Mar 01, 2019
Nutraceuticals to Gain Prominence as Supplements, Regulatory Authorization Remains a Grey Area
by Team Fact.MR
Demand for nutraceuticals has skyrocketed in the past few years on the back of an emerging consumer trend of self-health management and growing interest of food and pharma giants in the field of nutraceuticals.
Popularity of nutraceuticals is soaring against the backdrop of dissemination of knowledge regarding their recognition of nutritionally rich and healthful supplements. In addition, companies operating in the nutraceutical landscape are leveraging unique marketing strategies to gain consumer traction.
Despite its inception in 1989, the definition of nutraceuticals remains unclear wherein their ambiguous categorization between food, food supplements and pharmaceuticals continues. While production of nutraceuticals is at its peak and global distribution is spreading rapidly, lack of regulatory authorization has generated confusion regarding the future potential use of these products.
However, with the rising healthcare costs, consumer preference to buy over-the-counter medicines has increased significantly. Further, growing aversion for allopathic medicines and consumer awareness for risk factors of these medicines has brought nutraceuticals in limelight. Increasing rate of adoption and positive outcomes of disease management with nutraceutical consumption has currently generated a platform wherein future use of nutraceuticals as pharmaceutical alternatives is discussed thoroughly.
Personalized nutrition is another consumer sentiment which is expected to drive the demand for nutraceuticals in the future. Health conscious consumers, across the globe, set their nutrition goals. As nutraceutical supplements promote fulfilment of health and wellness, the trend of personalized medicine is likely to drive the growth of nutraceutical supplements market.
Nutraceutical Supplements Market Grew at 6.1% y-o-y in 2018
The nutraceutical supplements market is projected to hit over US$ 80.7 billion in 2019, of which over one-third revenues will be held by vitamins & minerals supplements. Vitamins & minerals remain the most highly consumed supplements owing to a significant prevalence of deficiency disease and rising importance for preventing the deficiency development.
Prebiotics and probiotics dietary supplements are estimated to register rapid growth in demand with an estimated 10% year over year expansion in 2019. Growing consumer awareness regarding the use of prebiotics & probiotics to maintain overall good health can be attributed to increasing demand for these dietary supplements.
Demand for herbal supplements is also growing at a considerable rate wherein incremental preference for herbal ingredients is driving the sales. Protein and amino acid supplements will also witness a considerable demand in the future on the back of increasing importance of protein in daily diet and dietary supplements.
Softgel Nutraceutical Supplements Remains Preferred, Capsules and Tablets to Witness a Demand Surge
Different forms of nutraceutical supplements are available, of which, softgel remains the highly preferred form. Higher bioavailability and easy delivery format of softgel can be attributed for their popularity in the nutraceutical supplements market. While softgel form registered greater revenues, liquid form is also liked by consumers, due to which revenues of liquid form closely follows that of softgel.
Although revenues for capsule and tablets is lower, their demand is soaring and sales are expected to grow at about 10% in 2019. In particular, clean labelled and vegetarian forms of tablets and capsules are being highly sought after in the nutraceutical supplements market.
American citizens have been observed to show heavy reliance on dietary supplements owing to rising prevalence of multiple nutrition deficiencies. Based on this, North America is expected to spearhead the demand for nutraceutical supplements. Other important projections of the nutraceutical supplements market include the second largest demand in Europe and rapid expansion in developing economies of Latin America and APEJ.
Fact.MR studied the nutraceutical supplements market performance during the forecast period of 2018-2027. The nutraceutical supplements market report foresees the CAGR of 7% throughout the forecast period.