Market Analysis - Journal of Food Technology and Preservation (2019) Volume 3, Issue 2
9th International Conference on Food Science and TechnologyNichelle A Mullins
President, Charter Oak Center, USA, E-mail: [email protected]
Throughout the last twenty years, deals in worldwide nutrition supplements have seen a phenomenal spike. This has empowered the new players to migrate into the business sectors with items that guarantee to create the remedy for youth, wellbeing, and essentialness. With reference to the Nutrition Business Journal report, the worldwide Nutrition and Food Supplements market remained at USD 116 billion starting from 2016. After 2 years it was around USD 128 billion all inclusive.
Current advancement and research in the field of Nutrition and Food Sciences are expected to develop and propose a novel and countless ideas and opportunities in the flourishing food science sector. Regardless of a wide range of contribution for R &D expects to boom its market value towards Nutrition and Food Science. Increasing awareness among people in association with the trending pharmaceuticals and Nutraceuticals supplements made people switch natural products from the natural source which eventually boomed the market value.
The modern and the current lifestyle improves the demand of the Nutrition supplements among every individual. The fast growth of Nutrition products is due to the significant improvement in the aging population and due to the growing awareness among an individual for their health and wellbeing. Eventually, the growing friction of internet in both developed, as well as developing countries, improved the self-medication trending and there is a shift towards the healthy food and beverages worldwide. The market value of Nutrition is estimated to register a CAGR of 7.5% during 2018-2023. Currently, the market value is around USD 9.7 billion and is further expected to reach USD 26 billion by 2023.
The food traceability technologies market should reach $ 17 billion by 2012 from $10.8 billion out of 2017 at a compound annual growth rate of 8.1% from 2018 to 2023.
The development and enhancement of dairy market is a gauge to moderate, with a CAGR of 4.1% in the vicinity of 2012 and 2019, reaching $92.4 billion out of 2023.