Albany, NY, May 18, 2016 (GLOBE NEWSWIRE) -- The global nutraceuticals market is expanding at a CAGR of 7.3% from 2015 to 2021, according to Transparency Market Research. This market was already valued at US$182.6 bn in 2015, which means that it can go up to US$278.95 bn by the end of 2021. These number do speak of a market that holds a high preference and demand among consumers, something which is still showing signs of cumulative increment. Now, the global nutraceuticals market can be divided into four major segments according to product type: functional foods, functional beverages, dietary supplements, and personal care. The segment of functional foods is already dominating this market, and is still expanding at a 7.1% CAGR from 2015 to 2021. Its growth rate is topped by only the functional beverages segment.
The global nutraceuticals market is predicted to register rapid growth in the years to come due to consumers' increasingly inclination towards healthy and nutritional food, dietary supplements, and beverages. People have become health conscious and study about nutritional products in advance before buying them. Dietary supplements are consumed not only to meet the daily intake of the required nutrition but also to boost physical performance. All of these factors are expected to propel the global nutraceuticals market in the next few years. The extensive preference for nutritional, healthy, and herbal products is expected to fuel the growth of the global nutraceuticals market.
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The usage of nutraceuticals is expected to be driven by the rising healthcare expenditure by consumers around the world. Moreover, some nutraceuticals are regarded as alternatives to OTC and prescription drugs. Technological advancements and the growing use of nutraceuticals in many new applications are predicted to propel the global nutraceuticals market in the next few years. Factors such as the lack of awareness about nutraceuticals and the rising prices of nutraceuticals products are predicted to hamper the growth of the global nutraceuticals market in the years to come.
The global nutraceuticals market is segmented on the basis of product type and geography. Based on product type, the global nutraceuticals market is classified into functional food, functional beverages, dietary supplements, and personal care and pharmaceutical. In 2014, in terms of revenue, the functional food segment held a share of 31.0% in the global nutraceuticals market. Going forward, the functional foods segment is expected to expand at a 7.10% CAGR during the period between 2015 and 2021. In 2014, the functional beverage segment trailed but is expected to progress at a 7.4% CAGR from 2015 to 2021.
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Nutraceuticals of all types are contributing to the food and beverages sector due to the minimal regulatory requirements and relatively high margins. Factors such as mergers and acquisitions, new product launches, and the introduction of nutraceuticals specially designed for improving cardiac health are predicted to propel the global nutraceuticals market.
Based on geography, the global nutraceuticals market is divided into Europe, North America, Asia Pacific, and Rest of the World. Cargill, Incorporated, Archer Daniels Midland Company, 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. are the prominent companies operating in the global nutraceuticals market. With the entry of new companies and the introduction of new products, the global nutraceuticals market is expected to remain highly competitive.
Key Segments of Global Nutraceuticals Market
Global nutraceuticals market, by product type
- Functional Food
- Probiotics Fortified Food
- Omega Fatty Acid Fortified Food
- Branded Ionized Salt
- Branded Wheat Flour Market
- Others (nuts, grains, garlic)
- Fruit & Vegetable Juices and Drinks
- Dairy & Dairy Alternative Drinks
- Noncarbonated Drinks (bottled water, tea and coffee)
- Other (herbal tea, sports drinks, energy drinks)
Dietary Supplements Segment
- Proteins & Peptides
- Vitamins & Minerals
- Herbals ( Ayurvedic extracts, plant extracts, algal extracts, phytochemicals)
- Other (fatty acids, fiber)
Personal Care and Pharmaceutical
Other Related Research Reports:
- Multi Nutritional Supplement Market:http://www.transparencymarketresearch.com/multi-nutritional-supplement-market.html
- Heart Health Supplements Market:http://www.transparencymarketresearch.com/heart-health-supplements-market.html
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Source:Transparency Market Research