DALLAS — MarketsandMarkets projects the nutraceutical ingredient market will grow from $23.8 billion in 2013 to $33.6 billion in 2018, with a compound annual growth rate of 7.2%, according to a report released Tuesday.
Growing awareness and reliability on the nutraceutical products is offering a strong consumer base for the market, the company noted. Nutraceutical ingredients are essential for various health purposes and prevent chronic diseases that may occur due to lack of required nutrients in the body. With changing lifestyles, consumers are tilted towards healthy diet and are more concerned about the consumption of healthy nutrients due to fear of deficiency and chronic diseases. "Therefore, the market for these ingredients is getting a push and is served with wide opportunities," MarketsandMarkets stated.
Dietary supplements form the major application of nutraceutical ingredients. The market for dietary supplements is expected to reach $13 billion by 2018, whereas a functional beverage is expected to experience the highest growth rate of 7.4% from 2013 to 2018.