Refrigerated Transport Market: Growth Opportunities and Recent Developments

  According to MarketsandMarkets, the global refrigerated transport market is estimated to be valued at USD 15.5 billion in 2019 and is projected to reach USD 21.6 billion by 2025, recording a CAGR of 5.8% from 2019 to 2025. The growth of the refrigerated transport market is attributed to the increasing trade of perishable commodities at a global level, as lower tariffs enable ease of cross-border movement of perishable goods. In addition, technological advancements in refrigerated systems, particularly technological solutions introduced by refrigerated transport service providers for reducing the environmental impact, are projected to enable their ease of operations.

Integration of multi-temperature systems is further projected to create growth opportunities for refrigerated transport service providers and frozen & chilled food product manufacturers. However, the market growth is projected to remain hindered due to challenges such as the maintenance of products during transportation, lack of infrastructure in emerging countries, and rise in fuel costs.

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Refrigerated transport services are gaining importance in the food industry due to the increasing demand for processed foods at a global level. The frozen and chilled food segments are projected to be the key revenue pockets for the refrigerated transport market in the near future. Developing countries such as India and Brazil are projected to create lucrative opportunities for frozen and chilled food manufacturers and service providers of refrigerated transport in the coming years.

Service providers are looking for new strategies to select transport modes with a view to cutting costs and increasing supply chain efficiency. Currently, intermodal transport is increasingly used in the food & beverage industry. Intermodal transport relies primarily on rail shipments and transports perishable commodities using multiple modes of transportation (trucks, ship, and air). Reefer containers are also utilized in intermodal transport. Service providers take advantage of the attributes of both trucks and rail shipping. Refrigerated railroad cars save considerable fuel and carry high volumes of perishable commodities than cargos over long distances. Refrigerated trucks, vans, and trailers transport delivers between rail terminals and the final delivery point. Intermodal rail shipments can reduce highway congestion and emissions. Their ability to control costs is a primary driver, which will benefit service providers and end users. A single rail shipment also conserves approximately 100,000 gallons of diesel fuel, and according to EPA estimates, it reduces CO2 emissions by 85,000 metric tons a year.

Therefore, service providers are considering the adoption of this mode of transport for cost reduction, improvement in efficiency, and reduction of environmental impact.

Multi-temperature trucks store different products at different temperatures using multiple-refrigeration systems. These trucks and trailers are segmented into flexibly sized compartments using curtain-like structures called skinny buns. Multi-temperature compartments are similar to single-temperature compartments and use control and monitoring systems that assess the temperature of the refrigerated environment at regular intervals. Retailers using single temperature trailers have to list multiple trucks to deliver shipments. However, multi-temperature trucks combine these shipments in one load. They increase the capacity by up to 60%, depending on the design and materials used. The use of multi-temperature refrigerated trucks reduces emissions and is economical. These trucks witness significant demand, particularly in developed countries.

The Asia Pacific refrigerated transport market is projected to witness a higher growth potential in the coming years. Frozen and chilled food products provide the option of convenience, along with maintaining nutrition and are increasingly preferred among consumers in the emerging economies of Asia Pacific, due to the rapid urbanization and increased spending capacities. For instance, in 2019, a survey conducted by ASSOCHAM (The Associated Chambers of Commerce and Industry of India) stated that the packaged food market in India is expected to reach USD 72.6 billion by 2020 from USD 31.7 billion in 2015. This growth is attributed to a surge in the consumption of frozen foods, dairy products, ready-to-cook/ready-to-eat foods, and bakery products, which in turn, creates the demand for refrigerated transport for convenient and efficient transportation of such products.

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Key Market Players

Key players (food & beverage) in refrigerated container market include General Mills (US), Conagra Foods (US), Kraft Heinz Company (US), Nestle (Switzerland), Associated British Foods (UK), Kerry Group (Ireland), Unilever (UK), Mccain Foods Limited (Canada), Samworth Brothers Limited (UK), and Iceland Foods Ltd. (UK). These players have opted for different organic and inorganic strategies to increase their market share. Nestle, one of the major players in the market, adopted a well-established distribution strategy, which made it possible to deliver products in both the urban and rural markets. It adopted various strategies such as acquisitions, expansions & investments, new product launches, and agreements in the frozen and chilled foods segment, which increased the usage of refrigerated transportation. In addition, with the increasing preference for on-the-go food products, the demand for chilled and frozen food is projected to increase, which in turn, helps the company increase its sales.

