ForeverGreen Capitalizing on the Rapidly Growing Nutraceutical Market
Growing Adoption of Healthy Lifestyle Drives Sales Growth for ForeverGreen
OREM, Utah--(BUSINESS WIRE)-- ForeverGreen Worldwide Corporation (FVRG), a leading provider of nutritional foods and other healthy products, today announced the nutraceutical market is one of the fastest-growing industries in the United States, according to a recent report by RNCOS. The industry, which includes dietary supplements and functional foods, was worth $71.8 billion in 2011 and is expected to grow at a compounded annual growth rate of 8% between 2012 and 2015. RNCOS predicts that the domestic nutraceuticals market will grow to $90 billion by 2015.
In addition, Global Industry Analysts, Inc. (GIA) announced the release of a comprehensive global report on nutraceuticals markets. The research report titled "Nutraceuticals: A Global Strategic Business Report" announced GIA Inc. provides a comprehensive review of the nutraceuticals market, key trends and issues, growth drivers, product overview, recent product innovations, strategic corporate deals, and profiles of major and niche global and regional players. The global market for nutraceuticals is projected to reach US$250 billion by 2018, driven primarily by the growing affinity among the general populace towards adopting a healthy lifestyle. Other factors fueling demand for nutraceuticals include higher disposable income in developing regions; evolution of innovative products, particularly for the beauty care segment; and emerging opportunities in other newer areas.
The worldwide nutraceuticals market continues to be driven by growing consumers' desire to lead a healthy life and avoid dependence on synthetic drugs. Performance-wise, nutraceuticals registered a steady growth pattern in the post-recession years. An aging population has been a major factor contributing to this growth of the nutraceuticals market. By the year 2020, the number of individuals who are aged 60 years and above is expected to surpass 1.0 billion, with 70% of this populace dwelling in the developing nations. The nutraceuticals industry is geared to meet the rising demand for health foods and healthy products. The trend toward personalized health nutrition is expected to provide solutions to successfully prevent, manage, and treat chronic medical illnesses. Also, the availability and accessibility of healthy foods in the developing nations, evolving understanding of the concepts that promote healthy living, and the launch of targeted foods and products scientifically formulated to address disease conditions are expected to support the growth of the nutraceuticals market in the near future.
Developing markets are expected to pitch in to drive future growth in both production and consumption of nutraceuticals, given the rapid pace of development of food and beverage, pharmaceutical and nutritional industries in BRIC nations (Brazil, Russia, India, and China), Mexico, Poland and South Korea. Also, the perceived status of nutraceuticals is changing among consumers due to its proven healthcare benefits. Other factors driving demand in these regions include economic prosperity, consumer disposable income and rising production activities.
"We have been advocating the healthy lifestyle for several years and it is good to see the growth patterns we knew were happening backed up by industry research. All of these trends are very positive for a company like ours. Consumers from around the world are demanding natural products which help their growing health concerns, especially as they age. Our company is experiencing some of the positive growth trends of the overall industry. Given the introduction of some new products, as well as new markets we have recently entered, we believe that we will see our annual revenues rise 25-30% in 2013. The growth in our higher margin products should continue leading to increasing profitability also," stated Ron Williams, CEO of ForeverGreen Worldwide.
ForeverGreen Worldwide Corporation develops, manufactures and distributes an expansive line of all natural whole foods and products to North America, Australia, Europe, Asia and South America. Offerings include their new global offering, Power Strips. Additionally, they offer Azul and FrequenSea™ whole-food beverages with industry exclusive Marine Phytoplankton, Versativa line of hemp-based whole-food products, A.I.M. Transfer Factor immune support, 03World™ weight management products, Pulse-8 powdered L-arginine formula, TRUessence™ Essential Oils and Apothecary, 24Karat Chocolate®, and an entire catalog of meals, snacks, household cleaners and personal care products. www.forevergreen.org
ForeverGreen Worldwide Corporation
Craig Smith, 801-655-5500
KEYWORDS: United States North America Utah
The article ForeverGreen Capitalizing on the Rapidly Growing Nutraceutical Market originally appeared on Fool.com.
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