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.
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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.
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.