Nutraceuticals market overview
World nutraceuticals market size is estimated to reach $302,306 million by 2023 from $184,092 million in 2017 with a CAGR of 7.04% from 2018 to 2023. The world nutraceuticals product market holds a substantial scope for expansion; nevertheless, its contribution to the world market is expected to grow significantly within the next six years. Nutraceuticals are versatile as they are employed in several industries such as pharmaceutical food & beverages, animal feed additives, and personal care.
Nutraceuticals Market drivers and restraints:
Recent innovations and findings of function-specific antioxidants are estimated to create new opportunities in this growing sector. Nutraceutical products are the necessity of the modern world. The market is projected to witness high growth throughout the forecast period, due to the rise in demand for preventive healthcare and increase in medical treatment that stimulates the demand for nutraceuticals-containing products. Nevertheless, high investment for R&D is estimated to hamper market growth. Therefore, the rise in demand for nutraceuticals in the dietary supplement industry drives the market growth
Report segmented as:
- functional food
- functional beverages
- dietary supplements
- personal care
Based on geography, the market is segregated into North America, Europe, Asia-Pacific, and LAMEA. LAMEA region comprises of Latin America, Middle East, and Africa. High demand for electricity in the developing economies, such as Brazil and Middle-Eastern countries (Iran and Saudi Arabia) is the major growth factor for the nutraceuticals market. The nutraceuticals market in LAMEA is estimated to grow at a CAGR of 7.39% between 2016 and 2022.
Important market players:
The major market players include Archer Daniels Midland Company, Cargill, Incorporated, Royal DSM N.V., BASF SE, Nestle S.A., Groupe Danone S.A., E. I. du Pont de Nemours and Company, PepsiCo Inc., Aland (Jiangsu) Nutraceutical Co., Ltd., and General Mills, Inc., Blytheco, Gamajet, Pharmachem Laboratories, Balchem Corp, Alpha Packaging, Aker BioMarine, Barrington Nutritionals, Premier Nutraceutical Pvt Ltd, Sydler India, and Marlyn Nutraceuticals.
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The Scope of the report:
This report offers the current product and services market evaluation and the future estimation of the market. It helps us understand the market better through size anticipation and CAGR calculation to estimate the next market. It has a broader segmentation for better understanding of the enterprising of the market at a low level by segregating the market into smaller sectors.
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