Functional food and nutraceuticals: Key market research findings
- Growing popularity of multi-herb supplements
- Rise in health awareness among aging population
Technavio has released a new market research report on the global functional food and nutraceuticals market, which is expected to grow at a CAGR of close to 8% between 2016 and 2020. Functional food and nutraceuticals comprise functional food, functional beverage and dietary supplement. The rising healthcare costs have prompted customers to turn to alternative and preventive healthcare practices to minimize the spending on treatments and medications. This has accelerated the consumption of functional food and nutraceuticals, owing to their several health benefits. North America occupies 40% of the overall functional food and nutraceuticals market, owing to the rising awareness of the benefits of a healthy diet, affordability and the availability of these products in the region.
The new industry research report from Technavio discusses in detail the key drivers and trends responsible for the growth of this market and its sub-segments.
“One of the latest trends gaining traction in this market is the growing popularity of multi-herb supplements. Multi-herb supplements are a combination of beneficial herbs that benefit different aspects of health including heart and cardiovascular health, libido, digestion, energy, sleep, and immune function. For instance, NOW Sleep by NOW Foods is a combination of herbs that help the consumer sleep better. It comprises standardized extracts of valerian and hops traditionally used to relax the nervous system. Due to multiple advantages provided by multi-herb supplements, its demand is expected to increase in the coming years,” says Amber Chourasia, Lead Analyst, Lab Automation and Health and Wellness, Technavio Research
Consuming functional food and nutraceuticals help users save time spent on cooking wholesome meals and exercising. Nutritional supplements are in high demand in this market, as these products prevent age-related disorders, maintain blood sugar level, lower cholesterol levels, and decrease the risk of diseases. Vendors in the market are focusing towards making their products available online. They are interacting more with the consumers to educate and motivate them about wellness and weight management programs. The rise in interest in health and wellness products, especially among older individuals has boosted the sales of functional foods and nutraceuticals
The leading vendors in the global functional food and nutraceuticals market include BASF, Coca-Cola, Kellogg, Nestlé, and PepsiCo. This market is extremely fragmented due to the presence of various large and small vendors that deal with niche segments. The providers in this market compete in terms of price, quality, product differentiation, distribution, and promotion to gain maximum market prominence during the forecast period. The competitive environment is likely to intensify with an increase in product or service extensions, product innovations, and M&A.
A more detailed analysis is available in the Technavio report, Global Functional Food and Nutraceuticals Market 2016-2020.
We can customize reports by other regions and specific segments upon request.
Other related reports:
- Global Naturally Healthy Foods Market 2016-2020
- Global Health and Wellness Food Market 2015-2019
- Global Dietary Fiber Market 2016-2020
- Global Tea Polyphenols Market 2015-2019
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