Growing customer preference for natural food products, rise in popularity of probiotic dietary supplements, increase in concerns of consumers regarding preventative healthcare and the effectiveness of these substances on their health, rise in consumer preference for functional foods, and surge in incidence of chronic diseases among the population drive the global nutraceutical ingredients market.
PORTLAND, Ore., Oct. 14, 2022 /PRNewswire/ –Allied Market Research published a report, titled, “Nutraceutical Ingredients Market by Type (Probiotics, Vitamins, Minerals, Proteins, Dietary Fibers, Others), by Form (Dry, Liquid), by Application (Dietary supplements, Functional Food and Beverage, Animal Nutrition, Others): Global Opportunity Analysis and Industry Forecast, 2022-2031.” According to the report, the global nutraceutical ingredients industry generated $163.9 billion in 2021, and is estimated to reach $327.3 billion by 2031, witnessing a CAGR of 7.3% from 2022 to 2031. The report offers a detailed analysis of changing market trends, top segments, key investment pockets, value chain, regional landscape, and competitive scenario.
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Drivers and Opportunities
Growing customer preference for natural food products, increase in popularity of probiotic dietary supplements, rising concerns of consumers about preventative healthcare and the effectiveness of these substances on their health, increase in consumer preference for functional foods, and surge in incidence of chronic diseases among the population propel the growth of the global nutraceutical ingredients market. However, high cost of production of nutraceutical ingredients hinder the market growth. On the other hand, the rise in investment in R&D to investigate novel applications for nutraceutical components and efforts made by governments throughout the world to promote the use of nutraceuticals present new opportunities for the market in future.
The functional food & beverage segment to dominate in terms of revenue during the forecast period
Based on application, the functional food & beverage segment was the largest segment, accounting for nearly two-fifths of the global nutraceutical ingredients market in 2021, and would rule the roost through 2031. Functional food are rich in omega fatty acid which helps maintain the weight and control blood circulation in the body. A rapid rise in the number of fitness and sports enthusiasts and increase in the consumers’ inclination toward healthy lifestyle are expected to be the key factors for growth of the global functional beverages segment. However, the dietary supplements segment contributed to the fastest CAGR of 7.8% in 2031. This is due to the numerous health advantages provided by dietary supplements, including improvement in the balance of the gut microflora, increased calcium absorption and improvement in bone density, enhancement of immune function, decreased risk of cardiovascular diseases, control of blood sugar, and potential reductions in risk of certain cancers.
The probiotics segment to maintain its lion’s share during the forecast period
Based on type, the probiotics segment held the largest share of nearly one-third of the global nutraceutical ingredients market in 2021, and is expected to maintain a prominent growth during the forecast period. Probiotics render health benefits in the large intestine such as the reduced risk of cancer and increased absorption of calcium and magnesium. Probiotics are usually found in fermented food or taken as supplements. However, the proteins segment is likely to exhibit the highest CAGR of 8.1% in 2031. Proteins have gained significant importance in human life as it plays various roles in the human body such as transporting molecules throughout the body and protecting the body from viruses and bacteria.
Asia-Pacific to achieve the fastest growth by 2031
Based on region, Asia-Pacific is anticipated to manifest the fastest CAGR of 8.1% during the forecast period, 2021-2031 due to the increased participation of major pharmaceutical and food and beverage manufacturers in the production of nutraceutical ingredients in the region. However, North America held the largest market share in 2021, accounting for around one-third of the global nutraceutical ingredients market, and is likely to lead the trail throughout the forecast period. This is due to the increasing demand for nutraceuticals with medicinal advantages in the region. The other regions discussed in the report are Europe and LAMEA.
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Leading Market Players
The report analyzes these key players of the global nutraceutical ingredients market. These players have adopted various strategies such as expansion, new product launches, partnerships and others to increase their market penetration and strengthen their position in the industry. The report is helpful in determining the business performance, operating segments, product portfolio, and developments by every market player.
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