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  • Published On : Dec 2022
  • Code : CMI1080
  • Pages :312
  • Formats :
      Excel and PDF
  • Industry : Food Ingredients

Nutraceutical is a term used for food or fortified food that is obtained from food sources that not only supplement the diet but also give additional health benefits, coupled with the basic nutritional value present in foods. Additional terms used for nutraceuticals are medical foods, functional foods, and designer foods, etc. Nutraceutical ingredients include vitamins, minerals, prebiotics and probiotics, phytochemicals and plant extracts, fiber and specialty carbohydrates, proteins, etc. Besides common ingredients such as vitamins, companies have started including some new ingredients in nutraceutical products such as plant sterols, polyphenols, probiotics, and fatty acids.

Global nutraceutical ingredients market was valued at US$ 3467.3 Million in 2021 in terms of revenue, exhibiting a CAGR of 7.35% during the forecast period (2022 to 2030).

Drivers

Increasing awareness about healthy diet, which includes vitamins, proteins, minerals, fibers, and others is major factor driving growth of the global nutraceutical ingredients market. Moreover, increasing use of nutraceutical ingredients in pharmaceutical drugs, owing to its properties such as anti-aging, prevention in chronic diseases, cancer, and health improvement is expected to drive growth of the market. Antioxidant property of nutraceutical ingredients such as phytochemicals aid in prevention of cancer.

The global nutraceutical ingredients market is driven by the growth in life expectancy & health consciousness among consumers and the increase in applications of nutraceutical ingredients. Consumers’ concerns regarding nutrient inadequacy tend to be general in nature, somewhat than concern about a particular health condition or nutrient/component in their diet. Another important factor improving the rate of demand for nutraceutical ingredients is the enhanced requirements for food fortification mandated by government organizations.

The nutraceuticals industry was positively impacted by the Covid-19 pandemic, owing to increase in demand for healthy nutritional products and supplements. Preventive measures taken against the disease in the form of consumption of vitamin D, vitamin C, zinc, sodium, minerals, and functional food & beverages led to a rapid increase in sales of such types of nutraceuticals products. This increase in sales is likely to continue in the post COVID period due to the persistent consumer inclination toward health and wellbeing during the pandemic.

Figure 1. Global Nutraceutical Ingredients Market Value Share (%), By Region, 2021

NUTRACEUTICAL INGREDIENTS MARKET

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Market Restraints

 High prices of raw material production costs for nutraceuticals products consider as the major factor that restricts the consumers to avail of its features. Consumers are likely to shift to low-cost substitute proteins. Further, unsatisfactory quality nutraceutical manufacturing has raised the concern to fill the demand and supply gap.

Nutraceutical Ingredients Market Report Coverage

Report Coverage Details
Base Year: 2021 Market Size in 2021: US$ 3467.3 Mn 
Historical Data for: 2017-2020 Estimated Year: 2022
Forecast Period 2022 to 2030 CAGR: 7.35 % Forecast Period: 2022-2030
Geographies covered:
  • By Region: North America, Latin America, Europe, Asia Pacific, Middle East & Africa
Segments covered:
  • By Product Ingredients: Vitamins, Prebiotics and Probiotics, Proteins and Amino Acids, Omega Fatty 3 acids, Minerals, Carotenoids, Fibers & Specialty Carbohydrates, Phytochemicals & Plant Extracts, Other Ingredients
  • By Application: Functional Food, Functional Beverages, Dietary supplements, Animal Feed, Others
  • By Form: Dry, Liquid
Companies covered:

BASF SE, E.I. du Pont de Nemours and Company, Cargill Inc., Archer Daniels Midland Company, DSM Nutritional Products, Ingredion Incorporated, Tate & Lyle Plc, Ajinomoto Co. Inc., and FMC Corporation. 

Growth Drivers:
  • Increasing awareness about importance of maintaining a proper personal care routine
Restraints & Challenges:
  • Low quality and quantity of raw materials 

Market Trends

The significant growth of fiber-rich products along with high nutritional supplement products is boosting the market growth. The increasing occurrences of gastrointestinal diseases, lifestyle diseases, and rising personal care spending will prompt the need for dietetic nutrition. Moreover, consumers’ positive perception toward dietary products coupled with the benefits provided by these products, such as bowel health and control of blood sugar & cholesterol levels, will create lucrative opportunities for the market.

Rising availability of vitamin-based supplements in departmental and other retail stores is the key factor fuelling the nutraceutical ingredients market. These products have a large acceptance among consumers owing to their visible benefits including protection from illness, youthful vigor, and good health. People across various age groups consume dietary supplements to meet their recommended dietary allowances. These supplements are available in different forms such as pills, tablets, powders, capsules, gel caps, and liquids.

 Figure 2. Global Nutraceutical Ingredients Market Value Share (%), By Application, 2021

NUTRACEUTICAL INGREDIENTS MARKET

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Recent Developments

  • In March 2022, Tate & Lyle,  British-headquartered, global supplier of food and beverage ingredients company acquired Quantum Hi-Tech Biological, which is a prebiotic dietary fiber business in China, for a value of US$ 237 million. The strategic acquisition will allow to strengthen the company’s dietary fiber market in China and Asia.
  • In February 2022, ABF Ingredients, a global leader in specialty ingredients acquired Fytexia Group, a developer of active ingredients for various dietary supplements. The strategic acquisition will allow to expand ABFI’s product portfolio in the nutritional, pharmaceutical, and food sectors.
  • In November 2020, Ingredion, an American multinational ingredient provider acquired Verdient Foods Inc., a producer of pulse-based protein concentrates and flours from peas, lentils. With this acquisition, Ingredion will be able to its manufacturing capacity and fulfil the customer demand for plant-based protein.

Competitive Section

Major players operating in the global nutraceutical ingredients market include BASF SE, E.I. du Pont de Nemours and Company, Cargill Inc., Archer Daniels Midland Company, DSM Nutritional Products, Ingredion Incorporated, Tate & Lyle Plc, Ajinomoto Co. Inc., and FMC Corporation. 

Frequently Asked Questions

Global nutraceutical ingredients market was valued at around US$ 3467.3 Million in 2021.

Increasing use of nutraceutical ingredients in pharmaceutical drugs, owing to its properties such as anti-aging, prevention in chronic diseases, cancer, and health improvement is one of the major factors that is expected to propel growth of the market over the forecast period.

Increasing medical incidences and rising availability of vitamin-based supplements in departmental and other retail stores are the main trends in nutraceutical ingredients market.

High prices of raw material production costs for nutraceuticals products is the major factor restraining growth of the nutraceutical ingredients market.

Major players operating in the market include BASF SE, E.I. du Pont de Nemours and Company, Cargill Inc., Archer Daniels Midland Company, DSM Nutritional Products, Ingredion Incorporated, Tate & Lyle Plc, Ajinomoto Co. Inc., and FMC Corporation

The market is estimated to grow at around 7.35 % CAGR in the forecast period (2022-2030).

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