​Insect Repellent Active Ingredients Market to Witness Huge Growth by 2026

 According to MarketsandMarkets, the global insect repellent active ingredients market is estimated to be valued at USD 884 million in 2021 and is projected to reach USD 1,361 million by 2026, recording a CAGR of 9.0%, in terms of value. The growth in consumption of insect repellent products, growth in households, increasing vector borne diseases, and implementation of innovative animal husbandry practices to protect the animals from insect infections have led to the increased consumption of insect repellent active ingredients.

The North America region will dominate the global insect repellent active ingredients market due to the presence of large insect control service providers and their growth rate. Furthermore, the region has witnessed an increase in the number of households, particularly in countries such as US and Mexico.

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Insect repellents are used in different end-user application industries, such as residential buildings, commercial & non-commercial institutions, livestock and dairy farms, public spaces, hospitals, medical centers, and industrial sectors. Also, the number of service providers in the pest control market has witnessed a significant increase in recent years, driven by consumer demand for insect repellent products.  The demand of these products are majorly driven by rising vector-borne disease outbreak. According to a report published by the WHO in March 2020, vector-borne diseases account for more than 17% of all infectious diseases. These diseases cause more than 700,000 deaths annually. They can be caused by either parasites, bacteria, or viruses. During the last decade, there have been several outbreaks of life-threatening diseases, such as chikungunya, influenza, H1N1 virus, Zika virus, and dengue, mostly spread by insects’ vectors. The latest outbreak caused by insect vectors was the Zika virus outbreak (transmitted by A. aegypti and A. albopictus) in the Americas in 2017. Rising awareness of various benefits from the insect repellents is driving the market of insect repellent active ingredients globally.

Some of the key companies include Spectrum Brand Holdings Inc. (US), Reckitt Benckiser Group PLC (UK), Henkel AG & Co KGaA (Germany), MERCK Group (Germany), S C Johnson & Sons Inc. (US), Dabur (India), Godrej Group (India), PT Herlina Indah (Indonesia), Sawyer (US), BUGG Products LLC (US), Coghlan’s (Canada), Vertellus (US), Tropical Labs LLC (US), PelGar International (UK), Clariant AG (Switzerland), Lanxess (Germany), Sumitomo Chemical (UK) PLC (UK), Citrefine International Limited (UK), NK Chemiosys Pvt. Ltd. (India), and Shorgun Organics Ltd. (India).  

COVID 19 impact on insect repellent active ingredients market

According to the Department of Homeland Security, US, pest control services remain active during the COVID-19 pandemic, as it was categorized as an ‘essential service.’ During the lockdown, mosquito breeding, cockroach infestation, and rodent activities were expected to take root in vacant premises without pest control and undisturbed conditions. Also, due to the little movement of people, there were increased chances of pest proliferation in urban residential areas.

As the lockdown continues in many countries, people are turning to their backyards for exercise and relaxation, which moderately increases the risk of tick and mosquito infection if the backyard is not clean or has remained unattended for a long time. Some of the illnesses known to be caused by tick and mosquito bites include Lyme disease, Rocky Mountain spotted fever, and encephalitis. All these factors have boosted the demand and subsequent manufacturing of insect repellent products.

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Feed Additives Market to Witness Revolutionary Growth by 2026

 According to MarketsandMarkets, the global feed additives market is estimated to be valued at USD 38.1 billion in 2021 and is projected to reach USD 49.6 billion by 2026, recording a CAGR of 5.5%, in terms of value. The growth in consumption of animal-based products, growth in feed production, standardization of meat products owing to disease outbreaks, and implementation of innovative animal husbandry practices to improve meat quality have led to the increased consumption of feed additives. 

The European Commission defines feed additives as, “products used in animal nutrition for the purpose of improving the quality of feed and the quality of food from animal origin, or to improve the animals’ performance and health, e.g. providing enhanced digestibility of the feed materials. Feed additives may not be put on the market unless authorization has been given, following a scientific evaluation demonstrating that the additive has no harmful effects on human and animal health and on the environment.”

