A
nutraceutical mainly refers to a standardized nutrient and a
pharmaceutical grade. In the U.S., nutraceuticals are not considered
under any category and are thus regulated as food additives and
dietary supplements by the FDA. Nutraceuticals are basically products
that are extracted from food sources that are meant to provide
additional health benefits along with the basic nutritional value it
already provides the consumers with. Depending on the dominion, these
nutraceutical products might claim to prevent chronic ailments,
enhance health, delay the process of aging, enhance life expectancy
and support the function of the body. Several leading companies are
plying for a leading position in the global
nutraceuticals market among the tough competition in the
consolidated market. They are also focusing on product innovation to
stay competitive in the market.
The
global market for nutraceuticals is anticipated to rise at a 7.3%
CAGR from 2015 to 2021. The market is expected to reach US$278.96 bn
by 2021 from a valuation of US$165.62 bn in 2014.
Which
product’s demand is likely to help the market grow in the years
ahead?
Based
on revenue, the segment that emerged dominant in 2014 was functional
food. It acquired a share of 31% in the same year. Over the last few
years, the demand for functional foods such as branded ionized salt,
omega fatty acid fortified food, probiotics, fortified food, and
branded wheat flour has surged extensively. The growing interest
among consumers for achieving wellness and good health through a
balanced diet, the burgeoning geriatric population, and the
intensifying costs of healthcare services are likely to fuel the
demand for functional food products over the coming years.
Other
than this, the manufacturers of functional beverages are anticipated
to witness lucrative prospects along the line. The demand for
functional beverages is also projected to witness a significant
growth over the coming years across several nations in Asia owing to
their inclination towards beverages which are dairy based. Over the
next couple of years, the demand for dietary supplements is also
likely to reach a noteworthy height.
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How
will price act as a roadblock in the development of the market?
In
spite of seeing ideal development openings around the globe, the
expanding costs of nutraceuticals are blocking their acknowledgment
crosswise emerging economies. Nutraceuticals are by and large
estimated higher than pharmaceuticals. This price gap is convincing
individuals to move towards low value solutions.
The
absence of awareness regarding nutraceuticals is another factor
restricting the market's journey towards growth. An expansive base of
individuals around the globe are yet to understand the advantages
offered by nutraceuticals. A larger part of consumers along these
lines still decide on regular pharmaceuticals rather than
nutraceuticals with the end goal of treatment. General public in this
manner have less confidence in the adequacy of nutraceuticals because
of their restricted learning with respect to such items. This
unfavorably thus impacts the development path of the nutraceuticals
market.
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