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Nutraceutical Ingredients Market to Garner $327.3 Billion at a CAGR of 7.3% by 2031: Allied Market Research
The growth of the global nutraceutical ingredients market is attributed to the increasing shift of consumers towards natural food products and functional foods. Moreover, escalation in demand for probiotic dietary supplements and increasing awareness among the consumers regarding the importance of preventive healthcare will help the market grow in the coming period. On the contrary, high production costs of nutraceutical ingredients can create hurdles in the growth of the market. Nonetheless, growing investments in R&D will further create numerous growth opportunities in the market.
By application, the functional food & beverage segment held the highest market share in 2021 with around two-fifths of the total share. Growing demand for functional foods and beverages from fitness and sports enthusiasts is predicted to be the main factor behind this segment's growth. On the other hand, the dietary supplements segment is forecasted to have the fastest CAGR of 7.8% by 2031. The different health advantages offered by dietary supplements will play a huge role in the rise of this market.
By type, the probiotics segment accounted for the largest market share with around one-third of the total revenue. Health benefits associated with probiotics such as the reduced risk of cancer are anticipated to expand the scope of the market. On the other hand, the proteins segment is anticipated to have the fastest CAGR of 8.1% by 2031. The increasing importance of proteins due to the various roles played by them in the human body might aid the segment to register a significant growth.
By region, the Asia-Pacific nutraceutical ingredients market is likely to become the fastest growing industry with a CAGR of 8.1% during the analysis timeframe. The growing expanse of the pharmaceutical and food and beverages industry is predicted to be the main factor which might positively impact the market. On the other hand, the market in North America accounted for the highest market share in 2021 with nearly one-third of the total market revenue. Growing demand for nutraceuticals is predicted to push the growth of the market in the region.
The report also studies the major companies in the market and the different strategies adopted by them, including partnerships and acquisitions, to expand their foothold in the industry.
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