The Global Nutraceutical Ingredients Market has experienced astounding growth in the past few decades. The report investigates the various market shares, revenues, and restraints. It provides a detailed analysis of the competitive strategies of the prime key players of the industry. The report examines the volumetric and regional analysis of different regions such as North America, China, Australia, India, France, Japan, and Italy. It evaluates the major challenges faced by the industry during the covid 19 pandemic. The report gives a comprehensive and better knowledge of the current and future growth opportunities.
According to the research report, the Nutraceutical Ingredients Market: Current Analysis and Forecast (2021-2027), say that the nutraceutical ingredients are derived from sources such as animal, plant, microbial, and synthetic, which provide health benefits, adding the primary nutritional value and functional benefits to various applications such as food, beverages, dietary supplements, animal nutrition, and personal care products. The nutraceuticals ingredients market can be segmented into functional food, beverages, personal care, animal nutrition, and dietary supplements. With the availability of a range of enhanced water and nutritional beverages, the functional beverages segment accounted for the largest share in the market. According to a study, the rise in the aging population, coupled with increasing incidences of chronic diseases, has led to changes in eating patterns. Consumers’ concerns regarding nutrient inadequacy tend to be general, rather than concerned with a specific health condition or nutrient in their diet.
The Global Nutraceutical Ingredients Market was valued at USD billion and is projected to reach a significant USD billion by the end of 2027. It is expected to grow by a single-digit CAGR in the worldwide markets during the forecast period. Consumer product companies are now increasingly collecting data to enable a proper analysis of purchasing behavior and lifestyle to provide consumers with options in their purchasing patterns Some of the prime leading companies in the market are Cargill Incorporated, Associated British Foods, Arla Foods, Kerry Group, Chr. Hansen, Kyowa Hakko, DSM, Ingredion Incorporated, Tate & Lyle PLC and Ajinomoto Co. Inc. The companies are constantly working with strategies to increase the growth of nutraceuticals ingredients in the market. For instance, Tesco announced its intention to use its Clubcard information to be able to track various chronic illnesses that consumers pay heed to, for the provision of solutions to promote healthier eating habits.
Countries such as North America (the United States and Canada), Europe (Germany, France, Italy, Spain, United Kingdom), Asia-Pacific (China, Japan, India, Australia, South Korea). North America dominates the market with the largest share and the highest growth rate projected in the forecast period. Consumer preferences for functional foods and beverages have been one of the crucial factors driving the growth of the market in this region.
The covid 19 pandemic has slightly positively affected the sector. The global nutraceuticals market is expected to witness consistent growth following the outbreak of COVID-19, as these include the food ingredients that provide medical or health benefits to prevent diseases as well as boost the overall immune system. Even after the immediate shutdowns, travel bans, restaurants closed all indoor or outdoor events restricted led to an immense slowing of supply chains, the industry managed to grow at a steady rate.
The rising adoption of fortified food & beverages led to an increase in consumer demand. Rising consumer interest in functional food is a result of the health benefits, performance, and perceived wellness. Owing to the ease of incorporating nutraceutical ingredients in it, the demand for functional end-products such as dairy products, bakery and confectionery, snacks, cereals, fats and oils, meat, and baby food is on the high rise. Also, the mandates on food fortification by government organizations led to major growth in the sector. The market presents a growing activity of integration in the long term by the suppliers of raw nutraceutical ingredients because of the growing demand and the infinite growth prospects of the market.
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Global Nutraceutical Ingredients Market
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