LONDON--(BUSINESS WIRE)--The nutraceutical ingredients market is expected to grow by USD 11.47 billion during 2020-2024. The report also provides the market impact and new opportunities created due to the COVID-19 pandemic. The impact can be expected to be significant in the first quarter but gradually lessen in subsequent quarters – with a limited impact on the full-year economic growth according to the latest market research report by Technavio. Request a free sample report
Nutraceutical ingredients mostly include supplements and functional food ingredients that provide various additional health benefits, apart from basic nutritional needs. They are rich with various properties that are beneficial to the human body in a number of ways. Nutraceutical ingredients also help combat many major health problems that people face nowadays. For instance, nutraceutical ingredients, such as antioxidants, dietary fiber, omega-3 fatty acids, vitamins, and minerals, help to prevent cardiovascular diseases. They are also quite effective in relieving joint pain and reducing gut issues, hormonal imbalances, vision problems, and others. Such health benefits of nutraceutical ingredients are expected to drive the growth of the market.
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As per Technavio, the growing popularity of clean-label ingredients will have a positive impact on the market and contribute to its growth significantly over the forecast period. This research report also analyzes other significant trends and market drivers that will influence market growth over 2020-2024.
Nutraceutical Ingredients Market: Growing Popularity of Clean-Labeled Ingredients
Globally, clean-labeled and natural ingredients are gaining traction, owing to the shift in preference among consumers due to increasing health consciousness. In the US, more than three-fourths of consumers prefer to consume food and beverage products with clean-labeled and recognizable ingredients. Plant-based ingredients, including nutraceutical ingredients, are considered a unique source of clean-labeled ingredients with several nutritional and functional properties. Nutraceutical ingredients are derived from plant sources, such as fruits, vegetables, whole grains, and legumes. Thus, the rising preference for clean-labeled ingredients will drive the growth of the market.
“Factors such as the increasing demand for natural ingredients in food and beverage products, and the expansion of the global vegan population base will have a significant impact on the growth of the nutraceutical ingredients market value during the forecast period,” says a senior analyst at Technavio.
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Nutraceutical Ingredients Market: Segmentation Analysis
This market research report segments the nutraceutical ingredients market by application (functional food and beverages, dietary supplements, and others) and geography (APAC, Europe, North America, South America, and MEA).
The APAC region led the nutraceutical ingredients market in 2019, followed by Europe, North America, South America, and MEA respectively. During the forecast period, the APAC region is expected to register the highest incremental growth due to factors such as the recent increase in the number of food packaging industries, and the growing demand for plant-based ingredients.
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Some of the key topics covered in the report include:
- Vendors covered
- Vendor classification
- Market positioning of vendors
- Competitive scenario
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