CHICAGO,
July 30,
2024 /PRNewswire/ -- The global
nutraceutical ingredients market, valued at USD 105.2 billion in 2024, showcases a remarkable
growth projection, anticipated to escalate to USD 136.1 billion by 2029, indicating a robust
compound annual growth rate (CAGR) of 5.3% from 2024 to 2029
according to a report published by MarketsandMarkets™.
Growing awareness and emphasis on preventive healthcare among
consumers have contributed hugely to the demand for dietary
supplements and functional foods fortified with nutraceutical
ingredients. Additionally, scientific research is also playing an
extremely important role as numerous studies have pointed out
possible health benefits of nutraceutical ingredients and
attributed them to disease prevention and management. An extensive
review conducted in 2021, for example, combined the results of
seven different studies involving 491 adults in India. In these studies, the effects of six to
eight weeks of ashwagandha extracts on stress and anxiety were
compared to placebos. Additional studies involving 250 adults in
the US and India confirmed the
significant reduction in stress and anxiety reported by
participants who received ashwagandha. Moreover, ashwagandha
extracts made from its leaves that contain substances like
triethylene glycol have been linked to improved sleep in mice. This
effect is assumed to be brought about by altering the brain's GABA
receptors, which control the activity of nerve cells linked to both
relaxation and stress. Such studies not only validates traditional
claims but also builds up consumer confidence and acceptance of
these nutraceutical ingredients.
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Social media's influence has also helped raise
people's interest in and knowledge of these ingredients. Social
media platforms such as Youtube and Instagram facilitate the rapid
sharing of personal testimonials and health trends, which shapes
consumer preference. Celebrities and influencers often flaunt
products containing nutraceutical ingredients, further boosting the
popularity of these ingredients. Furthermore, regulatory support
and improvements in extraction technologies have made the
production process more accessible and affordable for manufacturing
companies.
The growing popularity of the "beauty from
within" trend has driven substantial growth in the nutraceutical
ingredients market.
Nutraceutical ingredients are being consumed in
much greater quantities than just basic sustenance due to the shift
towards holistic health practices. Consumers now seek products
offering comprehensive health benefits that enhance both internal
well-being and external appearance. The nutraceutical company
Lightbody (US) CEO Kylen Ribeiro
stated in Wholefoods Magazine that the market for nutri-beauty
supplements has expanded dramatically, rising by 57% in 2019 and
expected to reach a valuation of USD 53.4
billion in 2022.
A significant trend driving this growth is
"beauty from within," highlighting the link between diet and
physical aesthetics. Rich in bioactive compounds, such as omega
fatty acids, proteins, and vitamins, nutraceutical ingredients thus
have a very significant role in enhancing hair strength, elasticity
of skin, and radiance. Hair loss conditions are said to affect 6.5
million men and 8 million women in the UK, according to The
National Health Service (NHS). This data suggests that the issue is
in fact quite common, and represents a large market opportunity for
products addressing hair health concerns, including nutraceutical
ingredients.
Rising cases of lifestyle diseases and increasing
awareness about the importance of nutrition drive demand for
nutraceutical ingredients globally. The products range from
ashwagandha extracts and beetroot extracts to fortified beverages
and snacks enriched with various nutraceutical ingredients such as
omega-3 fatty acids and probiotics.
The carotenoids segment within the type is
estimated to grow at the highest CAGR in the nutraceutical
ingredients market during the forecast period.
Carotenoids act as potent antioxidants,
protecting cells from oxidative stress and thereby supporting
overall health. Carotenoids such as lutein, astaxanthin, and
lycopene are increasingly sought after due to their diverse health
benefits and applications in both human and animal nutrition. They
are essential for maintaining the health of the skin, the eyes, and
the cardiovascular system (e.g., lycopene for lowering the risk of
heart disease, lutein and zeaxanthin for macular health,
astaxanthin for UV protection and anti-aging benefits).
Moreover, carotenoids such as astaxanthin have
shown promising results in enhancing productivity in livestock. For
instance, according to a National Library of Medicine report from
2022, astaxanthin supplementation increased milk yield in buffaloes
and mitigated heat stress in various livestock, including hens and
heifers. Thus, the demand for carotenoids is bolstered by their
integration into dietary supplements aimed at improving human
health and nutritional fortification in food and feed products.
The food segment within the applications is
estimated to dominate the nutraceutical ingredients market.
Since more people are becoming aware of the
positive impacts of these nutraceutical ingredients to their
physical and mental well-being, consumer preferences are shifting
more and more in favour of functional foods enhanced with
nutraceutical ingredients. An article published in November 2023 in Food Navigator Asia claims that
the idea of "punk nutrition" in China is a prime example of this trend, where
consumers are willing to spend money on health-supporting products
even in the face of stressful work environments. This includes
splurging on nutrient-dense foods like probiotic or prebiotic
biscuits and seasonal drinks with extra health benefits. This
market segment is very competitive, which encourages innovation in
the direction of products with distinctive value propositions and
shelf presence.
Moreover, the food segment benefits from its
widespread appeal and integration into daily diets, making it
accessible to a broader consumer base compared to other
applications. Manufacturers are tapping into this trend by creating
innovative food products tailored to specific health needs, such as
boosting immunity, improving digestion, and promoting
cardiovascular health. By focusing strategically on food
fortification, manufacturers are not only satisfying consumer
demand for convenient health solutions but also setting their
products apart and increasing their market competitiveness.
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Europe is
estimated to grow at a significant CAGR in the nutraceutical
ingredients market during the forecast period.
Increased public and private spending on
preventive care indicates that Europeans are becoming more aware of
the importance of preventive healthcare. For instance, the European
Commission reports that spending on preventive care increased to
6.0% of all health spending in the EU in 2021 from 2.9% in 2019,
indicating a shift in emphasis towards proactive health
maintenance.
Probiotics are a well-known category of
nutraceutical ingredients that are widely recognised and used
throughout Europe, according to
the International Probiotics Association Europe. There is a high
level of awareness as even among those who do not take probiotics,
56% are familiar with the term. One of the factors driving this
adoption is the belief, held by consumers and often reinforced by
the advice of medical experts, that probiotics improve general
health and well-being. Significant portions of the populations in
Germany, Spain, and Italy have indicated that they regularly
consume probiotic foods and supplements, indicating a sizable
market base.
According to a 2022 consumer survey by the
International Probiotics Association Europe, 41% of Italians, 38%
of Germans, and 44% of Spanish people are active consumers of
either probiotic foods or supplements. This trend is indicative of
a broader trend in Europe towards
using nutraceutical ingredients to support overall health and
well-being.
The key players in this market include Cargill,
Incorporated (US), ADM (US),
International Flavors & Fragrances Inc. (US), BASF SE
(Germany), Arla Foods amba
(Denmark), Associated British
Foods plc (UK), dsm-firmenich (Switzerland), Ingredion (US), Tate & Lyle
(UK), Ajinomoto Co., Inc. (Japan),
and Chr. Hansen A/S (Denmark).
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