Meticulous Research®—a leading global market research company, published a research report titled, ‘Nutraceutical Ingredients Market by Product Type (Vitamins, Amino Acids, Probiotic, Minerals), Source, Form (Liquid), Application (Functional Food, Functional Beverages, Animal Nutrition), End User, and Geography - Global Forecast to 2030.’
According to this latest publication from Meticulous Research®, the global nutraceutical ingredients market is projected to reach $317 billion by 2030, at a CAGR of 7.1% from 2023 to 2030. The growth of the nutraceutical ingredients market is mainly attributed to the growing demand for these ingredients in fortified food and beverage products, the rise in non-communicable chronic diseases, and the increasing use of nutraceutical ingredients in animal nutrition. However, the high cost of nutraceutical products and consumers' misbeliefs is expected to restrain the growth of this market to a notable extent.
The nutraceutical ingredients market is segmented by product type (vitamins, proteins and amino acids, probiotics, minerals, omega-3 fatty acids, fibers & specialty carbohydrates, prebiotics, phytochemical & plant extracts, and other products), source (naturally-sourced and synthetic), form (dry and liquid), application (functional food, functional beverages, dietary supplements, animal nutrition, and other applications), end user (food and beverage manufacturers, health supplement manufacturers, pharmaceutical manufacturers, animal feed manufacturers and other end users) and geography (North America, Europe, Asia-Pacific, Latin America, and the Middle East & Africa). The study also evaluates industry competitors and analyzes the market at regional and country levels.
Based on product type, in 2023, the vitamins segment is expected to account for the largest share of the global nutraceutical ingredients market. The large market share of this segment is attributed to the rising vitamin deficiency in the population across the globe with low nutritious food intake, growing veganism, high rate of metabolic disorders, and growing aging population.
Based on source, the naturally-sourced segment is slated to register the highest CAGR during the forecast period. The rapid growth of this segment is attributed to the high demand for organic or natural food, the growing concern regarding the side effects of artificial products on health, and increasing consumer awareness regarding natural foods and eco-friendly products.
Based on form, in 2023, the dry form segment is expected to account for the larger share of the global nutraceutical ingredients market. The large market share of this segment is attributed to the better handling & transport, ease of use, ability to avoid costly formulation errors, enhanced shelf life of dry ingredients due to the absence of water content, and ability to maintain the stability of the ingredient functionality until utilized.
Based on application, The functional beverages segment is slated to register the highest CAGR during the forecast period. The rapid growth of this segment is attributed to the growing demand for functional beverages in emerging economies, increasing demand for sports drinks, and a rise in health expenditure.
Based on end user, in 2023, the food and beverage manufacturers segment is expected to account for the largest share of the global nutraceutical ingredients market. The large market share of this segment is attributed to the factors such as the increasing demand for proteins from food & beverage products, the increasing vegan population, continued innovations in food with nutritious value, and growing health consciousness among consumers.
Based on geography, in 2023, North America is expected to account for the largest share of the nutraceutical ingredients market. The large market share of this region is attributed to the presence of high nutraceutical product manufacturers, growing vegan population, consumer awareness of nutraceutical products, and high investments in the research & development of food processing equipment.
Th nutraceutical ingredients market is characterized by a moderately competitive scenario due to the presence of many large and small-sized global, regional, and local players. The key players operating in the global nutraceutical ingredients market are Associated British Foods plc (U.K.), Arla Foods (Denmark), Koninklijke DSM N.V. (Netherlands), Ingredion Incorporated (U.S.), Tate & Lyle plc (U.K.), Ajinomoto Co. Inc. (Japan), Chr. Hansen Holding A/S (Denmark), Glanbia plc. (Ireland), Cargill, Incorporated (U.S.), BASF SE (Germany), and Kerry Group plc (Ireland).
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