Europe Nutraceutical Market - Growth, Trends, and Forecast (2019 - 2024)
The European nutraceutical market is forecasted to grow at a CAGR of 7.5% during the forecast period of (2019-2024).
In the European region, nutraceuticals are gaining importance and becoming a part of the consumer’s daily diet. The key reasons for this change have been the increased prevalence of lifestyle-related diseases and people taking preventive healthcare measures.
With the increase in life expectancy and subsequent increase in lifestyle-related diseases, nutraceuticals have emerged as a necessity for consumers, especially in a developed market, as the European region.
Functional food is the largest share-holding category of the market, followed by functional beverage and dietary supplements.
Functional beverage is the fastest-growing segment, and developing markets have growth potential for these beverages.
Scope of the Report
The scope of the market includes European nutraceuticals such as functional food, functional beverage, and dietary supplements. Functional food includes: Dairy, Bakery, Confectionary, Snacks, Cereals, and others. The Functional beverages market includes: Energy Drink, Sports Drink, Fortified Juice, Fortified Dairy, and Dairy alternative beverages, and others. Dietary supplements include: vitamins, By distribution channel, the market is segmented as supermarkets/hypermarkets, convenience stores, specialty stores, online retail stores, and other distribution channels.
Key Market Trends
Germany Dominates the Market
Germany holds the maximum market share of 14% followed by the U.K and France. Consumers in the UK greatly appreciated high protein products for its health-promoting properties, therefore increasing the target consumer base from traditional gym-goers and fitness fanatics to the general public. The most trending category having high protein fortification is breakfast cereals. Around 82 million consumers help make Germany the largest food & beverage retail market in Europe. Consumers in Germany tend to buy less and less often. However, they do demand high-quality products, including organic and health & wellness food products. The nutraceutical market in Germany is benefitted by the strong economy and low unemployment rate. The aging population is fueling the demand for functional beverages, to prevent or overcome health conditions. They consider functional beverages as the ‘meal bottle’.
Functional Beverage is the Fastest-growing Segment
The growing number of health-conscious consumers and their demand for health-based ingredient containing products are fuelling the European functional beverage market. Companies are taking measures to adapt their products to EFSA requirements. However, the process for regulatory approval is slow for health claims, owing to a heavily regulated market. Consequently, there is a huge problem for small innovative beverage companies in Europe. The European functional beverage market continues to capture the second-largest market share, owing to the growing demand for ‘Clean Label’ foods and growing health awareness. Consumers in Europe prefer a wide range of products, such as energy drinks, enhanced waters, and juices. While the introduction of advanced technologies, such as microencapsulation, is paving the way for manufacturers to start new ventures.
The nutraceutical market in Europe is witnessing heavy consolidations with major acquisitions being carried out in the local industry by some of the major players. Europe’s focus on the nutraceutical industry is on innovation and new product development, which has resulted in an increase in research and development expenses in the industry. In the European region, Germany, Netherlands, and Sweden have emerged as the key neutraceutical innovation hubs, which have already attracted many major companies into the region and looking at the rising opportunities in the market, many companies are eyeing the growing market.
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