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According to a new technical market research report, "Nutraceuticals: Global Markets And Processing Technologies" from BCC Research, the global market for nutraceuticals was worth $117.3 billion in 2007. This is expected to increase to $123.9 billion in 2008 and reach $176.7 billion in 2013, boasting of a compound annual growth rate (CAGR) of 7.4 percent. (Click here to view the chart.)
The market is broken down into nutraceutical foods, beverages and supplements:
- Nutraceutical foods were the largest market segment in 2007 worth $39.9 billion. This is expected to increase to $40.6 billion in 2008 and $56.7 billion in 2013 for a CAGR of 6.9 percent.
- Nutraceutical supplements have the second largest market share, generating $39.0 billion in 2007 and an estimated $40.5 billion in 2008. This segment should reach $48.8 billion in 2013 with a CAGR of 3.8 percent.
- The nutraceutical beverages segment represents the fastest growing segment, and is expected to have the largest share of the market by 2013. This segment was worth $38.4 billion in 2007, and is expected to increase to $42.8 billion in 2008 and $71.3 billion in 2013 for a CAGR of 10.8 percent.
The global nutraceutical market is defined as aggregate sales of functional food, beverage and supplements fortified with bioactive ingredients, including fiber, probiotic, protein and peptides, omega, phytochemicals, and vitamins and minerals.
Currently, foods, beverages and supplements equally contribute about 33 percent each to the total global nutraceutical market. However, functional beverages are expected to overtake the other two markets. The supplement market, on the other hand, is nearly reaching saturation.
The total functional food, beverage and supplement market is known for premiumisation, and thereby makes the market fatter in terms of net sales. Moreover, the U.S. is leading the global nutraceutical market with more than 32.8 percent of the global market share.