Latin America Nutraceutical Ingredients Market is projected to register a lucrative growth by 2021
Latin America Nutraceutical Ingredients market is anticipated to grow at 7.86% CAGR from 2016 to 2021 and it is estimated that the Latin America market was valued at USD 3.81 billion in 2016 and is expected to reach USD 5.56 billion by 2021.
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Nutraceuticals are defined as the type of food or drink which, through the addition of certain active ingredients, can provide health benefits in addition to the basic nutritional values other foods offer. In addition to reducing the risk of chronic diseases, it also provides health benefits that could be physiological or mental, promoting growth, and enhancing the performance of body and mind.
The Latin America nutraceutical ingredients market is driven by the increased demand for nutraceutical ingredients due to the increasing awareness among consumers regarding healthy diet including nutraceutical ingredients. An increase in the incidences of chronic diseases and rise in the geriatric population is the key factor boosting the demand for the nutraceutical ingredient. There has been a significant increase in the usage of nutraceutical ingredients in the pharmaceutical drugs because of its properties such as anti-aging also aids the growth of the market. However, the high cost involved in R&D activities is restraining the growth of the market. Furthermore, growing consumption of nutraceutical ingredients is hindered by the rising trend toward of natural products (plant- or animal-based concentrates rich in certain ingredients) rather than industrially manufactured food and beverages or dietary supplements.
The Latin America market is segmented on the basis of Type, Health Benefit, Form and Application. On the basis of Type, it is segmented into Pre and Probiotic, Protein, Mineral, Vitamin, Carotenoid, Fiber, and Phytochemical. The fibers and specialty carbohydrate dominated this market segment due to the increase in the concerns over obesity and gastrointestinal disorders and rise in the consumption of food and beverage products with high level of nutritional benefits and fibers such as breakfast cereals, fortified juices, and bread. On the basis of Health Benefit, it is segmented into Gut Health, Heart Health, Bone Health, Immunity, Nutrition, Weight Management. On the basis of Form, it is segmented into Dry and Liquid. Nutraceutical ingredients in dry form accounted for the largest share in this segment of market. The process of formulating dry ingredients is relatively easier, especially while manufacturing high volumes. In addition, dry form helps in preserving the flavor and color of the food products and also provides benefits in terms of easy handling and storage, which is difficult with liquid ingredients. On the basis of Application, it is segmented into Food, Dietary Supplement, and Animal Nutrition. The dietary supplements segment is estimated to be the largest market for this segment of nutraceutical ingredients. An increase in the demand for sports and nutritional products and rising protein intake by athletes and fitness enthusiasts have a boosted the market growth.
On the basis of geography, the market is analyzed under various regions namely Argentina, Brazil and Mexico. The Latin America is at a nascent stage and projected to register a lucrative growth over a forecast period.
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Some of the Key Players operating the Latin America Nutraceutical Ingredients market are:
E. I. du Pont de Nemours and Company
Archer Daniels Midland Company
Associated British Foods plc
Koninklijke DSM N.V.
Ajinomoto Co. Inc.
Tate & Lyle PLC.
Market Segmentation for Latin America Nutraceutical Ingredients market:
By Form: Introduction, Dry Form, Liquid Form
By Type: Introduction, Pre and Probiotic, Protein, Mineral, Vitamin, Carotenoid, Fiber, Phytochemical
By Application: Introduction, Food, Dietary Supplement, Animal Nutrition, Disease Risk Assessment
By Health Benefit: Introduction, Gut Health, Heart Health, Bone Health, Immunity, Nutrition, Weight Management
By Geography: Brazil, Mexico, Rest of Latin America
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