As customers scuffle to keep up with the frantic lifestyles, the necessity for healthy nutrition rises owing to dearth of time to spend on laborious exercises. Customers are shifting their attention to swift and healthy food behaviours. Increase in intake of beverages and functional food has offered makers of nutraceuticals with money-spinning prospects to benefit from. Customers in developed economies are exploring healthy lifestyle possibilities to restraint the incidence of chronic diseases arisen due to unhealthy regime. These elements overall are expected to swell the demand for neutraceuticals universally in the coming few years.
The global nutraceuticals market is likely to multiply at a 7.3% CAGR between 2015 and 2021with a market value US$165.62 billion in the year 2014. The global nutraceuticals market is estimated to be valued at US$278.96 billion by 2021. Asia Pacific is anticipated to surface as the significant region in terms of ingestion due to the increase in disposable income of buyers in the region.
Due to the escalating cases of non-communicable chronic diseases, the demand for nutraceuticals is projected to rise considerably in the developing nations. As a result of the augmented number of disease through emergent economies, the healthcare expenditures in these nations have also enhanced. The high occurrence of chronic diseases such as cancer, lung disorders, diabetes, and cardiovascular illnesses in nations like China, Japan, and India, is expected to amplify the trade of nutraceuticals in these regions because of the upswing in healthcare disbursement.
The mounting demand to embrace nutraceuticals in animal food is likewise foreseen to thrust the development of the global nutraceuticals market. As buyers have turned out to be extra conscious about side effects of pharmaceuticals and cosmetic products, the call for natural beauty products has augmented considerably contributing to a rise in the sales of nutraceuticals. Contradictory to pharmaceuticals, nutraceuticals provide health aids as they are natural alternatives and are also obtainable easily minus the prescription.
Even though nutraceuticals have perceived a considerable progress over the last few years, their high expense is upsetting its consumption in emergent markets. As pharmaceuticals are usually less costly than nutraceuticals, a noteworthy population in emerging countries still prefer the intake of pharmaceuticals over nutraceuticals. Furthermore, the dearth of appropriate information about nutraceuticals is an additional factor constraining its market growth. Nevertheless, the usage of nutraceuticals in new applications is expected to offer makers with rewarding growth prospects.
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