Published on : Mar 18, 2016
The global nutraceuticals market is worth billions of dollars and is expected to expand remarkably in the coming few years. Nutraceutical is a term that is used to describe products that are derived from food sources and provide extra health benefits besides the basic nutritional value that is found in foods. This term was coined by Stephen L. DeFelice, the founder and chairman of the Foundation of Innovation Medicine in 1989 and is a portmanteau of two words ‘nutrition’ and ‘pharmaceutical’. Several factors are driving the demand for nutraceuticals around the world. Let us look at the key trends that are driving the global nutraceuticals market and the factors that will suppress this market.
Drivers of Global Nutraceuticals Market
The global nutraceuticals market is driven by the growing non-communicable chronic diseases around the world. This trend benefits from the growing focus on preventative healthcare, which is gaining prominence in both developing and developed nations. Another trend that will benefit the global nutraceuticals market is the rising healthcare expenditure, which is driving the usage of nutraceuticals.
In addition to this, the global nutraceuticals market will also benefit from the increasing demand for nutritional diet in developed countries. Further to this, the role of nutraceuticals as an alternative prescription and OTC drugs will also fuel their demand across the globe. Players in the global nutraceuticals market will benefit from the growing potential for nutraceuticals in the Asia Pacific region. This regional market is projected to witness the highest growth in the global nutraceuticals market.
Moreover, the rising technological advancement in the field of nutraceuticals will also offer significant growth opportunities to market players. Additionally, the usage of nutraceuticals across many new application areas will also benefit companies operating in the global nutraceuticals market.
Challenges of Global Nutraceuticals Market
Even though the aforesaid factors will drive the global nutraceuticals market, several factors will hamper this market. One key challenge for the global nutraceuticals market is the increasing prices of nutraceuticals products. This trend will significantly restrain the global nutraceuticals market.
In addition to this, the lack of awareness regarding nutraceuticals will also challenge the global nutraceuticals market in the coming few years.