Nutraceutical ingredients market is estimated to reach up to $241.3 billion by 2027. Growing demand for fortified food, increased awareness among clients and consumers, and technological innovations in the Nutraceutical ingredients industry are key factors contributing to high compound annual growth rate (CAGR) within the forecast period.
What is a nutraceutical?
Nutraceutical can be described as a “food, or parts of a food, that provide medical or health benefits, including the prevention and treatment of disease”. In other words, it is a ‘natural remedy’ supplement. The claims of nutraceutical companies are often not backed by the FDA, which is why a company like Hawkscanner might be employed to check compliance. Nutraceutical ingredients are derived from sources such as animal, plant, microbial, and synthetic, which provide health benefits. The primary ingredients are developed into various applications such as food, beverages, dietary supplements, animal nutrition, and personal care products.
According to the current analysis of Reports and Data, the global Nutraceutical Ingredients market was valued at $142.1 Billion in 2018, and is expected to reach $241.3 billion by the year 2026. The industry comprises two principal segments: functional foods and nutritional supplements.
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