Global Nutraceutical Ingredients Market Industry Size, Share, Analysis, Trend & Future Planning 2023
Bharat Book Bureau Provides the Trending Market Research Report on“Global Nutraceutical Ingredients Market Forecast to 2023” underFood & Beverages category. The report provides information on industry overview, market size, latest developments, industry trends,Leading Players, global presence, and their future prospects.
Nutraceutical Ingredients Market is projected to grow at aCAGR of 7.5%
The nutraceutical ingredients market is estimated at USD 34.06 billion in 2018 and is projected to reachUSD 49.02 billion by 2023, at a CAGR of 7.5%, in terms of value. The growth of this market is attributed to the rising health awareness and an increase in chronic diseases in the past few years. High costs involved in the R&D activities along with high price for fortified and enriched products are some of the restraints affecting the growth of this market. Changing lifestyles, rise in the number of government mandates regarding food & beverage fortifications in certain countries, and the growing demand for nutraceutical products in emerging economies are paving new opportunities for the nutraceutical ingredients market.
By type, the phytochemical & plant extracts segment is projected to grow at the highest CAGR
In 2017, the phytochemical & plant extracts segment is projected to grow at the highest CAGR, in terms of value. Due to the rising global awareness with regard to the side-effects of chemical ingredients utilized in food processing, consumers are demanding nutraceuticals that utilize natural ingredients. This trend has resulted in a tremendous demand for phytochemical & plant extract ingredients in the nutraceutical industry.
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The dietary supplements segment, by application, is estimated to dominate and grow at the highest rate, in 2017
The large market share of dietary supplements can be attributed to it being a cost-effective solution to customers and the availability of multiple nutrients to humans. The dietary supplements segment is projected to grow at a significant rate due to the prevalence of certain nutrient deficiencies, increase in the number of incidences of chronic diseases, and inclination of consumers toward the consumption of natural ingredients.
The dry segment, by form, is projected to be a faster-growing segment in the nutraceutical ingredients market in 2017
In terms of value, the dry segment is projected to grow at a higher rate between 2018 and 2023. The process of formulating dry ingredients is easier in terms of process, especially in high volume manufacturing. Dry ingredients are widely consumed owing to easy application and various other benefits associated with it. For instance, dry sweetener products retain all the desirable properties such as aroma and long shelf-life.
Asia Pacific is estimated to be the largest in the nutraceutical ingredients market in 2017
The Asia Pacific accounted for the largest share in 2017, in terms of value. The application of nutraceutical ingredients is projected to grow at a high rate in the region due to the increasing demand from consumers. Prebiotics is one of the rapidly growing segments in this region. Key markets in the Asia Pacific region include China, India, Japan, and Australia. These countries have vast areas under agriculture and production of high-fiber plants and oilseeds, which are the primary raw materials for fiber & specialty carbohydrate ingredients. In addition, manufacturing companies also provide the cost advantage in terms of production and processing of nutraceutical ingredient products.
Break-up of Primaries:
- By Company Type: Tier 1 – 45%, Tier 2 – 30%, and Tier 3 – 25%
- By Designation: D - level – 40%, C - Level –25%, and Others* – 35%
- By Region: North America – 30%, Europe – 20%, Asia Pacific – 26%, and RoW** - 24%
*Others include sales managers, marketing managers, and product managers.
**RoW includes Brazil and South Africa.
Note: The three tiers of the companies are defined on the basis of their total revenues, as of 2016; Tier 1: Revenue > USD 1 Billion, Tier 2: USD 500 million < Revenue < USD 1 Billion, and Tier 3: Revenue < USD 500 Million
The leading players in the nutraceutical ingredients market are 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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