised their corporate strategy blueprint in a way that that can bring the best outcomes for development in the current scenario. With the ability to sustain their competitive edge being one of the primary factors driving their efforts, the scope for growth in the industry appears to be promising through the forecast period. This trend has allowed for portfolio improvements along with the affinity for diversification in the sector, which has helped the market competitors tremendously in this industry. The rising affinity for diversification in the market, has indirectly enabled the players to utilize the many prospects available. The companies in this particular industry are also trying to maintain and enhance financial liquidity that can be instrumental to invest in growth strategies as and when they become available.
The leading companies in the nutraceuticals industry are DSM Nutritional Products Inc. (the Netherlands), BASF SE (Germany), Cargill Inc. (U.S.), E. I. du Pont de Nemours and Company (U.S.), Abbott Nutrition Manufacturing Inc. (U.S.), GlaxoSmithKline Plc (U.K), Archer-Daniels-Midland Company (U.S.).
Industry Segments:
The industry for nutraceuticals globally has been segmented into types, ingredients, and distribution channel. The types of nutraceuticals are divided into functional beverages, dietary supplements and functional foods. On type basis, dietary supplements are expected to witness a growth rate of 6.88 percent on a global level. The segment of ingredients comprises of vitamins and minerals, probiotics, protein, omega-3 and peptides and others. Omega-3 will possibly witness maximum growth rate followed by probiotics in the forecast period. The distribution channel segment comprises of store based and non-store based. In the distribution channel segment, the store based distribution channel is controlling the market with a top share of 74.49 percent in 2017.
Detailed Regional Analysis:
The industry for nutraceuticals on a global level has been witnessing constant growth throughout the forecast period owing to its high levels of medicinal and nutritional points culminating in rising uses of nutraceuticals in various industries. In terms of value and volume, The North American market is likely to lead the nutraceuticals industry catching the chief portion of 36.69 percent. Similarly, the Asia Pacific region is expected to grow at a rate of 7.82 per cent in the forecast period.
Mar 2018 MGC Pharmaceuticals Ltd which is Australia based has launched a new nutraceutical product line which has been branded as MGC Nutraceuticals. MGC’s Nutraceuticals assortment taps into the big and expanding health supplement industry, supplying a hemp protein-based and CBD range of products to users that provides the health benefits derived from CBD and hemp. The reported benefits of cannabidiol which are a part of the range of MGC’s nutraceutical venture are expected to create a lot of interest in the product range.