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Globally shift towards natural growth promoters driving the demands for feed additives

Antimicrobial compounds are commonly included in poultry diets for promoting growth and controlling diseases. The European Union banned feed-grade antibiotic growth promoters, owing to cross-resistance and due to the risk posed to the EU’s food safety and public health. Due to this, feed manufacturers are adopting new forms of natural feed additives apart from antibiotics with the help of new science. This new generation of growth enhancers includes botanical additives such as appropriate blends of herbs or plant extract. Herbs and plant extracts used as feed additives include different bio-active ingredients. These natural growth promoters predominantly include organic acids, probiotics, prebiotics, and so on. In addition to this, growing demands of feed additives from developing countries such as India, China, and Indonesia are also boosting the demand of feed additives. However, the growth of the market is restricted due to the stringent regulations in regions such as Europe and the price volatility of different feed additives.    

Some of the key companies in feed additives market are ADM (US), Cargill (US), DSM (Netherlands), DuPont (US), Evonik (Germany), and BASF (Germany) amongst others. These players are actively investing into developments of novel feed additives ingredients developments and thus developing newer feed additives based on them.  

COVID 19 impact on Feed additives Market

The impact of COVID-19 on the animal feed additives market directly corresponds to the condition of the HoReCa segment across the globe. In the pessimistic scenario, the hotel and tourism industry will continue to remain shut, and demand for meat and poultry products witness a decline, which shall negatively impact the feed additives market growth. Also, trade barriers between the countries may hinder export and will result in a shortage and price rise for feed additives. In the optimistic scenario, the COVID-19 wave is expected to subside, and the launch of effective vaccines will enable governments to lift lockdown or relax the social distancing norms. Declining mortality due to COVID-19 and immunization are some of the factors encouraging consumers to enjoy away-from-home food, which shall positively impact the market growth for the feed additives market. 

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Spray Drying Equipment Market : Business Opportunities and Global Industry Analysis

 The global spray drying equipment market size is estimated to be valued at USD 4.5 billion in 2020. It is projected to reach USD 6.0 billion by 2025, recording a CAGR of 5.7% during the forecast period. The market has a promising growth potential due to several factors, including the rising consumption of processed and RTE food products and technological innovation in the field of spray drying equipment.

Key players in this market include GEA Group AG (Germany), SPX Flow (US), Shandong Tianli Drying Technology & Equipment (China), European Spraydry Technologies (UK), Buchi Labortechnik AG (Switzerland), and Labplant (UK), Advanced Drying Systems (India), Freund Vector Corporation (US), Dedert Corporation (US), Carrier Vibrating Equipment Inc. (US), and Yamato Scientific America (US), Tetra Pak International SA (Switzerland), G Larsson Starch Technology AB (Sweden), Hemraj Enterprise (India), and Acmefil Engineering Systems Pvt. Ltd. (India).

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GEA Group develops and produces process technology and equipment for various industries such as food, pharmaceuticals, and chemicals. Engineering solutions offered by GEA range from single pieces of equipment to complete plants. The spray dryers offered by GEA cater to several food & beverage applications such as sugar and sweeteners for breakfast cereals, paste from a variety of fruits, berries & vegetables, beverage extraction & concentration, mixing of flavors & aromas, soy protein, food colors, cocoa mixture, amino acids, carbohydrates, starch, malt, low-calorie sweeteners, which include sorbitol and xylitol. The company undertook various expansions and partnerships for growth in the spray drying market. For instance, the company has partnered with Danone (Netherlands), which is a leading manufacturer of baby formula. The company uses spray dryers, which can guarantee reliable, high-quality, and consistent powders. For this, GEA configured and installed 5 MVR evaporators, along with 2 MSD spray dryers to provide an ideal solution for manufacturing a varied nutritional formula product portfolio. This has helped the company in acquiring new clients in the European region, as well as understanding the real-time need of customers.

In April 2016, GEA launched the MM-100 spray dryer, which is an addition to its Mobile minor spray dryer range. The timely modifications in design, according to consumer preference, have made the product a significant success, particularly in the pharmaceuticals industry.
The modifications made in the design of the existing products increase the product applicability, and hence, is increasingly preferred by the existing clients.

