DUBLIN—Dietary supplement sales are up, especially in the United States, fueling the growth of the total global market of nutraceuticals, which includes functional food, functional beverages and dietary supplements, according to a new report from Research and Markets. The growth in North American region is primarily supported by U.S. consumers who are more conscious about health and food habits.
The report, "Nutraceuticals Product Market: Global Market Size, Segment And Country Analysis And Forecasts (2007-2017)," said the dietary supplement market will be fastest growing market during 2012 to 2017, which will help the North America and Asia Pacific nutraceutical markets reach a market share of 39.2 percent and 30.4 percent respectively in 2017.
The functional beverage market in United Statesis expected to have the moderate growing rate as compared to dietary supplement market in the region.
Protein and peptide supplements will support the growth of the Global nutraceutical market, according to Research and Markets. The non herbal segment of dietary supplement market is expected to have a steady growth rate during 2012 to 2017, and the omega fatty acid fortified food segment of functional food market will have a moderate growth rate during the forecasted period.
The Asia Pacific Nutraceutical product market is an emerging market in dietary supplements and functional food segment. Japan is the largest consumer of nutraceuticals, followed by China. The functional food market in India is expected to have the moderate growing rate as compared to dietary supplement in the region. The functional food and beverage market in India is expected to have 70.74 percent as compared to the dietary supplement in 2017.
The Eastern Europe Nutraceutical product is growing on account of high growth in functional food and dietary supplements. Russia is the largest consumer of nutraceuticals in the region. The growth in nutraceutical products taking place due to the increasing age of the population in the region. The Russia and Hungary nutraceutical market is expected to have a market share of 24.4 percent and 20.2 percent in 2017. The increase in disposable income of Eastern European consumer over the evaluation period 2012 to 2017 will also help in faster adoption of nutraceuticals product adoption in the region.
Recent Sales Figures
Functional food remained the fastest growing segment of North America nutraceutical market at 6.5 percent compound annual growth rate (CAGR) during 2007 to 2011. The non-herbals segment was the fastest growing segment of North America dietary supplement market during 2007 to 2011, whereas proteins and peptides market segment has the largest share of revenue of North America dietary supplement market in 2011.
Dietary Supplement market remained the fastest growing segment of Middle East and Africa nutraceutical market at 30.8 percent CAGR during 2007 to 2011. Non Herbals segment was the fastest growing segment of Middle East and Africa dietary supplement market during 2007 to 2011, whereas the proteins and peptides market segment had the largest share of revenue of MEA dietary supplement market in 2011.
Just because supplements are leading the way, doesn't mean functional foods and beverages aren't also experiencing growth. For more on how to market these products, attend the SupplySide MarketPlace education session, "Exploring the Global Market of Health-Positioned Food and Beverages; Exploring Future Growth Opportunities," on Wednesday, May 9, 2 p.m. to 4 p.m., Javits Center, New York.