Global Nutraceuticals Market growth at 8–9% CAGR fueled by preventive health demand by 2026

The Global Nutraceuticals Market valued at $416 billion (2021), is expected to witness a growth rate of 8-9% in the next five years. Sedentary lifestyle & rising aging population, health consciousness & awareness lead need for dietary & food supplements, venturing of pharmaceutical & food companies into the market, growing applications of functional foods & beverages, rising affluence, and growing spending on health-related products are some of the key factors driving the growth of the nutraceuticals market.

However, the threat of counterfeit dietary supplements and consumer distrust due to deceptive advertising and communication are some of the key challenges which are most likely to hamper the market growth.

Nutraceutical is a broad term referring to a food or a part of food that provides incremental medical and health benefits, including the prevention and treatment of disease. It can be broadly categorized into dietary supplements and functional foods & beverages. Due to the rapidly changing consumer lifestyle and growing health consciousness & focus on fitness, the demand for nutraceuticals is soaring high.

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Nutraceuticals – Creating opportunities for Pharmaceutical & Food Companies to Diversify

Over the years, there has been growing interest from pharmaceutical & food companies and investors to enter the nutraceuticals market, as it promises huge headroom for growth and the potential to generate strong margins.

The pharmaceutical companies consider ‘Nutrition’ as a lucrative opportunity where they can leverage their existing strengths to establish their foothold in the market. The pharmaceutical companies possess extensive research capabilities, experience in clinical trials, have close established relationships with medical practitioners to help drive uptake, and have access to scientific databases & capabilities to create complementing nutrition solutions centered around their existing drugs that can enhance medical outcomes in the patient pool.

Citing the lucrative prospects of the nutraceuticals market, several key pharmaceutical companies such as Pfizer, Bayer, Otsuka Pharmaceutical, and Abbott, among others have entered the market.

Similarly, Food and FMCG companies such as Nestlé, Danone, and Amway have recognized the potential for nutraceuticals in their portfolios. They are increasingly leveraging their expertise in nutrition science, taste, flavoring & variable formats, packaging in short periods, market research, consumer marketing & advertising,  branding, and strong relationships with retailers and distributors to establish their foothold in the nutraceuticals market.

“The paradigm shift in healthcare from treatment to prevention is providing momentum to the nutraceuticals market. The transition has urged patients and clients to think differently about health and disease, which has created opportunities for pharmaceutical and food companies to get involved in the disease/care pathway.”-Chair of Infectious Diseases, Public Research University, London, UK

Covid-19 Impact on the Global Nutraceuticals Market

Driven by the news that Vitamin D supplementation may reduce the risk of COVID-19 complications, the demand for vitamins and supplements soared high. Research studies also suggested Vitamin D as a potent immune-modifying micronutrient and advocated supplementation and called on governments to increase the recommended levels. This further boosted the demand for vitamins, minerals, and herbal supplements, which in turn amplified the nutraceuticals market.

The demand for dietary supplements and functional food and beverages continues to rise as a preventive measure against Covid-19 due to consumers’ inclination toward better health and wellbeing. Due to the increasing awareness about chronic diseases, health & preventive measures, the role of immunity, and dietary supplements, the demand for nutraceuticals is expected to stay for a longer period.

Nutraceuticals - Potential Revenue Hot Spots

To address the growing burden of dementia, neurodegenerative brain diseases such as Alzheimer’s, gut health issues, cardiovascular disease (CVD), and diabetes, nutraceutical manufacturers are continuously striving to launch products that can improve cognitive function, gluten & lactose-free products, products that can lower cholesterol & support a healthy heart and products that can serve as a sugar substitute for diabetics. A rich pipeline of such products is likely to fuel the global nutraceuticals market.

Product Innovations are driving the Global Nutraceuticals Market

The nutraceuticals market is technology-driven and is marked by product enhancements/innovations. For instance,

• In April 2022, PharmaLinea announced its next-generation products for 2022, which includes the launch of a range for gut health, >YourYourYourYour< UTI Free Orosticks lines.
• In April 2022, Wellbeing Nutrition launched SLOW – the first ever time-conscious range of nutraceuticals for men and women. The SLOW technology uses sustained-release coated pellets in a capsule that ensure the timely assimilation of vitamins and nutrients by the human body throughout the day. It comprises 13 supplements and each formulation has been specifically designed for a host of unique health and wellness needs such as fertility support, bone health, weight loss, everyday multi-vitamins & nutrition, among many others.

Organic and Inorganic Growth Strategies Adopted by Players to Establish Their Foothold in Nutraceuticals Market

The nutraceuticals market is marked by the presence of both established and new players. Players operating in the market adopt both organic and inorganic growth strategies such as acquisitions, and new product launches to garner market share. For instance,

• In June 2022, Pharmactive Biotech Products announced a new strategic partnership with Singapore-based Nutraconnect Pte, Ltd. to bring innovative, scientifically-backed nutraceutical ingredients to the Asia-Pacific marketplace.
• In May 2022, Unilever announced that it has signed an agreement to acquire a majority stake in Nutrafol, a renowned dermatologist-recommended hair growth supplement brand.

Future Outlook of Global Nutraceuticals Market

The nutraceuticals market is expected to gain further momentum in the upcoming years as a significant proportion of the global population is Vitamin D deficient, rising awareness about Vitamin D benefits in bone & joint health, lifestyle disorders management & general health, venturing of pharmaceutical & food companies in the nutraceuticals market, the increasing role of consulting online medicine portals and websites of international organizations in raising awareness about the health benefits of nutraceuticals and rising participation of athletes at national and international sports events.

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Competitive Landscape Analysis: Nutraceuticals Market

The global nutraceuticals market is marked by the presence of established market players such as Archer Daniels Midland Company, Herbalife Nutrition, Amway, Nestlé Health Science, Danone, Pfizer, Bayer, Universal NutriScience, and Innophos, and AOR Canada, among others.

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