A new report published by the Freedonia Group says that the worldwide market for the entire nutraceuticals industry could total $21.8 billion by 2013 and the United States will supply the greatest number of consumers.
Based on their widely publicized health benefits, high demand is expected for nutrients like: soy proteins and isoflavones (for digestive health, lowering cholesterol and fighting off cancer); psyllium fibers (for colon health); omega-3 fatty acids (for cardiovascular health); probiotics (for gastrointestinal healh); lycopenes (for their antioxidants); calcium and magnesium (for bone and joint health), according to the market research firm.
The report estimates that world demand for nutrients and minerals will reach $12.6 billion by 2013.
The report also projects higher demand for vitamin formulations like non-genetically engineered vitamin E and natural vitamin A (beta carotene) supplements. Sales of multivitamins for adults and children are also expected to rise and the global demand for non-synthetic vitamins is expected to increase 5.9 percent annually to $7.1 billion by 2013.
Herbal as well as non-herbal extracts will also see significant increases, despite ongoing controversy about their alleged health benefits. Garlic for the heart, saw palmetto for the prostate, green tea to fight cancer, black cohosh for women’s health and glucosamine for bone health are slated to be the drivers in the category.
Reflecting an annual growth rate of 6.2 percent, nutraceuticals will find their largest market in the USA, but markets in China and India will be developing rapidly in the wake of economic growth and evolving production methods of increasingly diverse food, beverages and medicinal products.