Nutraceuticals Product Market was valued at $196.88 million in 2016 and is projected to reach $349.04billion by 2024, having a CAGR of 7.5 % during the forecast period of 2017 to 2024.The functional food segment generated the highest revenue share in the global nutraceuticals market.
The term “nutraceutical” describes any food, or part of food supplements, that provides a medical or health benefit beyond simple nutrition. Such benefits may include the prevention or recurrence of the disease. These products range from proteins, vitamins, minerals, pure compounds used in capsules, tablets to foods that contain fortified bioactive ingredients. Everything from vitamins, supplements to sports drinks, dairy products, snacks, prepackaged diet meals could be considered as nutraceuticals products. Importance of healthy diet and good lifestyle reigns is in the minds of consumers, which could not be dampened even by the financial meltdown which is witnessed in almost every other product segment worldwide
NUTRACEUTICALS PRODUCT MARKET DYNAMICS
Rising noncommunicable chronic diseases and healthcare expenditure, increasing demand for nutritional diet in developed countries and growth of key demographics are some major factors which are driving the nutraceutical market. In the current scenario, consumers are more health conscious, more aware, and better informed on nutritionenabled products. Furthermore, dietary supplements are not only consumed in order to meet the recommended daily intake of nutrients, but also as a physical performance booster and disease prevention option. However, increasing nutraceutical product prices and lack of awareness regarding nutraceuticals can restrain the market growth. Furthermore, technological advancement in nutraceuticals, growth potential in the Asia Pacific market and usage of nutraceuticals across new application areas, can act as future opportunities for the growth of the market. Additionally, a shift in the preference of consumers for synthetic ingredients to organic and natural foods is enhancing the nutraceuticals product market growth all over the globe.
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The segmentation of the nutraceuticals products market is done on the basis of type and by geography. By type, the market is segmented as functional food, functional beverages, and dietary supplements. Geographically, the market is segmented a North America, Europe, AsiaPacific and Rest of World. On the basis of type, functional food segment held the largest revenue share of nearly 31% of the total market share. Geographically, North America held the largest share of the nutraceuticals market at nearly 40% in 2014 and is expected to grow at the CAGR of 7.1% during the forecast period. This is because, in North America, consumers are highly conscious of their health and food habits. Moreover, the advancing per capita income, which helps in physical fitness and mental wellbeing, is fueling the growth of this nutraceuticals product market.
Some major market players of the market are, Cargill, Incorporated, Archer Daniels Midland Company, Royal DSM N.V., BASF S.A., Nestle S.A., Danone Danone S.A, I. du Pont de Nemours and Company, PepsiCo Inc., Dean Foods and General Mills, Inc.
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