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(Medical-NewsWire.com, May 24, 2018 ) Nutraceuticals, its uses and market study
Global Nutraceuticals market: Nutraceuticals are defined as any product derived from food sources and also have health benefits than a just nutritional value of food. Nutraceuticals are food products that are used to prevent or have a significant effect on an illness or medical conditions. Nutraceuticals may be nutrients, herbs and dietary supplements.
Factors like new innovations such as probiotics, plant-based products and increased preference of consumers for high protein diets are driving force for the nutraceuticals market. Similarly, increased healthcare costs, increased prevalence of diseases prompted consumers and healthcare professionals to adopt nutraceuticals as an alternative or complementary treatment option for several diseases. However, lack of awareness about the use of nutraceuticals and the high cost of research and development can hamper the nutraceutical market growth. Moreover, the high price of nutraceuticals is leading the consumers to shift towards the low priced pharmaceuticals.
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The Global Nutraceuticals market can be divided into-
1. Functional foods
• Branded Wheat Flour
• Branded Ionized Salt
• Probiotics Fortified Food
• Omega Fatty Acid Fortified Food
• Other
2. Functional beverages
• Energy Drinks
• Sports Drinks
• Fortified Juices
3. Dietary supplements
• Vitamins & Minerals
• Proteins & Peptides
• Herbals (plant extracts, Ayurvedic extracts, phytochemicals, algal extracts)
• Other (fiber, fatty acids)
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Geographically nutraceutical market has been segmented into following regions viz. North America, Europe, Asia-Pacific, Latin America, and Middle East & Africa. Globally, U.S. and Japan are the most developed markets for nutraceuticals, due to the consumer acceptability in these countries. In Asia-Pacific region, India and China are expected to show huge potential opportunities owing to changing lifestyles. In the Indian market, the consumption of alternative herbal medicines and supplements (usually Ayurveda and homeopathic) is expected to have a slight effect on the nutraceuticals market. India promises lucrative potential to nutraceuticals product manufacturers, through customization of their products to include natural and herbal ingredients. Germany in Europe region and Israel in Middle East region has emerged as the key innovation hubs of the nutraceuticals industry. Some of the key players in nutraceuticals market are General Mills Inc. (U.S.), Alphabet Holding Company, Inc. (The Nature’s Bounty Co.) (U.S.), Herbalife International Inc. (U.S.), Koninklijke DSM N.V (Netherlands), PepsiCo, Inc. (U.S.), Groupe Danone (France), Bayer AG (Germany), Abbott Laboratories (U.S.), and Chobani LLC (U.S.) to name a few. In 2017, Alga technologies were granted an approval from USFDA for agricultural marketing service for its Hematococcus pluvialis microalgae powder and astaxanthin oleoresin. Similarly, DolCas Biotech, LLC received GRAS status for its BCM-95 turmeric extracts to use in food, dietary supplements, and medical foods.
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The global nutraceutical market is growing at a significant rate. Mergers and collaborations are playing an important role in the market growth. Increased incidences of diseases such diabetes, hypertension, cholesterol, obesity, etc. are resulting in people preferring to maintain a healthy diet and accepting a healthy lifestyle by using nutraceuticals. Currently, key market players are investing in R & D in nutraceuticals for e.g. Omega-3 is traditionally found in the non-vegetarian product, to cater the larger vegetarian Indian population, the product is carefully crafted to suit that need.
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