In a time when more people already value the importance of staying healthy, it’s not surprising that there’s a growing thirst for nutraceutical products around the world.
Created using natural ingredients from plant, microbial and animal food sources, nutraceuticals offer an alternative way to address different medical conditions and maintaining good wellbeing.
Nutraceutical products have been proven beneficial in many ways. Aside from improving overall health, these products also help patients deal with anxiety, improve their mood, allow them to focus, enhance their sleep quality and even delay the ageing process.
These and many other benefits make the nutraceuticals market one of the most successful industries in the world today.
How is the nutraceuticals market doing today?
In 2019, the global nutraceutical market made headlines after it was reported to be worth $382.51 billion. According to experts, this industry will experience at least an 8.3% CAGR over the forecast period between 2016 and 2027.
North America has the largest number of consumers who patronize nutraceutical products followed by Japan and China, which makes up 78% of the total market share in Asia Pacific.
According to another report, nine out of ten adults now consume 50% vitamins and 55% minerals in their diets. By 2027, the global nutraceuticals market is expected to reach a staggering $358.5 billion.
What drives the growth of the nutraceuticals market?
The immense growth of the nutraceuticals market over the years has been driven by several factors including:
- The growing demand for functional or fortified food around the world. There has been an increasing consciousness on the importance of nourishing the body through functional food, which is why more people are now looking into these types of products in including in their diets.
- There is a need to boost immunity due to the pandemic. When the COVID-19 pandemic hit the world in 2020, consumers have looked not just into taking supplements but also consuming fortified foods that helped boost their immune system. This trend continues today, especially since the ones considered most vulnerable are those who have depleted immune systems.
- There is an increasing number of chronic diseases. More people are suffering from chronic diseases around the world. With traditional medicine not doing much to improve patient outcomes, people are now looking for alternative ways to not only heal their condition but also promote a better lifestyle.
This is where nutraceuticals products come in because they’re healthier and have lesser side effects than traditional medication.
People are now seeing the value of learning about the relationship between food and health, and how nutraceuticals products will help promote better wellbeing and address a wide variety of medical conditions.
Herbal supplements, vitamins, minerals, food additives and whole foods are just some of the many nutraceuticals products that are now being sold widely on the market.
Lastly, with the pandemic still striking many parts of the world, the demand for nutraceuticals products also continue to grow, which means that we should be seeing huge leaps in its market value over the next few years.