Dublin, Ireland—The nutraceutical market is on the rise, according to a new report from Research and Markets. An aging population and an increase in chronic diseases, the report says, are encouraging manufacturers to produce nutrition-rich products, which also plays into a growing consumer desire for fortified or functional foods.
That said, high costs associated with these products and consumer skepticism are projected to hinder the market.
The beverage segment is witnessing the fastest growth: Sports drinks, energy drinks, ready-to-drink tea and coffee-based beverages, and juices are in high demand. Protein-based beverages, too, are seeing increased demand, as are other fortified/functional beverages.
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The proteins & amino acids segment is projected to hold the largest market share during the forecast period, thanks to protein’s ability to increase nutritional levels. Amino acids may help build muscular tissues and optimize the immune system, leading to their increased usage in snacks and convenience foods.
North America is projected to account for the largest market share, due to increasing awareness among consumers about the health benefits of prebiotics, proteins & amino acids, and omega fatty acids.
Major players include Kraft Heinz Company, the Hain Celestial Group, Conagra, General Mills, Kellogg’s, Nature’s Bounty, and Nestlé.
The report can be purchased here.