Market overview:
Nutraceutical Ingredients Market has been valued $ 167.3 billion in the year 2019 and it is estimated to reach $227.5 billion by the year 2026, with a CAGR of 7.1 % from 2021 to 2026. Nutraceutical Ingredients are most commonly derived from the sources such as animal, plant, microbial, and synthetic. According to the widely accepted definition, are types of foods or drinks that, through addition of certain active ingredients, can offer huge health benefits beyond the basic nutritional values other foods offer. Corporate activity in the nutraceutical ingredients industry remains dynamic; these are the main factors that have considerably increased the demand for the Nutraceutical Ingredients, thereby driving the hug growth of the Nutraceutical Ingredients market in the upcoming years.
Market Drivers and Restrains:
The main factors that have considerably increased the demand for the Nutraceutical Ingredients in the market is mainly due to the increasing the consumer demand for fortified food & beverages, the increasing number of incidences of chronic diseases, and mandates on food fortification by government organization, increased prevalence of lifestyle diseases and the simultaneous rising awareness about a balanced diet, growth of the nutraceutical ingredients market is driven by the growth in the demand for fortified food owing to the increasing health consciousness amongst consumers, these are the main factors that have considerably increased the demand for the Nutraceutical Ingredients, thereby driving the hug growth of the Nutraceutical Ingredients market in the upcoming years.
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Report is segmented as:
Nutraceutical Ingredients Market is segmented on the basis of by type, on the basis of by application, on the basis of by form, on the basis of by health benefit:
* Nutraceutical Ingredients Market is segmented on the basis of by type into Pre and Probiotic, Protein, Mineral, Vitamin, Carotenoid, Fiber, And Phytochemical
* Nutraceutical Ingredients Market is segmented on the basis of by application into Food, Dietary Supplement, And Animal Nutrition
* Nutraceutical Ingredients Market is segmented on the basis of by form into Dry Form, Liquid Form
* Nutraceutical Ingredients Market is segmented on the basis of by health benefits into Gut Health, Heart Health, Bone Health, Immunity, Nutrition, Weight Management
Geographical Segmentation:
Nutraceutical Ingredients Market is segmented into North America, Europe, Asia Pacific, Latin America and Middle East & Africa and rest of world. Asia Pacific has the dominant share in the Nutraceutical Ingredients in the year 2019 due to the increase in disposable income and this would boost the market , followed by North America, Europe, Latin America and Middle East & Africa will register a slower increase in the Nutraceutical Ingredients Market
Impact of COVID-19 on Market
The COVID-19 pandemic continues to radically trade that amplify of variety of industries; however, the immediate have an effect on of the outbreak is varied. While some industries will register a visit demand, several others will proceed to remain unscathed and showcase promising increase opportunities. COVID-19 will have an occasional have an effect on the Nutraceutical Ingredients market. Due to the government restrictions like lockdown in many countries has stopped the production of products by the manufacturing companies, In recent days relaxation in restrictions by the government and people are getting vaccinated to stop the spread of corona virus are expecting to raise the Nutraceutical Ingredients market growth.
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