Published on : Jan 28, 2016
The key reasons for the growth of the nutraceuticals market is the rising consumer spending on healthy and nutritious foods, dietary supplements, beverages, pharmaceutical products, and personal care.
The key opportunities and trends in the nutraceuticals market within the prime regions have been elaborated as under:
- U.S to Remain the Market Leader: The U.S has remained the market leader on the basis of both maturity and share. This nation is predicted to maintain its superiority and will represent a market share of approximately 39% by 2017. Similar to all other regions, the U.S. will also witness growth owing to the numerous shifts within product marketing and offer as a result of consumer demands.
- Europe Excels in Innovation: In the past 20 years, Europe has been lagging behind the U.S. on the basis of share in the nutraceuticals market. However, this region is predicted to grow on the basis of product innovation. The major drawback in this region is the absence of product regulation thus leading in low consumer confidence and education. However, this scenario changes in 2006 when the European Health Claims Regulation by the European Commission was implemented. Thus, the companies operating in the European nutraceuticals market can now clearly receive accreditation for health claims.
- Asia Pacific is a Strong Market: The region of Asia Pacific is complex as well as strong in nature. In Asia pacific, Japan has been leading in the market for nutraceuticals owing to a long history in cutting-edge nutraceuticals products. This country presents modern and unique products, and was the first nation to regulate and recognize functional foods. The regulating body in Japan i.e. FOSHU is both highly developed and flexible in nature. On the other hand, though China has an increasing count of elderly population, but still isn’t developed when it comes to the nutraceuticals market. On the other hand, India is also a top emerging market in nutraceuticals owing to the rising interest in sports and professional athletics.
Thus, the market for nutraceuticals is predicted to encounter a steady growth in the coming years owing to the increasing dietary supplements’ demand for maintaining and improving the immune system and ability of the human body.