San Jose, CA (PRWEB) February 26, 2008
Global nutraceuticals market is projected to witness healthy growth to cross US$187 billion in sales by 2010. The United States, Europe and Japan dominate the global market, with the combined share estimated at about 86% for 2007. The three regional markets would continue to hold on to their leading position as global producers and consumers of nutraceuticals due to high-income levels of consumers, greater awareness and widespread preferences for specialty nutritional and herbal products, and trends promoting preventive medicine and self-treatment. An expanding proportion of elderly population, enhanced awareness about health and nutrition and availability of scientific evidence linking diet and health are major factors contributing to the strong growth being witnessed in the worldwide nutraceuticals market. Escalating costs associated with healthcare constitutes another factor that is pushing the demand for self-medication and healthy foods.
The United States is estimated to account for over 32% share of the sales in 2007, as stated by Global Industry Analysts, Inc. Buoyed by the robust Chinese and Indian nutraceutical markets, the Asia-Pacific market is expected to record exceptional gains in nutraceuticals arena, resulting from rising economic prosperity. Asia-Pacific is set to emerge as the fastest growing
functional foods market over the review period.
Dietary supplements segment is fast approaching maturity levels, particularly in developed regions. The maturity is expected to reflect in future performance of dietary supplements segment in the form of relatively low growth, thereby adversely affecting the profit generation capabilities of market participants. The United States is the leading dietary supplements market with sales estimated at US$21 billion for 2007. Growth in the herbal supplements market slowed down in recent years, partly due to negative media environment, especially concerning drug interactions, and partly due to consumers demanding specific products for specific ailments. Functional foods constitute a fast moving segment in the nutraceuticals market, driven by the rising health awareness among consumers. The demand for healthier foods or food ingredients is likely to intensify as baby boomers seek ways to keep themselves free from age-related chronic health problems.
Competition in the industry is driven by several factors such as price, safety, efficacy, packaging and brand loyalty, among others. With growing similarity among products and formulations, maintaining consumer brand loyalty is emerging as a critical yet complex issue. Global nutraceuticals market is characterized by intense competitive conditions, as a result of which consolidation activity has gathered momentum. Consequently, large pharmaceuticals companies are taking over smaller and regional players to boost their position in the intensely competitive market.
The report titled "Nutraceuticals: A Global Strategic Business Report" published by Global Industry Analysts, Inc., offers a comprehensive analysis of the industry structure, market drivers, issues, trends and competition. The study analyzes recent past, current and future market data and analytics over the period 2000-2010 and long term projections (2011-2015) for regions including the United States, Canada, Japan, Europe, Asia-Pacific, Latin America and Rest of World. Segments analyzed in the study include Dietary Supplements (Vitamins, Minerals, Herbals, Non-Herbals and Others), and Functional Foods.
The report discusses key players in the global and regional nutraceuticals market including Bactolac Pharmaceutical, Inc., Archer Daniels Midland Company, BASF Human Nutrition, Bayer Healthcare AG, Ceapro, Inc., GlaxoSmithKline plc, Laboratoires Arkopharma SA, Leiner Health Products, Mead Johnson Nutritionals, Inc., Natrol, Inc., Nestl