The Europe nutraceuticals market valued USD 36.5 billion in 2016 and is estimated to reach USD 50.91 billion by 2021, growing at a CAGR of 6.88% in the forecast period of 2016 to 2021.
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In Europe increase in health conscious population who prefers food supplements, healthy functional food and beverages is driving the market. Germany, Netherlands and Sweden have emerged as the key nutraceutical innovation hubs in Europe, while United Kingdom and Spain have emerged as the key test markets for new products, with the European consumers demanding energy providing products that promote healthy teeth, strong bones, prevent digestive health issues, boost immune system and lower cholesterol.
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The broad spectrum term nutraceutical describes product obtained from food sources with added health benefits along with the basic food values. Consumers take dietary supplement to boost physical performance and also for disease prevention.
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Nutraceuticals have received substantial interest due to their safety, potential nutritional and therapeutic values. Along with just providing nutrients, it deals with the gut complications as well such as, Crohn’s disease, ulcerative colitis, and irritable bowel syndrome.
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Increase in lifestyle diseases all over the world and inadequate nutrition are driving the market. In developing nations, mortality because of nutrition related factors is high because of lack in nutritional intake in regular food, underscoring the need for nutraceutical products.
Consumers have shifted from synthetic supplements to natural or organic ingredients which are obtained from non-Genetically Modified Organisms. Unawareness among people in the developing countries about these nutraceutical ingredients is restricting the growth of the market in those regions.
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The market is divided on the basis of types into prebiotics, probiotics, proteins & amino acids, fibres & specialty carbohydrates, vitamins, phytochemicals & plant extracts, minerals, carotenoids, Omega-3 fatty acids and others. Based on application the market is further segmented into animal nutrition, functional food, dietary supplements, functional food beverages and personal care.
Dietary supplements segment leads the application market while photochemical & plant extracts is the fastest growing division.
Leading companies manufacturing nutraceuticals are E. I. du Pont de Nemours and Company, General Mills, Inc., Cargill, Royal DSM N.V., Groupe Danone S.A., Incorporated, BASF SE and Archer Daniels Midland Company.
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