Global Nutraceuticals Market Growth Stimulated by Shifting Trend Towards Personalised Nutrition - IMARCGroupThe global nutraceuticals market has witnessed significant growth over the past several years. This can be attributed to several factors such as new product launches, growing health consciousness among consumers, increasing disposable incomes, prevalence of lifestyle diseases, etc.
The new report published by IMARC Group titled, “Nutraceuticals Market Report: COQ10, Probiotics/Prebiotics, Taurine, Omega-3, Green Tea, Antioxidants, Calcium, Lycopene, B-Complex, Dietary Fibre, Collagen, Aloe Vera and Zinc”, finds that the global nutraceuticals market reached a value of US$ 266 Billion in 2018, exhibiting a CAGR of nearly 6% during 2011-2018. Nutraceuticals are food and beverages which cater to individual nutritional demands and offer health benefits beyond basic nutrition. Nutraceuticals range from fortified products (such as vitamin-fortified juices) to enhanced commodities(such as eggs with higher omega-3 content). These products can be required due to certain health conditions, professional needs or food allergies and intolerances, and can help enhance immunity and digestion, prevent chronic diseases, improve cognitive behaviour, etc.
Highlights of the Global Nutraceuticals Market:
- The shifting consumer preference towards personalised nutrition products remains the major growth driver.
- Digestive and immune health products dominated the market, representing the most popular indication type.
- The United States is the largest market, accounting for around a fourth of the global market.
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The market is currently being driven by a number of growth inducing factors. One of the major factors is the shift towards personalized nutrition which has enabled the manufacturers to provide products that are better suited to the individual health and nutritional requirements of the consumers. Furthermore, the increase in the aging population and the prevalence of lifestyle diseases, particularly in the developed regions, has encouraged the demand for nutraceuticals. Several other factors such asbetter understanding towards fitness, growing health concerns, lifestyle changes,increasing disposable incomes and demand from emerging regions are alsostimulating the global nutraceutical market. New product launches are further projected to strengthen the market growth. Owing to these factors, the market is expected to reach a value of US$ 403 Billion by 2024.
The report has examined the global nutraceuticals market on the basis of:
- Personalised Foods
- Personalised Beverages
- United States
- United Kingdom
Some of the major players operating in the industry include:
- PepsiCo Inc. (NASDAQ: PEP)
- Coca Cola (NYSE: KO)
- Yakult Honsha
- Kirin Brewery
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