Nutraceuticals are the products used as a delicious alternative for medicines. A nutraceutical product safeguards a person from chronic diseases by working from inside and building strength composed of ingredients rich in vitamins, minerals, fibre and other complementing nutrients. These products improve health, delay ageing, and support body function.
Nutraceutical products have been ruling the health market due to their potential nutritional, safety and therapeutic effects.
Globally, nutraceuticals are becoming a name to reckon with as they easily become part of a consumer’s daily life. Consumers in the developed countries have made supplements a part of their diet to buckle up their immune system and make way for healthy living.
This is the result of awareness among the consumers. They have understood that the major risk factor for a majority of chronic diseases is poor nutrition. This educated lot is persuaded to take an active role in preventing illness through proper nutrition.
According to a market report for the year2020, the global market for nutraceuticals is worth about US$233.9 billion and is projected to reach US$358.5 billion by 2027. After North America, Japan and China are the next largest nutraceuticals consumers. Together, they make up about 78% of the total market in the Asia Pacific region.
Likewise, the growth of India’s nutraceuticals market is projected to reach Rs 1.54 lakh crore by 2025. Currently, the Indian market imports more than it exports; US$1.5 billion in exports and importing US $2.7 billion worth of nutraceuticals. The market is expected to grow at a significant 22% CAGR by 2023.
Trends favouring the nutraceutical industry in 2021
1. Rise in diseases
Hunger isn’t a problem now but obesity is. With the COVID pandemic devastating lives and people working from home, the problem of obesity is increasing. Another factor of growing obesity is globalisation and urbanisation in developing countries like India resulting in increased cases of chronic diseases such as obesity, allergies, Alzheimers and non-communicable diseases like cancer, diabetes, lung disorders and heart ailments.
The trigger here is poor nutrition which the nutraceutical market is working on effectively. The increase in cases of obesity has driven demand for nutraceuticals across the globe.
2. Rising healthcare costs
Consumers are now following the philosophy of “Prevention is better than cure”. They want to improve their health without paying for medical treatments and so are opting for nutraceuticals to help them. Health-conscious consumers are increasing and they are actively relying their trust on over the counter medications.
As Millennials are moving further along their career, they’re increasingly spending money on creating a healthy lifestyle and making more sustainable choices that will pave results in the long run.
3. Dropping trust in conventional medicine
The trust of people is shifting from traditional medicines to nutraceutical methods of medication. Nutraceuticals being the more natural alternative is the need of the hour for all the consumers in India. Adding to this, nutraceutical products come in innovative forms like gummies, bars, nuts, powder, etc. making consumers fall in love with the taste while meeting the nutritional needs. As per consumer behaviour, popping bland pills was never preferred by anyone. Consumers prefer convenience over anything and that’s what nutraceutical products deliver.
The Blooming Nutraceutical Industry
Personal health has been the focused concern for the general public as the Covid-19 pandemic has raged, positioning the nutraceuticals industry for further expansion and success in 2021. Undoubtedly, the nutraceutical industry has room for growth, especially as we face an ageing population, rising healthcare costs and burst outs of COVID 19 cases. Manufacturers, distributors and wholesalers in the nutraceutical industry need to understand the drivers of nutraceutical industry growth if they want to continue to thrive and make a mark in the industry.