Now a days, consumers are more concerned regarding improving their health than paying high medical bills for treatment, so most of the people are inclined toward nutraceutical ingredient products. Globally, nutraceuticals are becoming a part of the consumer’s everyday diet. Nutraceuticals ingredients such as ginkgo Biloba, garlic, cranberry, and ginseng extracts are highly consumed by consumers because of increasing concern regarding their health and wellness in them. Moreover, the rising prevalence of chronic diseases such as obesity, diabetes, blood pressure, and cardiovascular diseases worldwide will further increase the demand for nutraceutical products which will further enhance the market growth.
According to Data Bridge Market Research the Nutraceutical Ingredients Market witnessed a healthy CAGR of 7.35% in the forecast period of 2022 to 2029.
“Growing incidence of non-communicable chronic diseases is expected to drive the market growth”
The globalization has led to changing lifestyle of population and also leading to increasing prevalence of chronic diseases. According to the report of WHO, in 2018, non-communicable diseases accounted for around 41 million deaths each year, which is equal to 71 percent of all deaths, worldwide. Cardiovascular diseases accounted for 17.9 million deaths annually, followed by diabetes (1.6 million), cancers (9.0 million) and respiratory diseases (3.9 million) and deaths. Nutrition and diet are significant factors in the promotion and maintenance of good health throughout the entire life. Chronic diseases are highly preventable diseases, these disease are preventable by modification in diet which is better option than expensive treatments. Nutraceuticals ingredients have capabilities to prevent many diseases and also deliver important nutrients to human. Hence, with increasing chronic diseases burden, the demand for the nutraceutical products is also growing, thereby boosting the growth of nutraceutical ingredients market.
What restraints the growth of Nutraceutical Ingredients Market?
“Consumer skepticism towards new products”
Even though consumers are highly aware of better dietary choices but consumers remain skeptical about using nutraceutical ingredients or products. Besides this, many consumers are aware of the manufacturing of nutraceutical products, including synthetic sourcing and unsubstantiated health claims, which limit the consumers from using these products. This is expected to challenge the growth of the market in the forecast period.
Segmentation: Nutraceutical Ingredients Market
The nutraceutical ingredients is segmented on the basis of type, form and application.
- On the basis of type, the nutraceutical ingredients is segmented into prebiotics, amino acids and proteins, omega-3 fatty acids, vitamins, minerals, carotenoids, plant extracts and phytochemical, specialty carbohydrates and fibers.
- On the basis of vertical, the nutraceutical ingredients is segmented into liquid and powder.
- On the basis of application, the nutraceutical ingredients is segmented into food, beverages, animal nutrition, dietary supplements and personal care.
Regional Insights: North America is expected to dominate the Nutraceutical Ingredients Market
North America is expected to dominate the market and is expected to grow significantly owing to the due to high prevalence of both chronic and non-chronic diseases in this region. Furthermore, growth in the market developments and increasing research and development initiatives which has taken by major companies will further increase the market growth in this region.
In addition, the Asia-Pacific region is likely to register highest growth rate during the forecast period of 2022 to 2029 owing to the increasing number of major market players in the region. Furthermore, changing lifestyle, rising westernization, and growing personal disposable income are some of the other factors which will further increase the market growth in this region
Recent Development: Nutraceutical Ingredients Market
- In 2022, Tate & Lyle has acquired Quantum Hi-Tech Biological which is a prebiotic dietary fiber business in China for a value of USD 237 million. The main goal of this strategic acquisition is to strengthen their position in dietary fiber market in Asia and China.
- In 2022, ABF Ingredients, which is a subsidiary of Associated British Foods has Fytexia Group was acquired with Pyrexia Group which is a developer of active ingredients for numerous dietary supplements. The main goal of this strategic acquisition was to increase ABFI's product portfolio in the nutritional, pharmaceutical, and food sectors.
To know more about the study visit, https://www.databridgemarketresearch.com/zh/reports/global-nutraceutical-ingredients-market
The Prominent Key Players Operating in the Nutraceutical Ingredients Market Include:
- Ajinomoto Co., Inc. (Japan)
- Arla Foods (Denmark)
- DSM (Netherlands)
- Chr. Hansen Holding A/S (Denmark)
- Cargill, Incorporated (U.S.)
- BASF SE (Germany)
- Ingredion (U.S.)
- Glanbia Plc (Ireland)
- Tate & Lyle (U.K.)
- Associated British Foods plc (U.K.)
- Archer Daniels Midland Company (U.S.)
- Kerry Group plc (Ireland)
- Novozymes (Denmark)
- BASF SE (Germany)
- ADM (U.S)
- Merck KGaA (Germany)
- Dow (U.S.)
Above are the key players covered in the report, to know about more and exhaustive list of Nutraceutical Ingredients Market companies contact? https://www.databridgemarketresearch.com/zh/contact
Research Methodology: Global Nutraceutical Ingredients Market
Data collection and base year analysis are done using data collection modules with large sample sizes. The market data is analyzed and estimated using market statistical and coherent models. In addition, market share analysis and key trend analysis are the major success factors in the market report. The key research methodology used by DBMR research team is data triangulation which involves data mining, analysis of the impact of data variables on the market, and primary (industry expert) validation. Apart from this, data models include Vendor Positioning Grid, Market Time Line Analysis, Market Overview and Guide, Company Positioning Grid, Company Market Share Analysis, Standards of Measurement, global vs Regional and Vendor Share Analysis. Please request analyst call in case of further inquiry.
