Global Nutraceuticals Market Nourished by Rising Disposable Incomes
A portmanteau of the words “nutrient” and “pharmaceuticals”, nutraceuticals represent a broad group of products that are designed to provide consumers with health benefits in addition to their regular diet. Most nutraceuticals are derived from food sources. Theoretically, nutraceuticals can be regarded as biological therapies that are non-specific and are used to promote a consumer’s well-being. They are also used to prevent the occurrence of harmful processes in the body as well as controlling various illnesses.
The global nutraceuticals market is progressing at a CAGR of 7.3% from 2015 to 2021. The market will be valued at US$278.96 bn by 2021, after being exposed to the current driving factors and rising from a recorded value of US$165.62 bn in 2014. The optimistic CAGR itself shows that the market is destined to thrive owing to quite a few market characteristics and consumer trends.
Growing Interest and Disposable Incomes Boost Global Nutraceuticals Market
The global nutraceuticals market has always gathered a decent amount of interest from consumers. The idea of taking supplements to fulfill one’s dietary requirements is more than attractive and the fact that has been complementing this interest is the improvement of economies. The increasing number of consumers that can afford daily sustenance and dietary supplements is the key driver of the global nutraceuticals market. Modern consumers are more aware of maintaining healthier dietary habits, know more about the same, and can afford them as well, thus leaving more scope for nutritional products. Most consumers in the global nutraceuticals market use nutraceuticals for more than merely meeting daily dietary requirements; consumers also take nutritional products to increase their immunity against diseases, helping the global nutraceuticals market find an advantage in the disease prevention agenda.
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Moreover, consumers are showing a growing preference towards organic foods and nutritional products that are derived from non-genetically modified extracts. The shift from chemical to organic will vastly benefit the global nutraceuticals market, which can promote healthy living by promoting organic nutritional products.
Developing Economies Boost Asia Pacific Nutraceuticals Market
North America dominated the global nutraceuticals market in 2014, when it held a share of 39.60%. From the global perspective, the North America nutraceuticals market imparted the global nutraceuticals market the highest revenue in 2014, primarily because the region, especially the U.S., had the highest level of consumer awareness about nutraceuticals. Meanwhile, Asia Pacific, home to India and China, two of the most rapidly developing economies in the world today, is set to witness a significant growth spike in the nutraceuticals market. The Asia Pacific region in particular is expected to see a high growth rate in the minerals, vitamins, and herbal products segments of the global nutraceuticals market.
The largest segment of the global nutraceuticals market in terms of revenue in 2014 was functional foods, while functional beverages were the second largest segment of the market.The top five players in the global nutraceuticals market hold the majority share in it. Key players in the global nutraceuticals market are General Mills, Inc., E.I. du Pont de Nemours and Company, Groupe Danone S.A., Nestle S.A., BASF S.A., Royal DSM N.V., Archer Daniels Midland Company, and Cargill, Inc.