The nutraceuticals market has been rising by leaps and bounds in recent years, as consumer awareness of health and wellness has risen by the same percentage. As more and more consumers seek alternatives to traditional pharmaceutical pills, they are turning to nutraceuticals, which are a hybrid of nutrients and pharmaceuticals.
Market Overview and Trends
Sometimes referred to as ‘drug foods’, nutraceuticals, ‘biologics’ or ‘functional foods’, these items include everything from vitamins and minerals to so-called ‘herbal medicines’ and probiotics. Moreover, this category can even stretch to foods that have been engineered to fit within the normal domain of foodstuffs.
Key factors driving the growth of the nutraceuticals market include:
- RISING COSTS OF HEALTHCARE It is the consumers who want some alternatives to traditional medicine because of the high prices of traditional healthcare.
- Increased ageing population and hence vulnerability to chronic diseases such as diabetes and hypertension which demand nutraceuticals for health management.
- increasing awareness of health and wellness: as consumers have become more educated on the benefits of living a healthy life, they have turned more to diet and exercise as essential parts of this lifestyle.
- Rising Prevalence of Chronic Diseases – The increase in the prevalence of diabetes, heart disease, cancer, and other chronic illnesses is driving demand for preventive healthcare solutions.
Market Size and Growth
Currently, the market for nutraceuticals is valued at [market value] with the potential to grow to [market value] by [year]. This growing market is led by North America and Europe. In these regions, consumers show the greatest awareness of health and wellness. However, a significant market for nutraceuticals has also recently emerged in Asia-Pacific, particularly because of the rapid economic growth and higher incomes in the region in recent years.
Key Market Players
Several major players are dominating the nutraceuticals market, including:
- Glanbia Plc
- NOW Health Group Inc
- Amway Corp
- Nature s Bounty
- Garden of Life LLC
- Danone SA
- GNC Holdings LLC
- Quest Nutrition LLC
- Kellanova
- Chobani LLC
They are also developing new products, widening the basket of products they sell, and improving their distribution networks.
Future Outlook
The nutraceuticals market is set to grow in the future as well, with 2022-2032 forecasted to be a time of continued expansion. This includes expected growth in developing markets such as China and India. However, regulations and quality and safety concerns may provide barriers to market growth.
FAQs
What are the many benefits of nutraceuticals?
Nutraceuticals have many benefits and most important of all are immunity, decreased risk of chronic diseases, better cognitive function, better digestive system, and moods.
How can I tell if I am getting the right nutraceutical product? HOW DO SELECT?
Make sure the nutraceutical products you are considering are high quality, pure, and are known to be effective. Ask your healthcare professional which product will work for you.
Are nutraceuticals safe to take?
As a general rule, nutraceuticals are safe to take when they are taken as directed. However, side effects may still occur or be exacerbated, and nutraceuticals may interact with other medications. A healthcare professional should be consulted before beginning a new regimen of supplements.
Can nutraceuticals replace traditional medicine?
I believe that nutraceuticals can not replace traditional medicine, but it is more compliant than traditional medicine. However, if the traditional medicine remedy suggested by a doctor hasn’t worked yet, we suspect using the nutraceuticals but eventually, we need to be noticed by the doctor again to find out the bad effects the nutraceuticals doses on our body.
How can consumers evaluate the quality of nutraceutical products?
Use only products that are certified as meeting valid quality measures by an independent organization such as NSF International and USP, and look into the company’s track record and read consumer reviews.
