03.02.15
Increasing health concerns among consumers, growing government support through various subsidies, expansion in aging populations and advancing per capita income in developing countries are driving demand for nutraceuticals, according to a new report from BCC Research.
The global functional food and supplement market is highly fragmented, driven primarily by increasing consumer interest in more unique and personalized health solutions. The market has grown exponentially in the last few years, and this is expected to continue. The global nutraceutical market was worth nearly $160.6 billion in 2013 and is estimated to grow to nearly $241.1 billion by 2019, with an estimated compound annual growth rate (CAGR) of 7% from 2014 to 2019, according to BCC Research. North America and Asia-Pacific led the nutraceutical market and together accounted for 67.7% of share in 2013.
Despite a trend of reduced consumer spending in the wake of the economic downturn, consumers are still willing to invest in their health. “As consumers become more educated, they also have a desire to receive more personalized benefits,” said Natraj Pandal, BCC Research analyst. “Some companies are leveraging scientific developments to create further advanced and convenient delivery systems, such as gel packs that distribute a serving of whey protein.”
The global functional food and supplement market is highly fragmented, driven primarily by increasing consumer interest in more unique and personalized health solutions. The market has grown exponentially in the last few years, and this is expected to continue. The global nutraceutical market was worth nearly $160.6 billion in 2013 and is estimated to grow to nearly $241.1 billion by 2019, with an estimated compound annual growth rate (CAGR) of 7% from 2014 to 2019, according to BCC Research. North America and Asia-Pacific led the nutraceutical market and together accounted for 67.7% of share in 2013.
Despite a trend of reduced consumer spending in the wake of the economic downturn, consumers are still willing to invest in their health. “As consumers become more educated, they also have a desire to receive more personalized benefits,” said Natraj Pandal, BCC Research analyst. “Some companies are leveraging scientific developments to create further advanced and convenient delivery systems, such as gel packs that distribute a serving of whey protein.”
