According to Goldstein Research, “Due to increasing side effects of synthetic supplements, global population is shifting towards natural supplements because they have minimal and low ill effects. It provides extra benefits with the basic nutrients. As population is shifting towards natural supplements, key players are having an opportunity for the expansion of their business by attracting customers through their natural products.
The global nutraceutical market is segmented based on products, health benefits, application and end user. Application is further bifurcated into animal nutrition, functional food and personal care. Functional food dominated this segment because of their nutrition factor; they are the best alternative for normal medicine. They are expected to grow at as CAGR of 7.12% over the forecast period (2016-2024)
The emerging market of nutraceutical is expected to grow from USD 192 billion in 2016 to USD 300 billion in 2024 at a promising CAGR of 7.5 % over the forecast year i.e. 2016-2024 due to increasing number of chronic diseases such as arthritis, asthma, cancer and several other factors.
Geographically, Asia Pacific and Europe collectively holds more than half of the revenue share of global nutraceutical market. Europe region is expected to have a CAGR of 9.62% over the forecast period in global nutraceutical market. In Asia Pacific, India is expected to have a largest CAGR of around 13.52% over the forecast period (2016-2024).
Rising tendency of consumers towards natural ingredient to boost up the demand of nutraceutical: Major boost
Consumer’s preference towards natural ingredients is boosting up the demand of nutraceutical. Treatment of chronic ailments, rise in healthcare expenses and other benefits of nutraceutical are making customers to adopt natural ingredients and supplements rather than synthetic supplements.
Advancement in nutraceutical products: Innovation
Key players of global nutraceutical market are making new advancement in their products with the help of R&D team who not only make products from natural ingredients but also test the safety and purity. They also maintain a quality control of products. Soon Kool and Soothe Company will be launching roll on which will be helpful for migraine patients as it will give them a soothing relaxation.
“Global Nutraceutical Market Outlook 2024” contains detailed overview of the global nutraceutical market in terms of market segmentation by product type, by health benefits, application type and by end user type.
Further, for the in-depth analysis, the report encompasses the industry growth drivers, market challenges, risk analysis, market attractiveness, BPS (Base Point Scale) analysis, Porter’s five force model and SWOT analysis.
Global Nutraceutical Market Report also includes provides competitive outlook of some of the major players which includes profiling of companies such as E. I. du Pont de Nemours and Company, Emami Limited, Alkem Laboratories Limited, Amway, Archer Daniels Midland Company (ADM), Britannia Industries Limited, British Biologicals, Cadila Healthcare Limited, Cargill Inc, Dabur India Limited etc. The company profiles include business strategy, geographical revenue distribution, major information of the companies which encompasses business outlook, products, services and industries catered, financial analysis of the company and recent developments.
Overall, the report represents comprehensive synopsis on the global nutraceutical market that will help industry consultants, equipment manufacturers, existing players searching for expansion opportunities, new players searching possibilities and other stakeholders to align their market centric strategies according to the ongoing and expected trends in the future.
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