Introduction
The term nutraceutical describes products made from natural sources that have health benefits beyond the basic nutritional value found in food. Nutraceuticals are used to promote general well-being and prevent illnesses.
Nutraceuticals are generally made from the plants and animals we already consume for food.
Also, they are food-based substances used for the prevention and treatment of diseases. Nutraceuticals are typically classified as a subcategory of food and therefore aren’t as strictly regulated as pharmaceuticals are.
Nutraceuticals are gaining importance in consumer’s daily diet around the world. The major reasons for this change have been the increasing prevalence of lifestyle diseases and people consciously taking preventive healthcare measures
The COVID-19 pandemic has severely impacted healthcare industry. But the demand for functional food market is likely to increase during this pandemic period. It playing a crucial role in prevention of the infection, treatment of infection-associated malnutrition, and possibly the infection itself in COVID-19 patients and suspected cases.
Table of Contents
Market Overview
The global nutraceuticals market is expected to grow to $590.60 billion by 2025
Growth momentum is expected to accelerate during the forecast period with an 8.53% CAGR.
Consumer attitude towards these products with added health and wellness benefits is fueling the market growth.
APAC is dominating the market owing to the burgeoning population coupled with rising disposable income.
Key Trends
Evolving consumer trends, in terms of diet and consumption of various nutritional products, are one of the major factors expected to have a strong influence on the overall growth
The booming e-Commerce sector around the world is another major factor anticipated to fuel the growth of the global market during the forecast period.
R&D in nutraceutical products is also expected to aid in growth of the market
Key Market Players
Some of the key players in the market are Cargill, Royal DSM, General Mills, Nestlé, Danone, Archer Daniels Midland Company
The market players are continuously engaged in growing their presence in the market through various inorganic strategies, such as acquisition, merger, strategic collaboration, and others, to gain significant market share and strengthen their product portfolios.
Growth Drivers and Challenges
Evolving industrialization in growing economies are resulting in the prevalence and early onset of chronic diseases. To overcome this situation, functional foods are helpful in the management of chronic diseases
The rising global geriatric population is another crucial driving factor.
Changing lifestyle and the rising disposable income is driving the market.
The high prices of several products are limiting their adoption is a major restraining factor in the global market.
High production cost and stringent regulations on food safety concerns are expected to hinder growth of the market
Limited awareness about these products and their health benefits in many countries are challenging the market growth