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
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.
| 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: |
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| Segments covered: |
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| 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. |
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| Restraints & Challenges: |
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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
Recent Developments
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.
Nutraceutical ingredients are the ingredients that provide nutritive value to the food by providing vitamins, minerals, proteins and other valuable nutrients. Nutraceutical ingredients are gaining popularity owing to health benefits associated with consumption of these such as aiding in controlling blood pressure, obesity, cholesterol, and heart diseases. Therefore, nutraceutical ingredients are increasingly being used in dietary supplements, functional foods etc. Nutraceutical ingredients have become the part of daily diet for the consumers.
Market Dynamics
High consumption of vitamins by the geriatric population, coupled with growing health consciousness among the population, has accelerated the consumption of vitamin supplements on a daily basis for better health & fitness. Multiple health benefits of vitamins are encouraging consumers to include vitamins in their diets, which would promote product uptake. The demand for natural nutraceutical ingredients such as cranberry, garlic, ginkgo biloba, and ginseng extracts; glucosamine; and chondroitin has increased with the rising popularity of homeopathic remedies, preventive medicines, and self-treatment. For instance, in 2019, Medtate, a healthcare company, launched a new product named FemVita, especially for women, in the next five years, which will be formulated with nutraceutical ingredients such as probiotics and vitamins that will aid in improving hair, nails, teeth, skin, and immune system.
The nutraceutical ingredients market has witnessed significant growth owing to rise in concern about side effects and synthetic additives in conventional consumer food, which has led to increasing demand for natural additives. Nutraceutical ingredients help in prevention of numerous diseases. Increasing prevalence of heart diseases is anticipated to fuel growth of the global nutraceutical ingredients market. According to European Society of Cardiology in 2021, cardiovascular diseases cause around 4 million deaths every year, in Europe.
Key features of the study:
Detailed Segmentation:
“*” marked represents similar segmentation in other categories in the respective section
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