SAN FRANCISCO, July 26, 2017 (GLOBE NEWSWIRE) -- Global Nutraceuticals Product Market Report, published by Variant Market Research, forecast that the global market is expected to reach $340 billion by 2024 from $195 billion in 2016; growing at a CAGR of 7.2% from 2016 to 2024. By geography, Asia-Pacific and Rest of the World are expected to grow at a CAGR of 7.6% and 7.7%, respectively, during the forecast period.
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Global Nutraceuticals Product Market is majorly driven by rise in healthcare expenditure, increased and OTC drugs and augmented demand for nutritional diet. However, high price and lack of consumer awareness may hinder the market growth in the coming years. Technological advancement and practice of nutraceuticals across new application areas would provide new business opportunities for the market in the coming years. New application areas and technological advancements are expected to provide growth opportunities for the market in the coming four to five years.
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Product type and geography are the various segmentations of the global nutraceuticals market. The product type segments include, dietary supplements, functional food, functional beverages, and personal care & pharmaceutical. Increased consumer spending on functional food has made the functional food segment to occupy the largest market share in the year 2016. Growing demand for functional food has also led to growth of the functional food segment.
Further sub-categories of the functional food, functional beverages, and dietary supplements segment are also discussed in the report. The sub categories of functional food include, omega fatty acid fortified food, branded wheat flour market, probiotics fortified food, branded ionized salt, and others. The functional beverages are also categorized into various sub-segments such as fruit & vegetable juices & drinks, noncarbonated drinks, dairy & dairy alternative drinks, and others. The dietary supplement is categorized into proteins & peptides, herbals, vitamins & minerals, and others.
The geographical classifications of the market comprise, North America, Europe, Asia-Pacific, and Rest of the world (RoW). In the year 2016, the highest revenue was generated by North America due to increased acceptance of nutraceuticals product in New York, Chicago, San Francisco, among others. The region had a market share of 39.4%, which was the highest market share in the global market. Market penetration for these products is higher in U.S. and Canada, owing to its several benefits such as low risk of cardiovascular problems and diabetes. The second highest market revenue was generated by Asia-Pacific which accounted for the market share of 30.3%. The growth in the region is majorly driven, owing to increased disposable income of consumers and growth in middle class affluent population, majorly in developing countries such as Japan, China, and India. The huge consumer base of China has supported growth of the market in the Asia-Pacific region. Rest of the world is expected to grow at the fastest CAGR in the coming five to six years. The growth in the RoW region will be primarily fueled by growing health awareness among consumers.
Major Players In The Nutraceuticals Product Market
- DuPont
- Royal DSM N.V.
- Nestle S.A.
- Cargill Incorporated
- PepsiCo and Aland (Jiangsu) Nutraceutical Co. Ltd.
- General Mills, Inc.
- BASF SE
- Archer Daniels Midland Company (ADM)
- Groupe Danone S.A.
The Key Takeaways From The Report
- The report will provide detailed analysis of the Nutraceuticals Market with respect to major segments such as product type, and geography.
- The report will include the qualitative and quantitative analysis with market estimation over 2015-2024 and compound annual growth rate (CAGR) between 2016 and 2024.
- Comprehensive analysis of market dynamics including factors and opportunities will be provided in the report.
- An exhaustive regional analysis of the Nutraceuticals Market from 2015 to 2024 has been included in the report.
- Profile of the key players in the Nutraceuticals Market, will be provided, which include key financials, product & services, new developments and business strategies.
About Variant Market Research
Variant Market Research offers syndicated and customized reports to fulfill clients' objectives. We also provide customized data pack proposing market sizing in an Excel/PDF/PowerPoint or Word format as per the requirement of clients. We cover several industry domains, namely Semiconductor & Electronics, Consumer Electronics, Information and Communication Technology, Automotive, Consumer Goods, Food & Beverages, Pharmaceuticals, Medical Devices, Chemicals, Industrial, Mining Equipment, Automation, Manufacturing, Construction, Energy & Power, Defense & Aerospace and Banking, Financial services and Insurance (BFSI). Our expertise are data triangulation, competitor benchmarking, parent market benchmarking, estimating market size and forecast of the market from 2016 to 2024.
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