Driven by the Increasing Old Age Population and Rising Demand for Fortified Food Products, the Global Nutraceuticals Market is forecasted to Cross US$ 500 Bn by 2028 says Ken Research Study.
Nutraceutical is a broad term used to describe products derived from food sources that provide additional health benefits in addition to the basic nutritional value found in food. These products can be classified based on the natural source, the pharmacological condition, and the chemical composition of the product. Nutraceuticals are most commonly classified into four categories, including dietary supplements, functional foods, medicinal foods, and pharmaceuticals. Nutraceuticals have potential nutritional, safety, and therapeutic benefits. These products are considered a healthy source for preventing life-threatening ailments such as diabetes, kidney, and gastrointestinal ailments, and various other infections.
“Ken Research shares 3 key insights on this high-opportunity market from its latest research study”
1. Increasing Geriatric Population and Rising Incidence of Chronic Diseases Provide an Opportunity for the Market Growth
According to Ken Research Analysis, the Global Nutraceuticals Market was valued at ~US$ 250 billion in 2017. It is estimated to be ~US$ 350 billion in 2022 and is forecasted to reach a market size of ~US$ 500 billion by 2028, growing at a CAGR of ~7% during 2022 to 2028.
Aging is a complex and inevitable biological process associated with many chronically debilitating health effects. Nutraceuticals are entering the healthcare market as a simple and attractive means of disease prevention. The products are of interest to an increasingly health-conscious society and may be of particular relevance in preventing or delaying various age-related diseases.
The percentage of people over 65 who use nutraceuticals is higher than any other age group and has doubled in recent years. Aging is associated with weakened immunity, increased morbidity and mortality from infectious agents, and poor nutritional status. Nutraceutical products can improve micronutrient status, and the regular use of nutraceuticals by the elderly population may provide an opportunity to enhance immunity and metabolic disorders.
2. Rising Awareness Regarding Health & Wellness and Increasing Demand for Fortified Food Products is Fuelling the Market Worldwide
Nutraceuticals encompass a wide variety of food-derived product categories due to increasing consumer awareness of potential health benefits and the need for improved health conditions. The nutraceutical industry is largely consumer-driven and will continue to grow as it fits the current lifestyles of both developing and developed countries.
Support from government agencies is also boosting the market growth. Food fortification is recognized by the Food and Agriculture Organization (FAO) and the World Health Organization (WHO) as one of the most important ways to eradicate prevalent malnutrition, especially in developing countries.
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Rising cases of nutritional deficiencies, especially in developing countries have pushed governments across the world to introduce food fortification programs to combat these issues. Less developed nations from the regions of East Africa, India, Bangladesh, and Pakistan have adopted national policies for nutrition to reduce their mortality rates.
The graph below represents the share of population preferring fortified food and beverages in different regions worldwide in 2022:
3. High Cost of Nutraceuticals and the Consumer Skepticism Associated with Products are the Major Challenges Faced by The Nutraceuticals Market
Nutraceutical ingredients are commonly used in a variety of applications including functional foods, beverages, pharmaceuticals and personal care products. However, the inclusion of these ingredients increases the price of the final product. The high cost of dietary supplements leads to lower acceptance of these products, thereby hampering market growth.
For instance, the cost of traditional bottles water products is much lower as compared to the cost of probiotic-infused bottled water products.
Along with the growing consumer awareness regarding dietary choices, there are some consumer skepticism associated with the adoption of nutraceutical products. The two major reasons hindering the growth are synthetic sourcing and unsubstantiated health claims related to the products. Most consumers do not prefer products that have been genetically modified to impart beneficial characteristics.
The graph below represents the cost of 1 kg regular food and its fortified form.
For more information on the research report, refer to below link:
Top Nutraceuticals Manufacturing Companies
Read Also –
Key Insights on Competitive Landscape in Global Nutraceuticals Market
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