Europe Nutraceuticals Market (2023 - 2028):
The Europe Nutraceuticals Market is expected to grow at a CAGR of 2.5% during the forecast period 2023 - 2028.
Nutraceutical is a broader term used to describe products derived from food sources and includes additional health benefits. Consuming these foods is rich in nutrients and medically active foods such as garlic and soy, which help prevent and treat a variety of diseases. These functional foods also provide health benefits that reduce the risk of chronic diseases and basic nutrition. Nutraceuticals are products that provide additional nutritional and health benefits to the human body. It contains fortified nutrients such as taurine, CoQ10, antioxidants, calcium and zinc, and omega-3s to improve the overall health of consumers. These nutrients also help prevent medical conditions like high blood pressure, allergies, diabetes, and heart disease. Its demand is increasing around the world as nutraceuticals strengthen the immune and digestive systems and improve the cognitive behavior of consumers.
Increased awareness of calorie reduction and weight loss in the country is expected to promote the application of nutraceuticals, which in turn will have a significant impact on the growth of the European Nutraceuticals market.
Key drivers responsible for the growth of the Europe Nutraceuticals market during the forecast period include rising healthcare costs and a growing elderly population worldwide and the increasing application of nutraceuticals for treating malnutrition and cardiovascular diseases. The increasing propensity of the population to adopt a healthy diet is expected to provide a number of favorable opportunities for the Europe Nutraceuticals market growth during the period. The growing demand for functional foods is expected to strengthen the industry during the evaluation period. With the increasing incidence of various diseases, consumers have switched to healthier diet patterns to strengthen their immune systems. Fundamental changes in consumer eating habits are encouraging consumers to choose from a variety of functional foods. Additionally, the remarkable benefits these products provide are fueling the demand for functional foods, driving demand in the European Nutraceuticals market. Significant changes in consumer lifestyles driven by continuous innovation in the food industry are creating myriad growth opportunities in the European Nutraceuticals market. Europe Nutraceuticals market growth is driven by factors such as increased demand for fortified foods as consumer health awareness increases. Key drivers of the Europe Nutraceuticals market growth include the increasing incidence of chronic diseases around the world and the obligation to fortify food by government agencies. Nutraceuticals like natural herbs and antioxidants protect the skin from various diseases and infections. Therefore, the demand for nutraceutical ingredients in personal care products has exploded. With the advent of the COVID-19 pandemic, there is growing interest of consumers in consuming supplements that boost the immune system. It is also paving the way for market growth as demand for meat, poultry, and seafood products around the declines dramatically. The reason for these changes is the higher prevalence of lifestyle-related diseases and people receiving preventive health care. Due to increased life expectancy and the consequent increase in lifestyle-related diseases, nutraceuticals have emerged as a consumer staple, especially in developed markets such as the European region. The positive attitude of consumers towards functional foods is driving Europe's Nutraceuticals market growth primarily due to the additional health and wellness benefits these functional foods provide. The Europe Nutraceuticals market is poised to witness significant growth during the forecast period due to a growing demand for preventive care and an increase in therapies that stimulate demand for nutraceutical-containing products. Nutraceutical ingredients, such as natural herbs and antioxidants, protect the skin from various diseases and infections. Therefore, the demand for nutraceutical ingredients in personal care products is increasing rapidly. A growing senior population, changing lifestyles, rising health care costs, and expectations for food innovation and rising prices have all helped the European Nutraceuticals industry grow overall. With growing consumer interest in a healthy diet, the food and beverage market has flourished in recent years, and this trend is expected to continue throughout the forecast period. The demand for functional foods is believed to provide excellent health benefits due to their nutrient content. This is expected to further accelerate the growth of the European Nutraceuticals market.
Strict rules and regulations imposed by the governments of various countries are expected to hamper the Europe Nutraceuticals market growth during the review period. However, rising raw material production costs for nutraceutical products and limited manufacturing of quality nutraceuticals are certain factors hampering the growth of the European Nutraceuticals market. Additionally, lab-to-market pipelines for these products are often time-consuming. This is one of the key factors that increase the cost of production. Therefore, high R&D costs are expected to restrict the European Nutraceuticals market.
Europe Nutraceuticals Market Segmentation Analysis:
By application, the European Nutraceuticals market is segmented into Functional Food, Functional Beverages, Dietary Supplements, Personal Care, Animal Nutrition, and Others. The functional food segment is leading with the dominant shares of the market, whereas the dietary supplements segment is holding the highest CAGR.
Impact of COVID 19 on the Europe Nutraceuticals Market:
The COVID-19 outbreak is likely to have a positive impact on the European Nutraceuticals market. As the need to strengthen immunity increases, the demand for functional foods is expected to increase significantly in the COVID era. The increase in COVID-19 cases around the world is expected to expand the market that could strengthen the European Nutraceuticals market.
Europe Nutraceuticals is expected to gain significant market share during the forecast period. The regional growth of the market can be attributed to the participation of prominent players who have made a significant contribution to strengthening the market. Germany's nutraceutical market benefits from a strong economy and a low unemployment rate. An aging population is increasing the demand for functional beverages to prevent or overcome health problems. They consider functional drinks like food bottles. Consumers in the UK appreciate protein-rich products for their health-promoting properties, increasing their target consumer base, from traditional gym enthusiasts and fitness buffs to the general public are driving the UK Nutraceuticals market. The trendiest category with high protein fortification is breakfast cereal. The growing demand for immune boosters is expected to further expand the Spain nutraceuticals market during the forecast period. With the growing trend to change eating habits among consumers, the demand for France nutraceuticals market demand is likely to increase.
Key Players in the Market:
Key market players In the European Nutraceuticals market include Cargill Incorporated, Archer Daniels Midland Company, BASF SE, Royal DSM NV, Groupe Danone SA, Nestle SA, Gamajet, Blytheco, Balchem Corp, Pharmachem Laboratories, Aker BioMarine, Alpha Packaging, Premier Nutraceutical Pvt Ltd, Barrington Nutritionals., Marlyn Nutraceuticals., PepsiCo Inc., EI du Pont de Nemours and Company, General Mills Inc and Aland (Jiangsu) Nutraceutical Co., Ltd.
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