The global nutraceuticals product market reached $142.1 billion in 2011 and is expected to reach $204.8 billion by 2017, growing at a CAGR of 6.3%, according to a new market report from Transparency Market Research, Albany, NY.

Asia-Pacific (including Japan) is expected to have the second largest market share after North America by 2017. The report, “Nutraceuticals Product Market: Global Market Size, Segment and Country Analysis & Forecasts (2007-2017),” also noted that in 2011, the functional food and beverage market reached $93 billion, registering a growth rate of 6% from 2007 to 2011. North America enjoyed the highest market share for nutraceutical products at $56.4 billion in 2011. Health-conscious consumers in the U.S. have been driving success in the region.

Global growth has been spurred primarily by dietary supplements. In this market, protein and peptides are expected to grow 6.6% during the forecasted period (2012-2017). Meanwhile, functional foods and beverages also make up a significant segment. The report predicted foods fortified with omega fatty acids will grow 6.7%.

Another report on the U.S. nutraceuticals industry, from Research and Markets, predicted sales will reach $75.3 billion by 2017, on 6% CAGR, driven by rising consumption of dietary supplements (which retain 37% market share) and the booming functional food and beverage market.

Rising health concerns, improving economic conditions, the growth of key demographics and an increased focus on e-commerce among consumers factor into market success. In addition, more mergers and acquisitions, new prebiotic/probiotic product launches and heart health-enhancing nutraceuticals will augment market growth.