The European nutraceutical market was valued at USD 79.71 billion in 2016 registering a CAGR of 6.39%. Europe has the third-largest market for nutraceutical in the world, after the United States, and the Asia-Pacific region.
The growth of the European market has been restrained by stringent regulatory approval procedures, and also the high cost of research and product development, which in turn increases the price of the products.
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Demand for More Convenient Formats of Health Food
Consumers worldwide are becoming increasingly concerned about healthy eating and what ingredient goes into their food.
As people are money-rich and time-poor, they desire convenience and health at the same time. Brands are turning to flexible packaging, which is designed for on-the-go lifestyle, and keeps functional food fresh and brings added convenience.
For companies to differentiate themselves from the competition, and create space in a crowded market, they are changing their delivery systems. It has evolved beyond tablets and capsules to include newer modes of delivery, including soft chews, chewing gum, gummy bears, patches, lollipops, and quick dissolving strips.
Fortified products are offered in convenient single-serving sizes. This is the reason behind the huge demand for functional snack bars.
Application in Functional Food holds the highest share
Combination dietary supplements is one of the most popular types of dietary supplements in the country, due to the popularity of these supplements amongst women who are pregnant or trying to get pregnant. Companies like Danone with the help of their brand Actimel Pro-Vital, have gained a significant influence in the market, not only by promoting probiotics but also by incorporating ingredients like ginseng and vitamins into the product formulas.
Fortified flour is another category that is getting the attention of the consumers. Functional bottled water is also growing.
Sales were boosted by strong marketing for Coca-Cola's Glacéau VitaminWater brand, and from increasing consumption during sports and exercise.
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Germany Dominates the Market
The German nutraceutical market was valued at USD 10.99 billion in 2016 registering a CAGR of 6.37%.The main players in the functional food in Germany were Danone Deutschland GmbH (through its presence in fortified/functional dairy), and Wrigley GmbH (through its presence in fortified/functional gum). The main factor behind this performance was the growing desire of Germans to support their general health and wellbeing or target specific issues with the help of supplements.
Germany holds the maximum Market share of 14% followed by U.K and France. Consumers in the United Kingdom greatly appreciated high protein products for its health-promoting properties, therefore increasing the target consumer base from traditional gym-goers and fitness fanatics to the general public.
The most trending category having high protein fortification is breakfast cereals.
Major Players: ARCHER DANIELS MIDLAND (ADM), BAYER HEALTHCARE AG, BASF, CARGILL, DANISCO, GROUPE DANONE, INGREDION, KELLOGGS, ROYAL DSM
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- July 2017: General Mills Inc. has added new yogurt and snack offerings, two areas where the company is seeking improved performance, as part of its summer line of new products. Other new products include new cereal flavors for its popular Cinnamon Toast Crunch and Chex cereals, organic options for its Progresso soup line and new Nature Valley bar concepts.
- July 2017: Herbalife® Nutrition introduced New Simply Probiotic to help balance digestive health
- October 2017: Kellogg added RXBAR, fastest growing US nutrition bar brand, to wholesome snacks portfolio
Benefits of report
- Analyzing outlook of the market with the recent trends and Porter’s five forces analysis
- Market dynamics which essentially consider the factors which are impelling the present market scenario along with growth opportunities of the market in the years to come
- Market segmentation analysis including qualitative and quantitative research incorporating the impact of economic and non-economic aspects
- Country level analysis integrating the demand and supply forces that are influencing the growth of the market
- Competitive landscape involving the market share of major players along with the key strategies adopted for development in the past five years
- Comprehensive company profiles covering the product offerings, key financial information, recent developments, SWOT analysis and strategies employed by the major market players
- 3 months analyst support along with the Market Estimate sheet (in excel).
Customization of the Report
- Value chain analysis
- Consumer behavior analysis in country level
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