With recent advancements in technology, knowledge about food is now being used for the improving the quality of food. According to recent study, bioactive dietary components are said to benefit health by reducing risk of several chronic diseases. Rising number of aging global population and rise in the instances of chronic diseases are driving the changes in eating patterns. People are more concerned about their food intake, which is working in favor of the nutraceutical ingredients market. Hence, although in its developing stage, the industry has tremendous growth prospects for the future.
Scope of Research in Nutraceutical Ingredients Industry
Researchers analyze the global market in terms of value and demand across different components. The nutraceutical ingredients market is categorized on the basis of the applications, types, and geographic demand.
- Types: Probiotics, prebiotics, peptides, proteins, and amino acids, omega 3 fatty acids and other structured acids, minerals, vitamins, carotenoids, antioxidents, fibers, carbohydrates, phytochemicals and plant extracts
- Applications: Functional foods and beverages, dietary supplements, personal care and animal nutrition
- Geography: Europe, Asia Pacific, North America and rest of the world
Market Trends and Forecasting
Increasing health concerns and awareness about food products and health are driving people to make healthier choices. Customers are buying healthy foods that not only fulfill the need for essential nutrients, but can also protect them from various chronic diseases. Manufacturers are also taking note of this changing trend and trying to include nutraceutical ingredients in their foods to create healthier products. Rise in the number of aging population is also a strong driver for the rise in demand for integrated foods, beverages and personal care products.
According to the analysis, the global nutraceutical ingredients market is expected to grow at an estimated CAGR of around 7.4% from 2013 to 2018. As per these estimated figures, the market will grow from $23.8 billion in 2013 and go on to become worth more than around $33.6 billion by the end of 2018. During the forecasting period of next four to five years, the market is expected to witness strong trends in terms of innovation, rising applications and demand from different geographic regions. Geographically, countries from Asia Pacific region are poised to witness highest growth. Dietary supplements will dominate the applications segment.