Published on : Dec 16, 2016
The global market for nutraceutical ingredients is led by a few leading international companies, thus making the competition among them intense currently. As Evonik, Danisco, DSM, Cargill, ADM, and BASF conquer a considerable share in the global nutraceutical ingredients market, it is likely to challenge other regional and global companies in terms of price and product differentiation. The chief aspects by which the level of competition is influenced are a shift in the preferences of customers and budding awareness among consumers. For a long term growth, it is imperative for the firms to invest in research and development undertakings. The market players are incessantly concentrating on enhancing their distribution and marketing channels, and are also probing for other commercial channels for promotion and market diffusion.
Body Building Nutraceutical Ingredients to Gain Wide Acceptance across Consumers
The four chief segments of the global nutraceutical ingredients market are pain relief, diabetes control, weight control, and body building. In 2011, the body building segment dominated the market closely trailed by weight control and diabetes control in the provided order. The body building segment is likely to touch a valuation of US$13.5 bn by the end of 2027. Body building nutraceutical ingredients were extensively consumed in Asia Pacific and the Middle East and Africa owing to the increasing consciousness among consumers regarding the health benefits of these ingredients. As people are getting conscious about their body build, mental state, and appropriate growth of the body, the demand for body building nutraceutical ingredients is also growing.
Mounting Disposable Income to Bode Well for Growth
The progress of the global nutraceutical ingredients market is augmented by the escalating per capita income of consumers and rising disposable income in developing countries such as Japan, China, and India. Owing to a preference towards a improved standard of living, many consumers are moving towards the consumption of nutraceutical ingredients. The flourishing economic conditions of consumers are also motivating them to purchase nutritious food products, thus driving the market for nutraceutical ingredients.
The global nutraceutical ingredients market is likely to expand at a significant rate over the forthcoming years. The market is projected to be worth US$29.5 bn by the end of 2017.