Nutraceutical Products Market: Introduction
- Nutraceutical products can be defined as the fortified food products that act as supplements in treating and preventing diseases. Nutraceuticals can be defined as a hybrid of nutrition and pharmaceutical. However, these products are not tested and regulated to the extent of pharmaceutical drugs.
- Nutraceutical products are classified into categories such as dietary supplements, medicinal food, and functional food based on pharmacological conditions as well as the chemical constitution of the products
- Dietary supplement can be defined as the product containing nutrients derived from food products. These products are regulated by the FDA, but their regulations differ from drugs and other foods. Functional food includes fortified whole food enhanced with dietary components.
- Nutraceutical products cover a range of therapeutic areas such as cold, cough, digestion, sleeping disorders, osteoporosis, cholesterol control, depression, and diabetes
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Key Drivers and Restraints of Global Nutraceutical Products Market
- The strong growth of the nutraceutical products can be attributed to the increasing prevalence of chronic diseases, such as diabetes, cholesterol, and obesity among others. In addition, increasing geriatric population, and the growing demand for alternate pharmaceutical products contribute to the growth of the nutraceutical products.
- The growing consumer awareness on fitness and health and increasing demand for on-the-go snacks fortified with nutritional food contribute to the growth of the nutraceutical products market
- A range of nutraceuticals have shown significant benefits in indications related to oxidative stress including allergy, cardiovascular diseases, eye conditions, Alzheimer’s disease, obesity, and Parkinson’s disease contributing to the growth of the nutraceutical products market
- However, the nutraceutical products market is highly unregulated and lacks product regulations. As a result, a range of products are marketed which are known to have significant side effects on the human body. These adverse effects might have a negative impact on the nutraceutical products market.
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North America to Lead Global Nutraceutical Products Market
- In terms of region, the global nutraceutical products market can be segmented into North America, Europe, Asia Pacific, Latin America, and Middle East & Africa
- North America dominated the global nutraceutical products market in 2018, owing to strong presence of leading market players; high prevalence of cancer owing to lifestyle disorders; ongoing modernization and expansion of health care infrastructure; and well-established health care infrastructure
- Europe was the second largest market for nutraceutical products in 2018, followed by Asia Pacific. Asia Pacific is projected to be the fastest growing market for nutraceutical products, followed by Latin America and Middle East & Africa. Growing focus of governments in countries in Asia on enhancing the health care facilities, growing incidence of cancer, government initiatives, and increasing awareness among people concerning the advantages of nutraceuticals contribute to the growth of the nutraceutical products market in the region.
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Key Manufacturers Operating in Global Nutraceutical Products Market
Leading players in the global nutraceutical products market are:
- Kraft Heinz Company
- The Hain Celestial Group
- Conagra
- General Mills
- Kellogg’s
- Nestlé
- Amway
- Barilla Group
- Pfizer Inc.
- Freedom Food Group Limited
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