Consumer Trends: Functional Foods Boost Nutraceutical Ingredients Market
NEW YORK, N.Y. (PRNewswire) — According to a new market report published by Transparency Market Research, "Nutraceutical Ingredients Market - Global Industry Analysis, Market Size, Share, Growth And Forecast 2007 - 2017," global nutraceutical ingredients market is expected to be worth USD 20.8 billion in 2012 and is further expected to reach USD 29.5 billion in 2017, growing at a CAGR of 7.3% from 2012 to 2017. The body building segment is expected to be the largest segment at USD 9.5 billion in 2012. In the overall global market, Asia Pacific region is expected to maintain its lead position in terms of revenue till 2017. Asia Pacific is expected to enjoy 37.5% of global nutraceutical ingredients market revenue share in 2017 followed by North America.
Increasing number of clinical studies confirming the health benefits of nutraceuticals and their broad applications in food, beverages, dietary supplements, and pediatric and adult nutritional preparations has provided support for the growing use of nutraceutical ingredients. Moreover, faster growth in consumption of nutraceutical ingredients worldwide, especially in developing economies has boosted the growth of nutraceutical ingredient market. In addition, increasing economic prosperity in developing countries including India, China, Brazil, Mexico, Russia,South Africa, South Koreaand Poland will enable consumers to spend more on health and nutrition. This will boost the future growth of the nutraceutical ingredient market.
Major segments of nutraceutical ingredients market include Body building, weight control, diabetes control and pain relief. In 2011, body building was the largest segment followed by weight control. The controlling diabetes segment was the third largest segment, accounting for 16.5% revenue share in 2011.
Amino acids and soy-based ingredients segments of body building market witnessed healthy growth rate during the review period (from 2007 to 2011). The growth in amino acid & soy-based ingredient segment is largely attributed to increased trend of fitness in most of the developing nations. The protein and peptide segment is also expected to have steady growth rate because of growing demand for nutritional diet and proper physic all over the world.
Nutraceutical ingredients presents opportunity for new entrants as well for existing players, due to the fact that most of the raw materials are abundant and product manufacturers are increasingly focusing on contract manufacturing outsourcing (CMO). Moreover, large product manufacturers are looking for backward integration, which will grow the competition into the market and will intern increase the market size of the nutraceutical ingredients.
This report is an effort to identify factors, which will be the driving force behind the nutraceutical ingredient market and its sub-markets over the next six years. The report provides extensive analysis of the nutraceutical industry, current market trends for better understanding of the nutraceutical ingredient market.