Report Calls For Global Growth
A new report optimistically forecasts 6.2 per cent global annual growth of nutritional ingredients in the $6.3 billion global nutraceutical industry through 2006.
Published last month by US market analysts Freedonia Group, the report predicts that functional additives, such as lycopene, polyunsaturated fatty acids, psyllium fibres and soy isoflavones, will fare well because they can be easily applied to functional foods and beverages.
Herbal and related extracts such as saw palmetto, ginkgo and glucosamine are predicted to grow fastest. The report cites three main reasons for this assessment: expanding scientific evidence of health benefits, the popularity of alternative medicines and the rising cost of more expensive pharmaceutical drugs.
While the US, Western Europe and Japan will remain the largest producers and consumers of nutraceuticals, the report says China is poised to see the best sales gains.