In
February 2015, the nutraceuticals industry came in the crosshairs of
Eric Schneiderman, New York Attorney General, as he launched an
investigation into the efficacy and safety of herbal dietary
supplements. Since then, several media reports have warned that
nutraceuticals could do more harm than good – reports that
stakeholders in this industry have criticized for being poorly
researched. Consumers, on their part, have become slightly wary of
impulsively adding nutraceuticals to their shopping carts, with
consumer groups demanding more ‘clean label’ nutraceutical
products.
It
will take more than signature markers such as ‘organic’ and
‘natural’ for companies in the nutraceuticals industry to contend
with the challenges that have cropped up on the regulatory front and
have been compounded by a slew of negative media reports. The global
nutraceuticals market is currently at a critical phase and the
stance it adopts in the coming year will determine much of its future
success, industry experts have opined. The long-term growth prospects
of the global nutraceuticals market, however, look promising.
Business intelligence firm Transparency Market Research, for
instance, has said that the nutraceuticals market will have a
valuation of US$278.96 bn by 2021. The market will reach this value
with a projected CAGR of 7.3% from 2015 to 2021.
Even
as the industry as a whole grapples with several regulatory and
consumer-confidence issues, there are solutions in sight. Here are
two opportunities that can be found in the current scenario:
Launching
more natural products that align with consumers’ wellness goals:
With the focusing now increasingly being on classifying what
constitutes a ‘natural’ ingredient, nutraceutical makers can
build consumer confidence by getting their products or key
ingredients certified by reputable organizations. DNA barcode
identification is expected to gain importance, especially when it
comes to extracted botanical ingredients. Companies can seize this
opportunity as a means to gain the trust of both consumers and
regulators. In the coming years, positioning products as miracle
cures for diseases and conditions would likely cause damage to the
identity of nutraceutical brands. Hence, launching products that are
more in line with consumers’ wellness goals with more realistic
promises is the need of the hour.
Creating
better integrity in the supply chain: Both functional foods and
nutraceuticals need robust supply chains that can adapt to the
frequent changes in regulatory mandates, ingredient stability,
consumer demand, and technologies. Currently, the nutraceuticals
supply chain is also bound by government regulations, with
regulations in each country having a different degree of maturity. In
several countries, the supply chain regulations that govern the
nutraceuticals industry are not as stringent as that for the
pharmaceutical sector. However, the safety and integrity of
ingredients remains paramount to the nutraceuticals supply chain as
well. In view of this, developing suppleness in supply chain
management would be integral to success.
While
North America is currently the largest regional market for
nutraceuticals, Asia Pacific is seen to be a very lucrative space
too. Countries such as India and China, with their massive population
base, are proving to be multibillion-dollar nutraceutical markets.
Browse
Full
Press
Release:http://www.transparencymarketresearch.com/pressrelease/global-nutraceuticals-product-market.htm
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