The Asia Pacific region dominated the nutraceutical ingredients market and is projected to grow at a significant rate from 2018 to 2023, both in terms of value and volume.
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The report "Nutraceutical Ingredients Market by Type (Prebiotics & Probiotics, Proteins & Amino Acids, Minerals, Vitamins, Carotenoids), Application (Functional Food, Dietary Supplements, Animal Nutrition), Form, Health Benefit, and Region - Global Forecast to 2023", The market for nutraceutical ingredients, in terms of value, is estimated at USD 34.06 Billion in 2018 and is projected to reach USD 49.02 Billion by 2023, at a CAGR of 7.5%.
Browse 73 tables and 45 figures spread through 176 pages and in-depth TOC on "Nutraceutical Ingredients Market - Global Forecast to 2023"
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The market is driven by factors such as the growing health consciousness & increased life expectancy among consumers, rising cases of chronic diseases, widening applications of nutraceutical ingredients, and emerging technologies in food processing to upgrade the nutritional benefits of food products. The global demand for nutraceutical ingredients is increasing significantly, especially in the Asia Pacific and European regions.
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The increase in consumer shift from synthetic food products to organic and herbal-based products is one of the major factors driving the use of phytochemical & plant extracts in these regions.
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On the basis of type, the fibers & specialty carbohydrates segment accounted for the largest share.
In 2017, on the basis of type, the fibers & specialty carbohydrates segment accounted for the largest share, in terms of both value and volume. The market for fibers & specialty carbohydrate is driven by the rising concerns over obesity and gastrointestinal disorders, increased consumption of food & beverage products with high level of nutritional benefits, and fibers such as breakfast cereals and fortified juices, and bread.
Also, one of the major factors fueling the growth of this market is the activity of fibers in the body, which helps in preventing different types of cancers, especially colon and breast cancer along with the lowering of cholesterol and enhancing the gut health of an individual.
Dietary supplements: The fastest-growing application in the nutraceutical ingredients market.
In 2017, the dietary supplements segment accounted for the largest share of the nutraceutical ingredients market, in terms of value, and is projected to grow at the highest CAGR from 2018 to 2023. Rise in the demand for sports and nutritional products and increase in protein intake by athletes and fitness enthusiasts have positively impacted this market.
With the increased occurrence of health problems such as malnutrition and weak immune systems and deficiency of certain nutrient components in the diet, the demand for dietary supplements and products has increased over the past few years. With the increase in quality and the arrival of clinically proven products in the market, the trust of people is increasing for such products.
On the basis of form, the dry segment dominated the nutraceutical ingredients market.
In 2017, the dry segment accounted for the largest share. Rise in the demand of sports and nutritional products and increase in protein intake by athletes and fitness enthusiasts have positively impacted this market.
Asia Pacific is projected to be the fastest-growing region in the nutraceutical ingredients market.
The processed food industry in the Asia Pacific region is experiencing growth, owing to the changing lifestyles of customers. The food & beverage market in this region is currently undergoing a transformation in response to rapid urbanization, diet diversification, and the liberalization of foreign direct investment in the food sector.
Also, the rise in income, purchasing power, and consumer demand for nutritional & healthy products provide promising prospects for the growth and diversification in the region’s food sector.
This report studies the marketing and development strategies, along with the product portfolios of leading companies such as Cargill (US), BASF (Germany), ADM (US), Associated British Foods (UK), DSM (Netherlands), DowDuPont (US), Ingredion (US), Arla Foods (Denmark), Tate & Lyle (UK), and Ajinomoto (Japan).
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