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SPX FLOW is one of the leading global suppliers of highly specialized engineering solutions and equipment. It has operations in more than 35 countries and sales in over 150 countries across the globe. The company particularly serves the food, beverage, oil & gas, power generation (nuclear and conventional), chemical processing, compressed air, pharmaceutical, and mining markets globally. The product portfolio of this company includes pumps, valves, mixers, spray dryers, filters, air dryers, hydraulic tools, homogenizers, separators, and heat exchangers, along with related aftermarket parts and services. The company offers engineering equipment under 15 categories, such as analyzers, clarifiers, dispersion equipment, dehydration equipment, dryers, evaporators, fittings, filtration equipment, heat exchangers, mixers, pumps, separators, strainers, systems, and valves. Spray dryers are offered under the dryers category and serve the global dairy, food, beverage, industrial, healthcare, pharmaceutical, starch, and ethanol industries.

In December 2017, SPX Flow partnered with dairy ingredient plants in Galicia, Spain. The company would set up new spray drying equipment plants for the production of infant formula and sports & clinical nutritional products. This would help the company in increasing its geographical footprint, as well as widening the applicability of its products.

Mushroom Cultivation Market: An Exclusive Study on Upcoming Trends and Growth Opportunities

 The mushroom cultivation market is estimated to account for a value of USD 16.7 billion in 2020 and is projected to grow at a CAGR of 4.0% from 2020, to reach a value of USD 20.4 billion by 2025. The global mushroom cultivation market is projected to witness significant growth due to factors such as the multiple health benefits of mushrooms, increasing per capita mushroom consumption, cost-effective production and rising demand for vegan and natural food in the diet and increasing health conscious population across the globe are some of the major factors fueling the demand for mushroom cultivation.

The higher per capita mushroom consumption and adoption of modern mushroom cultivation techniques in the Asia Pacific region is projected to drive the growth of the mushroom cultivation market

According to the China Business Research Institute, the country was the largest edible mushroom producer at a global level and reached an estimated annual yield of 38.42 million tonnes in 2017. This accounted for about 75% of the total global output. Furthermore, the CCCFNA Edible Mushroom Branch (2018) stated that the export of edible mushrooms was valued at USD 3.8 billion in the same year. According to a research paper, mushroom cultivation is the fifth-largest agricultural sector in the country, valued at USD 24.0 billion. The Asia Pacific is the leading region in the global mushroom production market. The per capita consumption in China, the largest producer of mushrooms in the world, is higher than any other country. The consumption of mushroom in Asian countries such as Japan, India, and others are increasing at a significant rate accredited by increasing production. Increasing vegan population and shifting trend toward nutrition-rich food have led to the market growth of mushrooms in Asian countries.

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Drivers and Restraints:

Market dynamics for mushroom cultivation continue to evolve on the basis key drivers and restraints. The rising demand for organic and healthy food products and owing its multiple health benefits and growing adaption in vegetarian diets among consumers at a global level increases the demand for mushroom cultivation. The key drivers and restraints in mushroom cultivation market are enlisted below.

Key drivers for mushroom cultivation include:

1.Multifunctionality of mushrooms
2.Cost-effectiveness associated with mushroom cultivation

Restraints impeding the market include:

1.Spawn production in developing countries

The total number of edible and medicinal fungi is over 2300 species. Cultivated mushrooms have become popular with over 200 genera of macrofungi and are useful for consumption. Most of them are cultivated on lignocelluloses (plant dry matter) waste materials and contribute to their recycling. The most common mushrooms that are produced and consumed are button mushrooms (Agaricus bisporus), shiitake mushrooms (Lentinula spp.), and oyster mushrooms (Pleurotus spp). The major mushroom types are enlisted below:

Top mushroom types of mushroom cultivation:

1.Button mushroom
2.Oyster mushroom
3.Shiitake mushroom
4.Paddy straw mushroom

Mushroom cultivation serves as a profitable business, as it can be grown indoors and provides income throughout the year since it can be grown in any season. As the cost of mushroom cultivation is low, and it requires less labor and promotes sustainable options, since it uses agriculture wastes as a substrate for growth, several companies are opting for mushroom cultivation. The leading players in mushroom cultivation market are listed below.

