World Nutraceutical Demand to Reach US$9.6 Billion in 2008 :Freedonia Group
CLEVELAND, OH - Aug 19, 2004 (BUSINESS WIRE) -- World demand for nutraceutical chemicals will advance 6.1 percent annually to $9.6 billion in 2008, serving a US$173 billion nutritional products industry. The strongest growth opportunities will remain in herbal and non-herbal extracts. Increasing scientific evidence of health benefits, widening worldwide acceptance by consumers and health professionals, and improving raw material quality will boost sales of natural and alternative medicines. Functional additives, particularly probiotics, omega-3 fatty acids, soy isoflavones and lycopene, are among other nutraceuticals projected to generate above average gains.
Through 2008, the developing nations of Asia/Pacific, Latin America, Eastern Europe and Africa/Mideast will provide the fastest growth for nutraceuticals. China will remain the fastest growing nutraceutical market as improving economic prosperity allows for the upgrading and diversification of national food and drug industries. The US, Japan and major West European countries will remain the largest global producers and consumers due to greater economic prosperity, healthier lifestyles and widespread consumer awareness of nutritional requirements.
World demand for nutrients and minerals will reach US$4.8 billion in 2008. Soy proteins and isoflavones, psyllium fibers, omega-3 fatty acids, probiotics and lycopene will generate the fastest gains based on applications in meal substitutes, energy drinks, and functional foods and beverages. Natural forms of vitamins A and E will provide the best growth opportunities among bulk vitamins due to performance and cost-effectiveness advantages over synthetic versions.
Increasing acceptance by consumers and medical professionals will push world demand for herbal and non-herbal extracts up 9.9 percent annually. Ginkgo biloba for enhanced cognitive properties, saw palmetto for benign prostatic hyperplasia, ginseng for energy boosting and black cohosh for post-menopausal symptoms will provide the best growth prospects among herbs. Glucosamine (in combination with chondroitin) will generate the fastest sales gains among non-herbal compounds due to proven benefits in arthritis management. These and other trends are presented in World Nutraceuticals, a new study from The Freedonia Group, Inc., a Cleveland-based industrial market research firm.
SOURCE: The Freedonia Group, Inc. |
