An increasing traction of internet across both the developed and developing countries has further supported the trend towards self-medication at the global level, with people taking informed decisions.
April 29, 2014 (Newswire) - The nutraceuticals industry has evolved massively over the years, with respect to the range of market offerings across the different geographic markets. The growth of the global nutraceuticals industry has been majorly driven by the rising consumption of these products from the developing countries.
In the past few years, many developing nations in the Asia-Pacific and Latin America economies have witnessed a transformation in their lifestyle and spending habits, mainly on account of growing urbanization, literacy and resilient economic growth. In addition, rising disposable incomes has further fueled the demand for nutraceutical products in these regions by increasing the affordability of these premium priced products.
This has provided an important impetus to the global nutraceuticals industry, which is experiencing an increasing shift towards the healthy food and beverages, visible across several nations. Rising health costs and advances in food technology and nutrition have also been the driving factors for the expansion of the nutraceuticals industry over the years.
Asia-Pacific has been the largest market for nutraceuticals in the world over the years, which recorded revenues worth USD ~ million in 2012. Japan has been the dominant market in this region and marked a share of ~% in the overall revenues of Asia-Pacific in 2012.
The proceeds of the global nutraceuticals industry have grown from a value of USD ~ million in 2006 to ~ million in 2012. The market across the globe is expected to develop further on account of growing demand from the developing countries such as India and Brazil. Moreover, a continuous and remarkable rise in the aged population across the world is anticipated to further propel the demand for nutraceuticals.
The global nutraceuticals industry is expected to grow at a considerable CAGR, reaching USD 424 billion by 2017, due to a strong impetus from ageing population and robust over-the-counter market in different countries. "Latin America is expected to post the highest growth over the span of 2012-2017, inclining at a CAGR of 12.5%. This growth will be majorly on account of increasing demand from Mexico and Brazil, which presently rank amongst the largest producers of the functional food and beverages", according to the research report published by Ken Research.
The report on "Global Nutraceuticals Market Analysis till 2017 - Emerging Markets in Asia-Pacific and Latin America to Drive Growth" provides detailed analysis of the in Asia-Pacific, North America, Latin America and Europe and related countries and helps the readers to identify the ongoing trends in the industry and anticipated growth in future depending upon changing industry dynamics in coming years. The report will help industry consultants, nutraceutical, functional food, beverages and dietary supplements manufacturers and distributors and other stakeholders align their market centric strategies according to ongoing and expected trends in the nutraceuticals markets