Global Nutraceuticals Market Report, published by Variant Market Research, forecast that the global market is forecasted to reach $340 billion by 2024 from $195 billion in 2016; growing at a CAGR of 7.2% from 2016 to 2024. The nutraceuticals market is majorly driven by the following driving factors such as increased spending of healthcare, high popularity of nutritional diet and growing preference of nutraceutical products as a substitute to prescription drugs. However, high price of products and lack of knowledge might hinder the growth of the market. Furthermore, advanced technologies and need for new application areas of nutraceuticals would provide growth opportunities for the market.
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Products type, and geography are the key segments of the global nutraceuticals market. Product type segment has been segmented into functional foods, functional beverages, dietary supplements and personal care & pharmaceuticals.Functional food was the leading sub segment with highest market share in 2016, owing to high spending on functional food due to its health benefits.
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The global nutraceuticals market by geography is bifurcated into North America, Europe, Asia-Pacific and RoW. North America held the highest market share of 39.4% in 2016, driven by increased demand for nutraceutical products owing to its health benefits such as low risk of cardiovascular problems and diabetes. In terms of growth rate, RoW region is anticipated to grow at the fastest CAGR of 7.7% over the forecast period, owning to increasing knowledge among end-users.
The major players in the nutraceuticals market include Archer Daniels Midland Company (ADM), Cargill Incorporated, DuPont,Nestle S.A., General Mills, Inc., BASF SE, Groupe Danone S.A., Royal DSM N.V., PepsiCo, and Aland (Jiangsu) Nutraceutical Co., Ltd., among others.
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