Top 10 players in mushroom cultivation include:

1.Monaghan Mushrooms
2.Walsh Mushrooms Group
3.Mycelia
4.South Mill Mushrooms Sales
5.Smithy Mushrooms Ltd.
6.Mushroom S.A.S
7.Hirano Mushroom LLC
8.Societa Agricola Italspawn di Valentino e Massimo Sartor
9.Fujishukin Co.Ltd.
Gourmet Mushrooms Inc.

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Top 5 Start-ups in mushroom cultivation include:

1.Rheinische Pilz Zentrale GmbH
2.Fresh Mushroom Europe
3.Commercial Mushroom Producers
4.Societa Agricola Porretta
5.Lambert Spawn

Dairy Alternatives Market: Competitive Landscape, Regional Outlook and Driving Factors

 According to MarketsandMarkets, the dairy alternatives market is estimated to be valued at USD 22.6 billion in 2020 and is projected to reach USD 40.6 billion by 2026, recording a CAGR of 10.3% in terms of value. Globally, the health benefits of dairy alternatives have led to their large-scale adoption in numerous applications. Factors such as changing lifestyles, growing health awareness, increasing instances of lactose allergies are further driving the global market. The Asia Pacific region will dominate the market due to the agricultural production base for plant-based sources.

Market Dynamics

Drivers: Growth in consumer preference for a vegan diet

Several consumers perceive a vegan diet to be healthy and prefer consuming dairy alternatives such as soy milk, almond milk, rice milk, and other plant-based milk as a substitute. Vegan diet followers and adopters of a healthy diet are the primary consumers of dairy alternatives that have propelled the market growth. The rise in awareness among consumers about the benefits offered by a vegan diet is one of the major factors propelling the demand for dairy alternatives across the world. A substantial increase in the vegan population has been seen in many major economies, such as the US and the UK.

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Restraints: Volatile prices of raw materials

The price of dairy alternative depends on the supply of raw materials, which is why there are price fluctuations. Oat milk and several other dairy alternatives face the problem of raw material unavailability, because of which prices increase. The price volatility stands as one of the biggest limitations for growth in dairy alternative beverage sales. Dairy alternatives are also obtained from natural sources. Changes in climatic conditions might result in shortage of raw materials, which can ultimately lead to volatility in the prices of raw materials. Thus, it hinders the growth of market.

Opportunities: Favorable marketing and correct positioning of dairy alternatives

The dairy alternatives market have huge growth prospects and its sales can be increased by adopting marketing strategies such as diversification and segmentation. The objective is to create more demand among consumers, such as lactose intolerants, trainers, health-conscious consumers, and vegans. Positioning the product at the right place through right sales channel will further contribute to the growing sales of dairy alternative products. Companies operating in this market space, need to accurately position themselves by expanding customer relationships and extending their reach. Appropriate labeling can further accelerate market growth.

Challenges: Limited awareness amongst consumers

Although the dairy alternatives market is growing tremendously, still there is limited awareness regarding the nutritional benefits offered by it, in the market. Some dairy consumers still feel that the nutritional content in dairy alternatives is lower than cow’s milk and contains lower content of essential nutrients. Such misconceptions are more prevalent among consumers in underdeveloped and developing countries due to lack of knowledge about the nutrition provided by dairy alternative products as well as lack of efforts that are put to educate them.

The Asia Pacific is projected to account for the largest market share during the forecast period

The global market is dominated by the Asia Pacific region due to the changing lifestyles of consumers and increase in consumption of clean label products. The dairy alternatives industry in the region is currently undergoing a dramatic transformation in response to rapid urbanization, diet diversification, and liberalization of foreign direct investment in the food sector. Consumers are also more aware about their health and wellness, which is further fueling the demand for dairy alternatives in the region.

The Asia Pacific dairy alternatives market is also driven by large economies such as China, Japan, and Australia. The overall investment in the region has increased substantially over the past few years, especially in China.

