Global Nutraceuticals Market valued at $416 billion in 2021, is poised to witness a CAGR of 8-9% by 2026 : Growing Health Consciousness and Awareness for Dietary & Food Supplements

Nutraceutical is a term which refers to a food which provides an incremental medical and health benefits, including the prevention and treatment of various diseases. It can be broadly classified into dietary supplements and functional foods and beverages.

Nutraceuticals Market - Creating Ample Grpwth Opportunities for Pharmaceutical and Food Companies

The pharmaceutical companies consider 'Nutrition' as a healthy growth opportunity where they can leverage their strengths to establish their foothold in the nutraceuticals market. The pharmaceutical companies possess significant research capabilities, experience in clinical trials, have established relationships with the medical practitioners to help drive uptake and have access to scientific databases & capabilities to create a healthy nutrition solutions centered around their existing drugs which can enhance their medical results among the patient pool.

Citing the healthy growth prospects of the nutraceuticals market, many leading pharmaceutical companies such as Pfizer, Bayer, Otsuka Pharmaceutical, and Abbott, among others have entered the nutraceuticals market.

Similarly, Food and FMCG companies such as Nestlé, Danone, and Amway have recognized the growth potential for the nutraceuticals market in their portfolios. They are rapidly leveraging their expertise in nutrition science, taste, flavouring & 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 global market.

Covid-19 Impact on the Nutraceuticals Market

Driven by the news that Vitamin D supplementation may reduce or prevent the risk of COVID-19 complications, the demand for vitamins and supplements has soared high. Healthcare research also suggests 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 growth of the nutraceuticals market.

The demand for dietary supplements and functional food and beverages continues to grow as a preventive measure against Covid-19 due to consumers' behaviour towards healthy living and well-being. Due to the growing awareness on chronic diseases, healthy & preventive measures, the role of immunity and dietary supplements, the demand for nutraceuticals is anticipated to stay for a longer time period.

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

Nutraceuticals Market - 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 striving continuously to launch their products which can improve the cognitive function, gluten & lactose-free products, which can lower cholesterol & support a healthy heart and products which can serve as a sugar substitute for diabetics. A rich pipeline of such products is likely to trigger the growth of the global nutraceuticals market.

Future Outlook of the Nutraceuticals Market

The global nutraceuticals market is estimated to gain a further momentum in the upcoming years as a significant proportion of the global population is Vitamin D deficient, growing awareness of Vitamin D benefits in bone & joint health, lifestyle disorders management & general health, venturing of pharmaceutical & food companies in the nutraceuticals market, growing role of consulting online medicine portals and websites of international organizations in raising awareness about the health benefits of nutraceuticals and growing 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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Ruta Halde
Associate, Medi-Tech Insights
+32 498 86 80 79
info@meditechinsights.com
https://meditechinsights.com/

Medi-Tech Insights is a healthcare-focused business research & insights firm. Our clients include Fortune 500 companies, blue-chip investors & hyper-growth start-ups. We have completed 100+ projects in Digital Health, Healthcare IT, Medical Technology, Medical Devices & Pharma Services.

This release was published on openPR.