Need for dietary and food supplements stems from a sedentary lifestyle and an aging population. Other factors driving the global nutraceuticals market include pharmaceutical and food companies entering the market, the growing applications of functional foods and beverages, rising affluence, and rising spending on health-related products.
Nutraceutical is a broad phrase that refers to a food or a component of food that delivers incremental medicinal and health benefits, such as illness prevention and treatment. It is divided into two categories: dietary supplements and functional foods and beverages.
Nutraceuticals — Creating Diversification Opportunities for Pharmaceutical and Food Companies
Pharmaceutical businesses see ‘Nutrition’ as a profitable potential where they may harness their existing expertise to get a market footing. Pharmaceutical companies have extensive research capabilities, clinical trial experience, close established relationships with medical practitioners to help drive uptake, and access to scientific databases and capabilities to create complementary nutrition solutions centered on their existing drugs that can improve 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, Nestlé, Danone, and Amway have identified the potential for nutraceuticals in their portfolios. To gain a footing in the market, they are progressively leveraging their experience in nutrition science, taste, flavoring, and changeable formats, short-term packaging, market research, consumer marketing & advertising, branding, and strong partnerships with retailers and distributors.
“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
The Impact of Covid-19 on the Global Nutraceuticals Market
The announcement that vitamin D administration may lessen the risk of COVID-19 problems increased demand for vitamins and supplements. Vitamin D was also identified as an effective immune-modifying vitamin in research studies, which promoted supplementation and urged governments to raise the required levels. This increased demand for vitamins, minerals, and herbal supplements, which strengthened the nutraceuticals business.
Due to consumers’ desire for greater health and wellbeing, the demand for nutritional supplements and functional food and beverages continues to rise as a preventive step against Covid-19. The market for nutraceuticals is projected to last longer due to increased understanding of chronic diseases, health and preventive measures, the function of immunity, and dietary supplements.
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Nutraceuticals: Revenue Opportunities
To address the rising burden of dementia, neurodegenerative brain diseases like Alzheimer’s, gut health issues, cardiovascular disease (CVD), and diabetes, nutraceutical manufacturers are constantly striving to launch products that can improve cognitive function, gluten and lactose-free products, products that can lower cholesterol and support a healthy heart, and products that can serve as a sugar substitute for diabetics. A robust pipeline of such goods will almost certainly propel the global nutraceuticals industry.
Product Innovations are Driving the Nutraceuticals Market
The nutraceuticals market is technology-driven and is marked by constant product enhancements and innovations. For instance,
- In April 2022, PharmaLinea announced its next-generation products for 2022, which include the launch of a range for gut health, >Your< Prebiotiq Line, as well as additions to its >Your< Iron Forte Orosticks, >Your< Iron Forte Liquid Sticks and >Your< UTI Free Orosticks lines.
Leading Players Use Organic and Inorganic Growth Strategies to Establish a Strong Foothold in the Nutraceuticals Market
The presence of both established and emerging players in the nutraceuticals market is notable. To gain market share, industry participants use both organic and inorganic growth tactics such as acquisitions and new product launches. As an example,
- 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.
Future Outlook of Global Nutraceuticals Market
The nutraceuticals market is expected to gain further momentum in the coming 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.
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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