Global nutraceuticals market stood at US$182.60 bn as of 2015, and will rise to US$278.96 bn by 2021

2024-04-01 08:03:43 Lifestyle

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The global market for nutraceuticals has exhibited a steady rise in recent years, thanks to the increasing demand for nutritional food in the global arena. The rise in the cost associated with medical treatment and healthcare has driven the interest of consumers towards nutraceuticals, owing to their ability to act as a substitute of OTC as well as prescription drugs.

A recent report published by Transparency Market Research (TMR), a market research and intelligence firm, states that the worldwide nutraceuticals market reached a value of US$182.6 bn in 2015. Analysts at TMR estimate this market to expand at a CAGR of 7.30% during the period from 2015 to 2021 and arrive at a value of US$278.9 bn by the end of 2021.

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Mexico Poised to Become Fastest Growing North American Nutraceuticals Market

North America has been leading the global nutraceuticals market for a decade now. The increased awareness pertaining to healthcare among consumers has been driving this regional market significantly.

The U.S. and Canada are the key domestic markets for nutraceuticals in North America, whereas the Mexico market is still in its nascent stage. However, analysts project the Mexico nutraceuticals market to gain impetus and become the fastest growing market in the region in the coming years. The increasing purchasing power of Mexicans is expected to become the key catalyst for this growth.

Major Manufacturers Targeting Japan, China, Brazil, and Australia

The nutraceuticals market in Asia Pacific follows the North America nutraceuticals market closely. The upgradation in the living standard of this region?s population has led to the rise of the Asia Pacific nutraceuticals market.

Japan, China, Brazil, and Australia have emerged as the key target markets for major international producers of nutraceuticals, resulting in the emergence of these markets as the most lucrative ones in this region as well as across the world.

Proactive Lifestyle to Drive Demand for Nutraceuticals in Middle East and Africa

The Middle East and Africa nutraceuticals market has also been showing impressive growth of late. GCC countries dominate this market and are likely to rise at the fastest rate in the forecast period. The increase in the geriatric population has propelled the demand for nutraceuticals in this region. Experts project the proactive lifestyle increasingly adopted by people in the MEA to drive the demand for nutraceuticals in this region over the next few years.

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Nestle Ltd., Cargill Inc., Archer Daniels Midland Co., Aland Nutraceutical Co., Royal DSM, BASF, Coca-Cola co., General Mills Inc., PepsiCo, DuPont, Cadbury, and Danone are the key players operating in the global market for nutraceuticals.

Other prominent participants in this market are General Nutrition Center Corp., Alpro U.K. Ltd., Danisco A/S, Johnson & Johnson, Herbalife Int. Inc., Clif Bar & Co, So Good Int., Kraft, Nutraceutical Int. Corp., Lonza Group Ltd., Biogaia, Boehringer Ingelheim, Dairy Crest Group, Galenica Ltd., Bayer Healthcare, Kellogg Co., and Yeo Valley Farms.