The nutraceutical ingredients market is projected to be worth $38.7 billion by 2020 with a compound annual growth rate of 7.2 percent, according to a new report from analysts MarketsandMarkets.

The report, “Nutraceutical Ingredients Market by Type (Pre & Probiotic, Protein, Mineral, Vitamin, Carotenoid, Fiber, Phytochemical), Application (Food, Dietary Supplement, Animal Nutrition, Personal Care), Health Benefits & by Region - Global Trends & Forecast to 2020,” defines and segments the global market on the basis of various types, applications, health benefits, and regions, with analysis and projections of the market size of each of these segments in terms of value and volume.

Nutraceutical ingredients are natural bioactive, chemical compounds defined as part of a food or a whole food that have health-promoting, disease–preventing, or medicinal properties including the prevention and treatment of obesity, cancer, diabetes and high blood pressure.

According to MarketsandMarkets, key players in the nutraceutical ingredients market include: Cargill, Incorporated (U.S.), BASF SE (Germany), Archer Daniels Midland Company (U.S.), Associated British Foods (U.K.), Koninklijke DSM N.V. (The Netherlands), and E.I. du Pont de Nemours & Company (U.S.)

The Asia-Pacific region was the largest market for nutraceutical ingredients in 2014 and is projected to be the fastest-growing market from 2015-2020, followed by Europe. Analysts say the Asian market is being driven by increasing consumer awareness and growing incidences of chronic diseases such as gut diseases, high blood pressure, diabetes, and rickets.

 More information on the report can be found here.