Selbyville, Delaware, June 02, 2022 (GLOBE NEWSWIRE) -- As per the report published by Global Market Insights Inc., the global Nutraceutical Ingredients Market was estimated at USD 46.95 billion in 2021 and is projected to surpass a valuation of USD 75.10 billion by 2028, progressing at a CAGR of 7% from 2022 to 2028. The report covers a comprehensive analysis of the market size and estimations, wavering market trends, drivers & opportunities, major investment pockets, top winning strategies, and the competitive scenario.
Nutraceutical ingredients consist of substances that are added to a range of functional foods and beverages with the purpose of enhancing their nutritive value, along with the taste, appearance, and sensory characteristics of end products. Increasing initiatives to introduce novel, superior quality products in the market to address the burgeoning demand from consumers for better taste, nutrition profile, and flavor would pave the way for market growth. Additionally, rising consumer preference for dietary products capable of controlling blood sugar & cholesterol levels and improving bowel health is likely to positively influence nutraceutical ingredients market growth in the future.
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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. Owing to these factors, the vitamins product segment was valued at more than USD 7.55 billion in 2021 and is slated to record substantial growth through the analysis timespan.
Meanwhile, the amino acids product segment is projected to grow at a CAGR of approximately 7.5% over the review period. Several uses of amino acids in various industries, such as animal feed, dietary supplements, and food & beverage, are speculated to augment segmental expansion through 2028.
Key reasons for global nutraceutical ingredients market growth:
- Growing consumption of protein-fortified functional foods.
- Increasing consumer interest towards adoption of vitamins in diets.
- Extensive scope of application of amino acids in various end-use sectors.
- Surging demand for organic & chemical-free ingredients in personal care products.
2028 forecasts show the ‘functional beverages’ segment retaining its dominance:
Based on application, the functional beverages segment is expected to depict over 6.5% CAGR through the assessment timeframe. Functional beverages help in increasing immunity, enhancing cognitive functioning, boosting energy, and weight management. Shifting consumer inclination from carbonated drinks to functional beverages due to increased health consciousness is anticipated to foster the segmental outlook over the forthcoming years.
Europe to maintain its top status in terms of revenue:
On the regional spectrum, the Europe nutraceutical ingredients market was valued at roughly USD 12.45 billion in 2021 and is poised to register significant gains through the forecast period. Robust growth in cardiovascular diseases in the region and changing lifestyles of European people are set to drive the demand for functional foods and beverages. Booming demand for packaged and ready-to-eat food & beverage products is primed to bolster nutraceutical ingredients market development in Europe.
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Impact of COVID-19 pandemic on nutraceutical ingredients market:
The COVID-19 outbreak escalated the demand for immune-boosting supplements like vitamins. By October 2021, the COVID-19 pandemic had already infected more than 230 million people worldwide. This increased the prominence of preventative healthcare and prophylactic measures, thereby fueling the consumption of health supplements among consumers to strengthen their immune response against the COVID-19-causing novel coronavirus, which has been favorable for market growth during the pandemic.
Leading market players:
Key market players operating in the global nutraceutical ingredients industry include Archer Daniels Midland Company (ADM), Cargill, Arla Foods, BASF, Roquette Freres, DSM, Ingredion, and Tate & Lyle, among others.
About Global Market Insights Inc.
Global Market Insights Inc., headquartered in Delaware, U.S., is a global market research and consulting service provider. Offering syndicated and custom research reports, growth consulting and business intelligence services, Global Market Insights, Inc. aims to help clients with penetrative insights and actionable market data that aid in strategic decision making.
