The global nutraceutical market has experienced maximum growth in the last decade. Although nutraceuticals as an industry emerged in the early 1990s, the world has witnessed its explosive growth in the first decade of this century.
A primary impetus for such growth is consumer demand; consumers are looking to follow healthy lifestyles and obtain optimum nutrition to keep diseases such as diabetes, high blood pressure and obesity at bay.
The global nutraceutical market was valued by Mordor Intelligence at around USD 205.39 billion in 2016 and is expected to reach around USD 294.79 billion by 2022, at a CAGR of 6.3% from 2017 to 2022.
The US nutraceutical market still represents the largest nutraceutical market in the world. Companies are looking to diversify their products and move towards natural nutraceutical ingredients in their product offering. The latter is a consequence of the push from US consumers, who are extremely health conscious and demand specific ingredients in the products they consume.
THE SECTOR IN EUROPE
Mordor Intelligence reports indicates that Germany, the Netherlands and Sweden have emerged as the key nutraceutical innovation hubs in Europe, while the United Kingdom and Spain have emerged as the key test markets for new products, with the European consumers demanding energy providing products that promote healthy teeth, strong bones, prevent digestive health issues, boost immune system and lower cholesterol.