The nutraceuticals market share, estimated at USD 454.55 billion in 2021, is anticipated to rise at a 9.0% compound annual growth rate (CAGR) from 2021 to 2030. According to the Nutraceuticals Market Analysis, the nutraceuticals market is expected to be propelled by the rising demand for dietary supplements. A positive view of medical nutrition in light of its growing use to treat cardiovascular disease and malnutrition is predicted to stimulate the nutraceuticals market growth.
A nutraceutical is a pharmaceutical alternative with physiological benefits. Nutraceutical products have grown dramatically in recent years. They can protect consumers from chronic medical illnesses, enhance health, postpone aging, lengthen life expectancy, or boost the body's function while providing several psychological advantages. The increased availability of nutraceutical products is a significant factor in driving the nutraceuticals industry.
The population has grown due to better healthcare options, a decline in mortality, and users' willingness to spend on health and wellbeing. This has given the global nutraceuticals market the required momentum. The International Food Information Council (IFIC) research states that for almost two-thirds of American consumers, purchasing food and beverages is heavily influenced by health benefits. Sales performance has increased due to consumer tastes changing toward functional foods and beverages.
Consumers are more likely to want a concentrated nutrition supply, and dietary supplements have efficiently and conveniently met this demand. Since the global pandemic, people have become exponentially more aware of its importance for promoting physical and mental health, which will benefit the expansion of the global nutraceuticals market size in the future.
COVID-19 AND CHANGES IN ROUTINE LED TO A RISE IN THE NUTRACEUTICALS MARKET
The need for functional foods and nutritional supplements has increased due to the COVID-19 pandemic. Over the past year, the popularity of immunity-boosting supplements has significantly altered consumer behavior and purchasing habits. Additionally, following the COVID-19 pandemic, people's daily life included preventive healthcare practices like taking dietary supplements. As a result, the global COVID-19 pandemic has made it possible for the nutraceuticals market to establish a significant presence.
NO FLEXIBILITY POSING AS AN ISSUE
The nutraceuticals industry faces significant obstacles due to the complicated policies and strict regulatory framework applied to the commercialization of nutraceutical products. A stringent set of rules has been established to ensure that only secure and superior nutraceuticals are introduced to the market. This forces the nutraceuticals market players to offer sufficient supporting data for the products' health claims.
Different nations have distinct regulatory frameworks. The European Food Safety Authority(EFSA), is followed by the European nutraceuticals market. The Therapeutic Goods Administration (TGA), an Australian regulatory organization, regulates the sale of nutraceutical products in Australia.
However, it is anticipated that a new range of high-quality nutraceutical products will be introduced due to the rising emphasis on product quality and the adoption of food safety norms.
The businesses have adopted mergers and acquisitions and product launches as a major strategy to compete in the nutraceuticals market. Companies were able to expand the scope of their product offerings and boost product quality thanks to acquisitions and mergers. Additionally, bringing new products to the nutraceuticals industry has helped businesses provide better-quality goods, adapting to shifting consumer demands. Some notable participants in the worldwide nutraceuticals market are Glanbia Plc, Abbot Laboratories, Perrigo Company Plc, Danone SA, GlaxoSmithKline Plc, Daflorn Ltd, Bactolac Pharmaceutical Inc.