Nutraceuticals
are products that give extra nutritional value to food, and help in
prevention and treatment of diseases. The nutraceuticals market can
be classified into functional foods, dietary supplements, medicinal
foods, and farmaceuticals. The market can also be segmented by its
usage in body building, diabetes control, pain relief, and weight
control. The nutritional requirement of a person varies according to
the age of the individual and hence this industry offers various
products according to demographics.
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An
increase in obese and diabetic patients on a global scale is the key
driving force for the market. The market contributes less than 10% to
the total food industry globally, but good growth opportunities are
available if proper business partnership models are practiced,
regulatory frameworks change, and consumer preferences are taken into
consideration. The nutraceuticals market is growing at a fast pace as
consumer awareness regarding health and fitness is increasing on a
global scale. Some of the benefits associated with the use of
nutraceuticals are delayed ageing process, prevention and treatment
of chronic diseases, and improved life expectancy. Some factors like
the changing lifestyle of the working population, affordability of
medical services and good media penetration is expanding the
nutraceuticals market in Asian countries.
The
high price of nutraceuticals products is one of the major restraints
to this industry due to the high cost of the raw material, higher
manufacturing cost, and lower profit margins. The absorption rate of
nutrients from these products is a major concern. Other challenges to
the industry are maintaining quality standards, safety, and
effectiveness. Some of the key participants in the nutraceuticals
market are BASF Group, Cadbury, Cargill, Bayer Healthcare, Clif Bar &
Company, Johnson and Johnson group, Jordan Cereals, and Herbal Life
International of America.
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