#Nutraceutical #Ingredients #Market #Reach #USD #Billion
Newark, Sept. 30, 2022 (GLOBE NEWSWIRE) — The report published by The Brainy Insights shows that the global nutraceutical ingredients market is expected to grow from USD 163.8 billion in 2021 to USD 308.8 billion by 2030, at a CAGR of 7.3% during the forecast period 2022-2030.
Nutraceutical ingredients are substances added to various functional foods to increase their nutritional value to food and beverages. Nutraceutical ingredients help enhance the final food item’s taste, appearance, and sensory qualities. The increasing concept of “beauty from within” is rapidly trending among consumers, which has increased the consumption of nutraceutical products in pill form to avoid age spots, wrinkles, and grey hairs.
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Furthermore, the increasing demand for customized products has increased the development of innovative products. Manufacturers of nutraceutical products have started tracking consumers’ behavior to help improve their products. For instance, Metabolaid is an app developed to track individuals’ food consumption patterns to help them lose weight.
Competitive Landscape:
To enhance their market position in the global Nutraceutical Ingredients market, the key players are now focusing on adopting the strategies such as product innovations, mergers & acquisitions, recent developments, joint ventures, collaborations, and partnerships.
● In March 2020, Kerry Group invested USD 125 million to expand its manufacturing unit in Georgia, US.
● In March 2020, a new starch variety was launched by Tate & Lyle to expand its range of functional ingredients.
Market growth and trends:
The demand for nutraceutical ingredients has been growing owing to consumers’ increasing demand for nutraceutical products such as prebiotics, probiotics, and vitamins. Most of the nutraceutical’s ingredients are extracted from plants, animals, and microbes, which helps in providing extra…
Read on GNW: Nutraceutical Ingredients Market to Reach USD 308.8 Billion