Wellesley, Mass, March 16, 2017 (GLOBE NEWSWIRE) — New proprietary research by BCC Research predicts big growth in the global market for nutraceuticals. Rising health concerns, an aging population and growing per capita income in developing countries are driving the market to realize an estimated $285 billion in 2021, up from about $198.7 billion in 2016.
BCC Research’s Nutraceuticals: Global Markets reports that increasing consumer demand for nutraceutical products is helping market players to position themselves in the global market by launching a variety of new and innovative products, further expanding the global market.
- In the food industry, new technology like genetically modified (GM) foods for specific functions requires nutrients, a development that will boost revenues.
- Growing global industry regulation, new product launches and an upswing in acquisitions are pushing growth.
- Functional beverages dominated the global nutraceutical market in 2015 with a 36.0% share, followed by functional food with 32.5% and dietary supplements with 31.5%.
“A number of companies dominate the global market. By acquisitions, mergers and partnerships between nutraceutical manufacturers, food and beverages and healthcare companies, industry leaders are trying to introduce new nutraceutical products in the market,” says BCC Research Editorial Director Kevin Fitzgerald. “Introducing innovative nutraceutical products is becoming one of the key trends.”
Premium Pricing and Margin Expansion Sustain a Solid Market
Nutraceutical products can enjoy even 100% to 1,500% price premiums over the nearest ordinary competitive products. Premium pricing has become more acceptable to consumers as more of them become educated about their health and actively manage it.
“Despite a trend of reduced consumer spending in the wake of the economic downturn, consumers are willing to pay a significant premium for fortified or high-nutrition products. They’re investing in their health,” Fitzgerald observes. “These investments can be justified as a proactive alternative to costly treatment of disease. In turn, companies are increasing their spending on research and development to produce more efficient and functional products that deliver unique claims. They’re also spending more on branding and advertising products in spite of the economic slowdown.”
About BCC Research
BCC Research is a publisher of market research reports that provide organizations with intelligence to drive smart business decisions. By partnering with industry experts worldwide, BCC Research provides unbiased measurements and assessments of global markets covering major industrial and technology sectors, including emerging markets. For more information about BCC Research, please visit bccresearch.com. Follow BCC Research on Twitter at @BCCResearch.
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