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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