According to ChemAnalyst report, “Global Nutraceuticals Market: Plant Capacity, Production, Operating Efficiency, Demand & Supply, Technology, End Use, Distribution Channel, Region, Competition, Trade, Customer & Price Intelligence Market Analysis, 2015-2030”, global nutraceuticals demand stood at 3.21 Million Tonnes in 2020 and are forecast to reach 5.60 Million Tonnes by 2030, growing at a healthy CAGR of 5.75% until 2030. Growing population and changing consumer preference towards healthy food with high nutritious and pharmaceutical value is expected to drive the demand of nutraceuticals for the forecast period. Additionally, increasing awareness about nutraceuticals is also another factor propelling the demand.
Nutraceuticals are food products that have both nutrient and pharmaceutical value. Nutraceuticals are basically foods which are necessary for well being and can be considered as extra physiological products. They can be considered as food therapies used to promote general well-being, control symptoms, and prevent diseases. Nutraceuticals are of several types including functional foods which include cereal, confectionary, dairy, and snacks, functional beverages which include energy drinks, sports drinks, dairy, fortified juices, and others, dietary supplements which include vitamins, minerals, enzymes, botanicals, proteins, fatty acids, and others. Due to their healthy properties, they find application in food therapeutics, and gym supplements industry.
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Nutraceuticals is basically food having both nutritious and pharmaceutical value. Their major application areas are food therapeutics and gym supplements industry. Growing awareness about healthy and balanced diet is a factor propelling demand growth for nutraceuticals. There are many diseases which are caused due to over and under eating in terms of nutrition. There are other diseases which are related to the overall metabolism of the body. Nutraceuticals target both the nutrition and metabolism of the body and provide the body with good and balanced nutrition. There are customized diets available for different body types which can help in the well-being through food habits only.
Nutraceuticals are related to food. Hence, the price is directly linked to the fluctuations in the prices of food items. In the first half of FY20 sudden outbreak of novel coronavirus followed by a rise in the demand of packaged healthy food rendered a major rise in the global nutraceuticals, hence the prices remained high for nutraceuticals during the coronavirus pandemic. Demand has picked up in the recent quarters and is projected to grow due to increasing demand from Asia Pacific and North America.
Regionally, Asia Pacific dominates the global nutraceuticals market and holds the largest market share in FY20. Asia’s nutraceuticals market is anticipated to grow in the economies like China due to increasing demand of healthy packaged food. Additionally growing population and increasing awareness about health and proper diet is another factor supporting demand rise in Asia Pacific.
Archer Daniels Midland Company,
“Being linked to the food industry, the global nutraceuticals industry has shown a robust growth alongside growing population and changing consumer preference towards healthy food. Regionwise, Asia pacific holds the major share of global nutraceuticals demand due to increasing population and awareness about benefits of balanced and healthy diet. In Asia Pacific, China serves as the key growth region with sufficiently installed capacities for nutraceuticals. With new competitors emerging across the Asia Pacific nutraceuticals market, players anticipate that there will be sufficient supply demand gaps in future. At this, it is extremely important to keep an eye which region will grab the biggest market share in the upcoming years.” said Mr. Karan Chechi, Research Director with TechSci Research, a research based global management consulting firm promoting ChemAnalyst.
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