Key Market Players:

The Hain Celestial (US), Blue Diamond Growers (US), SunOpta (Canada), Sanitarium Health and Wellbeing Company (Australia), Danone (France), Freedom Foods Group (Australia), Earth’s Own Food Company (Canada), Triballat Noyal (France), Valsoia S.P.A (Italy), Panos Brands (US), Melt Organic (US), Oatly (Sweden), Living Harvest Foods (US), Ripple Foods (US), Kite Hill (US), Califia Farms (US), Hudson River Foods Inc. (US), Daiya Foods Inc. (Canada), Pureharvest (Australia), Yoconut Dairy Free (US), and Yumbutter (US).

By distribution channel, online stores is projected to grow with the highest CAGR in the global market during the forecast period

Based on the distribution channel, online stores will be the fastest-growing segment in the market. Online stores are easily accessible and are cost-effective. Online platforms offering dairy alternative products ease the purchasing process for the consumers. They offer wide variety of alternative dairy products to consumers at discounted prices as compared to traditional retail prices.

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By application, the milk segment is projected to account for the largest share in the dairy alternatives market during the forecast period

By application, the global market is segmented into milk, yogurt, ice creams, cheese, and creamers. Milk segment dominated the market owing to rising health concerns relates to lactose intolerance and hectic lifestyles of the consumers. Plant-based milk products are highly nutritious and are available in various flavors.

Nutraceutical Ingredients Market to Witness Huge Growth by 2025

 The nutraceutical ingredients market is estimated to be valued at USD 162.1 billion in 2020 and is projected to reach USD 227.5 billion by 2025, at a CAGR of 7.0% from 2020 to 2025. The growth of the nutraceutical ingredient market is driven by factors such as rising awareness regarding health & wellness among consumers and increasing demand for fortified food products. Key drivers for the market’s growth include increasing incidences of chronic diseases worldwide and mandates on food fortification by government organizations.

Nutraceutical Ingredients Market Dynamics

Driver: Increasing incidences of chronic diseases

The burden of chronic diseases is rapidly increasing worldwide. According to the WHO, by 2020, chronic diseases will account for almost three-quarters of all deaths worldwide, and that 71% of deaths due to ischemic heart disease (IHD), 75% of deaths due to stroke, and 70% of deaths due to diabetes will occur in developing countries. The number of people in the developing world with diabetes will increase by more than 2.5-fold, from 84 million in 1995 to 228 million by 2025. On a global basis, 60% of the burden of chronic diseases will occur in developing countries. Globally, there is a significant rise in the population suffering from chronic ailments, such as obesity, diabetes, blood pressure, and cardiovascular diseases. This has led to people becoming more conscious of their eating patterns. The link between diet and health is significant, and people are opting for healthier food. Consumers are also looking for options that provide the right combination of nutrition and taste. Fortified food ingredients cater to this pressing need by providing food formulators with ingredients offering specific functionalities and healthier alternatives. Hence, the entire health and wellness movement strengthens the demand for nutraceutical ingredients.

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Restraints: Higher costs of fortified products dissuading large-scale usage and adoption

Nutraceutical ingredients find a wide variety of applications, such as functional food & beverages, animal nutrition, pharmaceuticals, and personal care products. However, the inclusion of nutraceutical ingredients in food & beverage products, feed products, pharmaceuticals, and personal care products results in an increase in the prices of these end products. This, in turn, leads to lower adoption of such products, thereby stunting market growth. For instance, in comparison to traditional bottled water products, probiotic-infused bottled water products cost more. Despite these probiotic-infused bottled water products offering essential health benefits, such as better digestive and immune health, most consumers still remain unlikely to entirely adopt the product or replace their traditional bottled water consumption entirely. Therefore, the premium pricing of fortified products highly hinders market growth for nutraceutical ingredients during the forecast period.

