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Nutraceutical Ingredients Market To Explore Excellent Growth In Future

(Food-Beverage-News.Com, June 29, 2021 ) The nutraceutical ingredients market is estimated to be valued at USD 162.1 billion in 2020 and is projected to reach USD 227.5 billion by 2025, at a CAGR of 7.0% from 2020 to 2025. The growth of the market is driven by factors such as growth in the demand for fortified food owing to the increasing health consciousness amongst consumers. Key drivers for the market’s growth include increasing incidences of chronic diseases worldwide and mandates on food fortification by government organizations.

Market Dynamics

DRIVER: Growth in the demand for fortified food owing to the increasing health consciousness amongst consumers

According to a survey conducted by the International Food Information Council (IFIC), in 2009, 87% and in 2011, 89% of the consumers in the US agreed that certain foods have health benefits beyond their basic nutrition. This shows the consumers’ increasing interest in learning more about functional and fortified food products. In 2013, according to the Business Development Bank of Canada, “health concerns are rising, and health awareness is growing among Canadian consumers and will continue to accelerate as the population ages, with 25% of the population over the age of 65 by 2031.” According to a study conducted by the United Nations Department of Economic and Social Affairs, in 2013, the rise in the aging population, coupled with increasing incidences of chronic diseases, has led to changes in eating patterns.

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Consumers’ concerns regarding nutrient inadequacy tend to be general in nature, rather than concern on a specific health condition or nutrient/component in their diet. Among the consumers who are concerned with nutrient inadequacy in food products, only 16% were concerned with the inadequacy of one or more specific nutrients without regard to general nutrient inadequacy. Most consumers are concerned about general health issues resulting from nutrient insufficiency, rather than one specific health problem. For nearly all the nutrients or food components surveyed, at least 6 in 10 consumers believed they get enough to meet their needs. Omega-3 fatty acids are the exception, as only 50% of consumers believed they get enough omega-3s to meet their needs

RESTRAINT: Higher costs of fortified products dissuading large-scale usage and adoption

Nutraceutical ingredients find a wide variety of applications, such as functional food & beverages, animal nutrition, pharmaceuticals, and personal care products. However, the inclusion of nutraceutical ingredients in food & beverage products, feed products, pharmaceuticals, and personal care products results in an increase in the prices of these end products. This, in turn, leads to lower adoption of such products, thereby stunting market growth. Over the past few years, there has been an increase in the demand for healthy alternatives of consumables as consumers have become increasingly conscious about the correct diet. Nutraceutical ingredients, when added to any kind of food & beverage product, result in the formation of functional food & beverages, which, in some way, impart a health benefit.

OPPORTUNITY: Product-based and technological innovations in the nutraceutical ingredients industry

Personalized healthcare technologies are being rapidly adopted by various nutraceutical ingredient manufacturers to formulate better-suited and customized end products for consumers. Consumer product companies are now increasingly collecting data to enable a proper analysis of purchasing behavior and lifestyle to provide consumers with tailored options in accordance with their purchasing patterns. For instance, in 2013, Tesco announced its intention to use its Clubcard information to be able to track various chronic illnesses that consumers pay heed to, for the provision of tailored solutions to promote healthier eating habits. This information not only aids consumer companies to come up with personalized dietary advice but also establish significant partnerships with different pharmaceutical companies to help personalize over-the-counter supplements. Apart from the study of consumer purchasing patterns, the personalization of nutraceutical products is also amplified by genomics by enabling treatments that are closely linked to an individual’s genetic profile. Epigenetics and nutrigenomics have identified that every individual has different nutritional requirements, and they respond to food in different ways. This provides a huge market opportunity for nutraceutical end-product manufacturers, whereby, linking a diet to a genome not only results in boosting health, but also reduces the chance of developing adverse health conditions, such as cardiovascular diseases, obesity, diabetes, or inflammatory bowel diseases. Such corroborated usage of technology with a dietary design is further expected to present unforeseen market growth opportunities for nutraceutical ingredient manufacturers.

CHALLENGE: Consumer skepticism associated with nutraceutical products

Along with a growing consumer awareness about better dietary choices and increasing health awareness, there also remains an underlying consumer skepticism associated with the adoption of nutraceutical products. While this skepticism stems from multiple factors, the two major reasons hindering consumer adoption of nutraceutical products are their unsubstantiated health claims and synthetic sourcing. Health claims act as a major marketing and selling points for most nutraceutical ingredient manufacturers; however, when such claims do not result in successful fruition, consumer skepticism toward these products increases. For instance, in 2010, Danone withdrew claims that Actimel and Activia boost the immune system and aid digestive health after doubts were raised regarding the same, by the European Food Safety Authority (EFSA) and the UK Advertising Standards Authority. As a result, manufacturers of such nutraceutical products remain highly stunted in the manner in which they are able to reach consumers, thereby hindering product adoption

The key players in the nutraceutical ingredients market include Associated British Foods (Uk), Arla Foods (Denmark), DSM (Netherlands), Ingredion Incorporated (US), Tate & Lyle PLC (UK), Ajinomoto Co., Inc. (Japan), Tate & Lyle (Ireland), Chr. Hansen (Denmark), Kyowa Hakko Kirin Group (Japan), Glanbia plc (Ireland), Fonterra Co-operative Group Ltd. (New Zealand), Cargill (US), ADM (US), DuPont (US), BASF (Germany) are the players that hold a significant share in the nutraceutical ingredients market.

Associated British Foods (UK) is a major player in the nutraceutical ingredients market. Associated British Foods was previously known as Food Investments Ltd. and changed its name in 1982. The company is engaged in the processing and manufacturing of food, ingredients, and retailing. It operates through five business segments, namely, sugar, agriculture, retail, grocery, and ingredients. The ingredients segment manufactures bakers’ yeast, bakery ingredients, and yeast extracts. The company offers nutraceutical ingredients through the ingredients segment.

The organization operates through its subsidiaries, such as AB Agri (UK), AB Mauri (UK), ABF Vista (UK), ABF Ingredients (UK), ABITEC Corporation (US), SPI Pharma (US), and Ohly (Germany). Among all subsidiaries of the company, ABF Ingredients (UK), ABITEC Corporation, and Ohly (Germany) holds significant market positions in the Americas, Europe, and Asia. SPI Pharma (US), is one of the prominent suppliers to the pharmaceutical, nutraceutical, and animal health products worldwide.

DSM is a global science-based company operating in the health, nutrition, and materials business. The company operates through five segments—nutrition, materials, innovation center, corporate activities, and partnerships. Its nutrition segment includes DSM Nutritional Products and DSM Food Specialties. The nutrition and food specialty segment of the company caters to different end-use application industries, such as food, feed, nutraceutical, infant nutrition, personal care, and pharmaceutical.

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The company offers nutritional supplements, such as vitamins, carotenoids, nutritional lipids, omega acids, premixes, and astaxanthin for both human and animal nutrition. These products are developed under its DSM Nutritional Products business. The company offers its nutraceutical ingredient products for the dietary supplements and food & beverage industry.

DSM offers feed additives through its animal nutrition & health division, which falls under the DSM Nutrition Products business. It offers a wide range of products that include carotenoids, eubiotics, vitamins, and feed enzymes for various animal species, such as aquaculture, poultry, ruminants, swine, and companion animals. The company operates in more than 40 countries with over 100 commercial production facilities.


Mr. Aashish Mehra


Source: EmailWire.Com
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