Global Nutraceuticals Market Valued At Us$ 416 Billion In 2021 And Is Expected To Grow At A Cagr Of 8-9% By 2026

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The Global Nutraceuticals Market valued at US$ 416 billion (2021) is expected to witness a growth rate of 8-9% in the next five years. Some of the main factors propelling the global nutraceuticals market include sedentary lifestyle and an ageing population, health consciousness and awareness lead the need for dietary and food supplements, venturing of pharmaceutical & food companies into the market, growing applications of functional foods & beverages, rising affluence, and growing spending on health-related products.

However, some of the major challenge that are anticipated to hamper the market's growth include the threat of counterfeit dietary supplements and consumer distrust as a result of deceptive advertising and communication.

Nutraceuticals – Creating opportunities for Pharmaceutical & Food Companies to Diversify

The pharmaceutical companies consider ‘Nutrition’ as a profitable opportunity where they can leverage their existing strengths to establish their foothold in the market. The pharmaceutical companies possess extensive research capabilities, experience in clinical trials, ...
... have close established relationships with medical practitioners to help drive uptake, and have access to scientific databases & capabilities to create complementing nutrition solutions cantered around their existing drugs that can enhance medical outcomes in the patient pool.

Citing the lucrative prospects of the nutraceuticals market, several key pharmaceutical companies such as Pfizer, Bayer, Otsuka Pharmaceutical, and Abbott, among others have entered the market.

The potential for nutraceuticals in their portfolios has also been recognized by food and FMCG companies like Nestlé, Danone, and Amway. They are progressively leveraging their expertise in nutrition science, taste, flavoring & 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 market.

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

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Covid-19 Impact on Global Nutraceuticals Market

The demand for vitamins and supplements increased significantly as a result of the news that vitamin D supplementation may reduce the risk of COVID-19 complications. Research studies also suggested Vitamin D as a potent immune-modifying micronutrient and advocated supplementation and called on governments to increase the recommended levels. As a result, the nutraceuticals market was amplified and the need for vitamins, minerals, and herbal supplements increased.

The demand for dietary supplements and functional food and beverages continues to rise as a preventive measure against Covid-19 due to consumers’ inclination toward better health and wellbeing. The demand for nutraceuticals is anticipated to continue for a longer period of time due to rising awareness about chronic diseases, health & preventive measures, the role of immunity, and dietary supplements.

Nutraceuticals - Potential Revenue Hot Spots

Nutraceutical manufacturers are constantly focusing to introduce products that can improve cognitive function, gluten & lactose-free products, products that can lower cholesterol & support a healthy heart, and products that can serve as a sugar substitute for diabetics in order to address the growing burden of dementia, neurodegenerative brain diseases like Alzheimer's, gut health issues, cardiovascular disease (CVD), and diabetes. A rich pipeline of such products is likely to fuel the global nutraceuticals market.

Product Innovations Drive the Market

The nutraceuticals market is dominated by technological advancements and innovative products.

For instance,

In April 2022, PharmaLinea announced its next-generation products for 2022, which includes the launch of a range for gut health, >Your< Prebiotiq Line, as well as additions to its >Your< Iron Forte Orosticks, >Your< Iron Forte Liquid Sticks and >Your< UTI Free Orosticks lines

Organic and Inorganic Growth Strategies Adopted by Players to Establish Their Foothold

The nutraceuticals market is marked by the presence of both established and new players. Players operating in the market adopt both organic and inorganic growth strategies such as acquisitions, and new product launches to garner market share.

For instance,

In June 2022, Pharmactive Biotech Products announced a new strategic partnership with Singapore-based Nutraconnect Pte, Ltd. to bring innovative, scientifically-backed nutraceutical ingredients to the Asia-Pacific marketplace

Future Outlook of Nutraceuticals Market

The nutraceuticals market is anticipated to gain further momentum in the coming years as a significant proportion of the global population is Vitamin D deficient, increasing awareness about Vitamin D benefits in bone & joint health, lifestyle disorders management & general health, venturing of pharmaceutical & food companies in the nutraceuticals market, the increasing role of consulting online medicine portals and websites of international organizations in raising awareness about the health benefits of nutraceuticals and increasing participation of athletes at national and international sports events.

Competitive Landscape Analysis of Nutraceuticals Market

The nutraceuticals market is marked by the presence of 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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