Opportunities : Product-based and technological innovations in the nutraceutical ingredients industry

Personalized healthcare technologies are being rapidly adopted by various nutraceutical ingredient manufacturers to formulate better suited and customized end products for consumers. Consumer product companies are now increasingly collecting data to enable a proper analysis of purchasing behavior and lifestyle to provide consumers with tailored options in accordance with their purchasing patterns. For instance, in 2013, Tesco announced its intention to use its Clubcard information to be able to track various chronic illnesses that consumers pay heed to, for the provision of tailored solutions to promote healthier eating habits. This information not only aids consumer companies to come up with personalized dietary advice but also establish significant partnerships with different pharmaceutical companies to help personalize over-the-counter supplements. Apart from the study of consumer purchasing patterns, the personalization of nutraceutical products is also amplified by genomics by enabling treatments that are closely linked to an individual’s genetic profile. This provides a huge market opportunity for nutraceutical end-product manufacturers, whereby, linking a diet to a genome not only results in boosting health, but also reduces the chance of developing adverse health conditions, such as cardiovascular diseases, obesity, diabetes, or inflammatory bowel diseases. Such corroborated usage of technology with a dietary design is further expected to present unforeseen market growth opportunities for nutraceutical ingredient manufacturers.

Challenges: Consumer skepticism associated with nutraceutical products

Along with a growing consumer awareness about better dietary choices and increasing health awareness, there also remains an underlying consumer skepticism associated with the adoption of nutraceutical products. Although there are multiple factors, but the two major reasons that are hindering the consumer adoption of nutraceutical products are synthetic sourcing and unsubstantiated health claims. Health claims act as a major marketing and selling points for most nutraceutical ingredient manufacturers; however, when such claims do not result in successful fruition, consumer skepticism toward these products increases. Another factor hindering market growth for nutraceutical products is their formulation or synthetic sourcing. Most consumers do not prefer products that have been genetically modified to impart beneficial product characteristics. These factors act as major deterrents to market growth for various nutraceutical ingredient manufacturers.

By type, the probiotic segment is projected to account for the largest share to the nutraceutical ingredients market during the forecast period

The nutraceutical ingredients market, by type, has been segmented into probiotic, proteins and amino acids, phytochemical & plant extracts, fibers & specialty carbohydrates, omega 3 fatty acids, vitamins, prebiotics, carotenoids, minerals and others. The probiotic segment is projected to be the largest segment during the forecast period. Probiotic ingredients are becoming one of the essential ingredients for various health & nutritional applications as they have positive effects on overall human health. Owing to this, probiotic ingredient is widely used across various applications such as functional food, beverages, dietary supplements, and animal nutritional industries.

By application, the market for dietary supplement is projected to account for the fastest growing in the nutraceutical ingredients market during the forecast period

The global market, by application, has been segmented into food, beverages, personal care, animal nutrition and dietary supplement. The dietary supplement segment is projected to be the fastest-growing, by application, during the forecast period. The segment is growing because dietary supplements offer various health benefits such as improvement in the balance of the gut microflora, improvement of intestinal functions such as bulking and regularity, increased calcium absorption & improvement in bone density, enhancement of immune function, reduction in the release of toxins that can lead to fatty liver and other diseases, reduced risk of cardiovascular diseases, control of blood sugar, possible reduction of risk of obesity & metabolic syndrome, and improvement in abdominal pain, bloating, and constipation.

By form, the dry segment is projected to dominate the nutraceutical ingredients market during the forecast period

On the basis of form, the market is segmented into dry and liquid. A number of nutraceutical ingredients that are used in the dry form are vitamins, amino acids, prebiotic & probiotic premixes, proteins, and some minerals such as zinc and folic acid. These ingredients are extracted in dry form from several sources. For instance, vitamin C is extracted from acerola plant, protein powder, and fiber and amino acid from the hemp plant. The dry form preserves the flavor & color of food & beverage products and also provides benefits in terms of easy handling and storage, which is difficult with liquid ingredients. The dry form of nutraceuticals is available either in a tablet or capsule form in dietary supplements.

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Asia Pacific is projected to be the fastest growing market for the forecast period

The Asia Pacific nutraceutical ingredients market is completely driven by India, which accounted for nearly 31.5% of the market share in 2019. Factors such as changing lifestyles, changing dietary patterns, and growing awareness about nutrition are expected to drive the demand for nutraceutical ingredients in the country even more. Apart from this, rising hospitalization costs is forcing consumers to consume supplements and other nutrients such vitamins and minerals, in order to maintain their health. Consumers in the country are now willing to spend an additional amount for fortified products, which has increasingly helped manufacturers of nutraceutical ingredients to find a substantial market opportunity.