With a handful of companies commanding more than half market share, the global nutraceuticals market features a largely consolidated vendor landscape. Key players, namely BASF SE, Royal DSM N.V., Groupe Danone S.A., and Nestle S.A. held more than 52.1% of the overall market in 2014. These companies hold large shares as they offer an array of products including functional food, functional beverages, and nutritional supplements. Strategic collaborations and mergers and acquisitions adopted by these companies to expand their product offerings and geographical outreach are also factors behind the prominence of these companies.
As per a
business and market intelligence study by Transparency Market Research (TMR),
the global nutraceuticals market is predicted to expand at a CAGR of 7.3%
between 2015 and 2021. Expanding at this pace, the market’s valuation of US$
165.62 bn in 2014 will become US$278.96 bn by 2021-end. Vis-à-vis revenue,
functional food product type segment held the commanding share of the market in
2014. This is mainly because of surging demand for an array of foods such as
fortified foods, probiotics, and branded ionized salt as individuals vie to
attain wellness through diet. Dairy-based functional beverage segment commands
the leading share as dairy-absed beverages are consumed widely in Asia.
Region-wise, North America holds supremacy in the nutraceuticals market due to
the presence of a large health-savvy population; the growth of this market is
mainly driven by persistent demand for nutraceuticals in the U.S. and Canada.
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Rising Spending on
Health-benefitting Foods Fuels Growth
“Demand for
nutraceuticals is expected to rise on the back of rising incidence of
non-communicable diseases and rising healthcare expenses,” says the author of
the study. Changing lifestyle and rising consumption of packaged food in
emerging economies have been reasons for the increasing incidence of lifestyle
diseases such as cardiovascular ailments and diabetes. This, along with rising
healthcare expenses are stoking demand for nutraceuticals in emerging nations.
The rising
demand for milk and meat is leading animal feed manufacturers to add
nutraceuticals in animal feed. This is boosting the nutraceuticals market.
Besides this, a high level of awareness among consumers in developed countries
regarding the benefits of nutritional diet and rising demand for natural beauty
products are aiding the growth of nutraceuticals market. Consumers in
developed countries have a high degree of awareness about the side-effects of
pharmaceuticals, hence are increasingly opting for natural foods and
health-benefitting supplements derived from products derived from natural
ingredients.
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Apart from
this, unlike pharmaceuticals, nutraceuticals are available over-the-counter
without prescription. This makes another reason for their increased adoption as
a natural supplement for well-being.
Relatively High Price Factor of
Nutraceuticals Limits Uptake
Despite a
host of positive factors, increasing prices of nutraceuticals are limiting
their uptake especially in less developed economies. Nutraceuticals prices are
generally higher than pharmaceuticals. Substantial difference between the
prices of nutraceuticals and pharmaceuticals is compelling consumers to opt for
low price medicines.
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Low
awareness about nutraceuticals is another factor challenging the growth of
nutraceuticals market. A large population worldwide are yet to realize the
benefits of nutraceuticals. Nevertheless, rising healthcare spending in Asia
Pacific is likely to offer lucrative growth opportunities to global
nutraceuticals market.
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