NUTRACEUTICALS MARKET ANALYSIS 2018
Industry Survey, Growth, Competitive Landscape and Forecasts to 2023
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NUTRACEUTICALS MARKET ANALYSIS 2018 Nutraceuticals Market 2018: Industry Survey, Growth, Competitive Landscape and Forecasts to 2023
Growing awareness about the drawbacks of consuming heavy dosage of drugs has headed consumers towards experimenting with the healthier alternatives including functional foods and beverages. Nutraceuticals market has witnessed substantial innovation in terms of new product launches along with research & development and collaboration by the industrial players. Also, the overall increasing disposable income of the consumer and their evolving buying pattern over the past few years which, in turn, has led to a surge in the sales of nutraceuticals during the forecast period. Robust increase in medical cost has a huge direct impact on the nutraceutical market. The rising medical cost is a result of rising adoption of new technologies and treatments, overuse of procedures and tests, and lack of transparency and information on prices and quality of medical services that is been provided. For instance, in 2014, the U.S. healthcare expenditure increased 5.4% following growth of 2.87% in 2013 to reach $3 trillion, or $9,523 per person. The escalating medical service costs have resulted in consumers shift towards adopting healthy alternatives into their daily routine. Owning to this, the consumption and demand for nutraceuticals have experienced a drastic increase. Consumers are identified to include consumption of functional foods and supplements as a part of their daily diet. Nutraceuticals provide essential nutrients the body thereby enhancing the body’s metabolism.
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NUTRACEUTICALS MARKET ANALYSIS 2018
Key Findings
Global nutraceuticals market is projected to reach USD 319.6 billion by 2023 at a growth rate of 6.70% Dietary supplement is witnessed to have the highest growth rate with CAGR of 6.88% over the forecast period 2017-2023 Functional foods is expected to grow at a CAGR of 8.1% in Asia Pacific followed by RoW over the forecast period. Omega-3 is projected to witness the highest growth rate in active ingredients of nutraceuticals followed by probiotics over the estimated period .
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NUTRACEUTICALS MARKET ANALYSIS 2018 Regional Analysis The global nutraceuticals market is segmented into North America, Europe, APAC, and Rest of the World (RoW). On the basis of region, North America dominated the market and is projected to reach USD 111.86 billion by 2023 at a CAGR of 5.89% from 2017 to 2023 in terms of value. Additionally, Asia Pacific is also considered to be one of the attractive markets for the nutraceuticals manufacturers and is projected to grow at the CAGR of 7.82% and accounting for a market share of 29.54% in 2017.
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NUTRACEUTICALS MARKET ANALYSIS 2018 Application & Major Players in this Research: Nutraceuticals Market Prominent Players:
Some of the leading players in the global nutraceuticals market are: Archer-Daniels-Midland Company (U.S.),
BASF SE (Germany),
E. I. du Pont de Nemours and Company (U.S.), GlaxoSmithKline Plc (U.K), Abbott Nutrition Manufacturing Inc. (U.S.), DSM Nutritional Products, Inc. (the Netherlands) and Cargill Inc. (U.S.)
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