Nutraceutical Ingredients Market Size, Regional Outlook, Growth Potential, COVID-19 Impact Analysis, Competitive Market Share & Forecast, 2021 – 2027
Report ID: GMI2223
Nutraceutical Ingredients Market size will grow at a robust pace from 2021 to 2027 with the expanding geriatric and obese population across the globe. According to a World Health Organization (WHO) factsheet, over 38 million children below 5 years of age were overweight or obese in 2019. The growing preference for balanced diets on account of the higher prevalence of chronic diseases and the surge in concerns pertaining to longer life spans are also some promising drivers accelerating the market penetration.
The increasing government support towards mandating food fortification is another impact rendering factor influencing the market growth revenue.
Nutraceutical ingredients mainly comprise prebiotics, protein & amino acids, carotenoids, glucosamine, chondroitin, omega 3 fatty acids, fibres & speciality carbohydrates, peptides, fibres, vitamins, minerals, probiotics, phytochemicals, and plant extracts. Out of these, the demand for fibres & specialty carbohydrates will see considerable expansion with the increasing incidences of gastrointestinal and obesity conditions. Apart from exhibiting beneficial effects in caloric restriction, the dietary fibres also help to improve some of the metabolic aberrations occurring in obesity.
In terms of form, the dry nutraceutical ingredients market is anticipated to gain substantial traction driven by benefits such as easy handling and storage. The dry form ingredients can be easily derived from several sources. Rising demand from dietary supplements and functional food applications to provide numerous health benefits and enhancements while limiting the instances of abdominal pain and constipation will add positive impetus to the dry powder product demand spurt.
Regionally, Asia Pacific will record substantial demand for nutraceutical ingredients owing to the rise in hospitalization costs and the increasing consumption of functional foods and beverages. The increasing awareness about nutrition among the regional consumers for effective health maintenance is another promising determinant fueling the nutraceutical ingredients market growth.
Archer Daniels Midland, Aker BioMarine (Aker Seafoods Holding AS), Nestle, Cargill, Barrington Nutritionals, PepsiCo, Sydler India, General Mills, Pharmachem Laboratories (Ashland Global Holdings Inc.), Groupe Danone (Sofina), Marlyn, E. I. du Pont, Royal DSM, and Balchem Corp. are some of the prominent nutraceutical ingredients manufacturers in the market.
Most of these health ingredient giants are turning to key business strategies, including acquisitions, partnerships, as well as capacity expansions, and are increasingly focusing on bringing innovations to their offerings to proliferate their global presence while sustaining competition.
In March 2019, Martin Bauer Group, a renowned botanical expert acquired BI Nutraceuticals. The partnership helped both the organizations to widen their portfolio of ingredients while increasing their footprint in the expansive manufacturing platform.
Impact of COVID-19 on nutraceutical ingredients market trends
The present COVID-19 crisis instigated a tremendous blow on the global economy considering its groundbreaking impacts on millions of businesses worldwide. The varying degrees of lockdowns, social distancing norms, and quarantine regulations on account of the spiking infection count led to the closing of multi facilities and industrial sectors. However, the nutraceutical sector is experiencing a positive outlook with numerous studies carried out on the role of bioactive compounds and food ingredients in supporting immune functions for the prevention and treatment of the disease.
The promising outcomes of the researches and the increasing supplementation of consumers diets with tannins, vitamins, polyphenols, bioactive lipids, flavonoids, and herbs are expected to boost the business prospects of the food and nutraceutical sector. Given the chronic prevalence of the pandemic and the rising level of health consciousness among consumers, the consumption of nutraceutical ingredients will also increase in the post-lockdown era.
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