Key factors driving the nutraceutical products market include the increasing aging population and focus on preventive healthcare. In addition, increasing mandates pertaining to food fortification by government organizations is projected to reflect positively on the market growth. The nutraceutical products market is projected to reach USD 404.8 billion by 2025 and was estimated at USD 267.4 billion in 2019, recording a CAGR of 7.2% from 2019.
A nutraceutical or ‘bioceutical’ is a pharmaceutical alternative which claims physiological benefits. In the US, “nutraceuticals” are largely unregulated, as they exist in the same category as dietary supplements and food additives by the FDA, under the authority of the Federal Food, Drug, and Cosmetic Act.
A market research report produced in 2018 projected that the worldwide nutraceuticals market would account for over US$ 80,700 million in 2019, defining that market as “Dietary Supplements (Vitamins, Minerals, Herbals, Non-Herbals, & Others), and Functional Foods & Beverages”.
Classification of nutraceuticals
Nutraceuticals are products derived from food sources that are purported to provide extra health benefits, in addition to the basic nutritional value found in foods. Depending on the jurisdiction, products may claim to prevent chronic diseases, improve health, delay the aging process, increase life expectancy, or support the structure or function of the body.
In the United States, the Dietary Supplement Health and Education Act (DSHEA) of 1994 defined the term: “A dietary supplement is a product taken by mouth that contains a “dietary ingredient” intended to supplement the diet. The “dietary ingredients” in these products may include: vitamins, minerals, herbs or other botanicals, amino acids, and substances such as enzymes, organ tissues, glandulars, and metabolites. Dietary supplements can also be extracts or concentrates, and may be found in many forms such as tablets, capsules, softgels, gelcaps, liquids, or powders.”
Dietary supplements do not have to be approved by the U.S. Food and Drug Administration (FDA) before marketing, but companies must register their manufacturing facilities with the FDA and follow current good manufacturing practices (cGMPs). With a few well-defined exceptions, dietary supplements may only be marketed to support the structure or function of the body, and may not claim to treat a disease or condition, and must include a label that says: “These statements have not been evaluated by the Food and Drug Administration. This product is not intended to diagnose, treat, cure, or prevent any disease.” The exceptions are when the FDA has reviewed and approved a health claim. In those situations the FDA also stipulates the exact wording allowed.
Functional foods are fortified or enriched during processing and then marketed as providing some benefit to consumers. Sometimes, additional complementary nutrients are added, such as vitamin D to milk.
Health Canada defines functional foods as “ordinary food that has components or ingredients added to give it a specific medical or physiological benefit, other than a purely nutritional effect.” In Japan, all functional foods must meet three established requirements: foods should be (1) present in their naturally occurring form, rather than a capsule, tablet, or powder; (2) consumed in the diet as often as daily; and (3) should regulate a biological process in hopes of preventing or controlling disease.
The food segment dominated the nutraceutical products market in 2019.
The increasing trend of on-the-go snacking and the rising demand for nutritional food products are factors projected to drive the demand for snacks products containing functional ingredients. Nutraceutical snacks products mainly include protein-rich snacks, dry nuts, grains, and bars. Other nutraceutical products under the snacks segment include granola bars and other nutritional bars. In addition, the growing trend of opting for protein-rich food products is projected to drive the market growth.
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Improved quality, texture, nutritive value, and shelf-life of snack products due to the increasing usage of sources such as vitamins, minerals, proteins, dietary fibers, and fatty acids are projected to drive the growth of the snacks segment in the nutraceuticals products market during the forecast period.
The conventional stores segment is projected to dominate the market as conventional stores include grocery stores, mass merchandisers, warehouse clubs, and online retailers. Conventional stores are easily accessible to consumers and offer products at economical prices. As a result, these stores are becoming a popular choice for consumers that prefer nutraceutical products.
The Asia Pacific market is projected to record the fastest growth in the market. Factors such as busy lifestyles have led to an increase in the consumption of convenience food products. In addition, the rapid economic growth in countries of various regions has led to a surge in demand for fortified nutritional food & beverage products in the region. The food & beverage market in this region is currently undergoing a transformation due to rapid urbanization, diet diversification, and liberalization of foreign direct investment in the food sector. In addition, rising income, increasing purchasing power, and a surge in consumer demand for nutritional & healthy products are factors projected to widen the growth prospects for manufacturers in the nutraceutical products market in the region.
Key Market Players
Key vendors in the global market include Kraft Heinz Company (US), The Hain Celestial Group (US), Conagra (US), General Mills (US), Kellogg’s (US), Nestlé (Switzerland), Nature’s Bounty (US), Amway (US), Hero Group (US), Barilla Group (Italy), Raisio Group (Finland), Pfizer Inc.(US), and Freedom Food Group Limited (Australia). These players have broad industry coverage and strong operational and financial strength; they have grown organically and inorganically in the recent past.
Article Source: https://www.123articleonline.com/articles/1189243/rising-demand-for-nutritional-food-products-to-drive-the-market-growth-of-nutraceutical-products
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