Nutraceuticals can be considered as non-specific biological remedies used to improve general health, regulate indications and avoid malignant developments. The explanation for the production of nutraceuticals and related products is usually based on origin. Nutraceuticals can be segmented based on their natural basis, pharmacological circumstances, as well as the chemical structure of the products.
Nutraceuticals have an advantage over drugs because they avoid side effects and have a natural dietary supplement. Most commonly, nutraceuticals are organized into the following classes: functional foods, dietary supplements, pharmaceuticals, and medicinal foods.
Dietary supplements such as vitamins, minerals and proteins are the most frequently used nutraceuticals in the world. Their acceptance grew rapidly in the early years. Numerous studies have suggested that dietary supplements can improve health, repay unhealthy eating habits, and also reduce the risk of developing chronic diseases. Moreover, factors such as easy availability and low cost increase the demand for dietary supplements.
Global Nutraceuticals Market: An Overview
The global nutraceuticals market is segmented on the basis of type, form, sales channel and region. Based on type, the global market is divided into functional beverages, functional foods, and dietary supplements. By form, the market is segmented into capsules & tablets, liquid, powder, others.
On the basis of sales channel, the global market is studied in hypermarkets/supermarkets, specialty stores, pharmacies and online channels. The global nutraceuticals market is also studied in North America, Europe and Asia-Pacific.
By type, the nutraceuticals market is split into functional beverages, functional foods, and dietary supplements. Functional foods are the most commonly consumed types of nutraceuticals and occupy the largest market share, while functional beverages are expected to witness the highest growth by the end of the forecast period. (Fig. 1).
Fig.1 Functional food segment dominates the global nutraceuticals market and is expected to maintain its dominance throughout the forecast period
Based on form, the nutraceuticals market is divided into capsules and tablets, liquids, powders and others. Capsules and tablets are the most readily available and most consumed forms of nutraceuticals in the market and other nutraceuticals are expected to have the highest CAGR during the forecast period.
Overview of the Nutraceuticals Market in South Asia Region
The Southeast Asia Dietary Supplements Market size was valued at USD 6.92 Billion in 2018 and is projected to reach USD 10.60 Billion by 2026, growing at a CAGR of 5.60% during the forecast period (2019-2026). Dietary supplements are substances developed and designed to add specific nutrients to the body. These nutrients are supplied from the outside which helps support the body system by reducing the risk of heart disease and builds immunity against various diseases.
There are specific vitamins and minerals that the body cannot process on its own and must be consumed in supplement form. Sometimes these supplements are added to foods and drinks. Dietary supplements come in various forms such as extracts (liquid and powder), capsules, tablets and pills. It consists of different types of minerals, vitamins, amino acids, fibers and enzymes or extracts from plants and herbs.
Southeast Asia, the dietary supplement market, is driven by growing consumer awareness of maintaining and improving preventative health. Consumers are showing a greater desire to opt for a concentrated source of nutrients and dietary supplements and have responded to this call in an effective and convenient way. Dietary supplements dealing with general health and well-being, immune support, digestive support, etc. are increasingly in demand by consumers who rely on them to manage many of their health problems.
According to a new report by Grand View Research, Inc., the size of the nutraceutical excipients market in Southeast Asia is expected to reach $1.03 billion by 2025 at a CAGR of 8.22%. ) are expected to drive the growth of the market.
Europe reported the highest share, mainly due to a larger elderly population and the increasing occurrence of chronic diseases. Asia-Pacific is expected to grow at the highest compound annual growth rate, mainly due to the growing popularity of e-commerce websites, growing awareness of the importance of wellness and health and of the growing middle class population.
The Middle East, Latin America and Africa regions are expected to show notable growth over the forecast period.
Southeast Asian countries are recognized as innovation hubs for new ingredients and functional foods. Major changes in urban lifestyle, heavy reliance on domestic consumption, and increasing consumer disposable income are key factors driving the nutraceutical industry in these countries. Many international nutraceutical manufacturers seek to enter the SEA market due to the high potential for revenue generation through consumer behavior patterns in this region. For example, in January 2018, ChromaDex launched its Tru Niagen supplement in Singapore through retail partnerships with Watsons.
The comprehensive research account covers nutraceutical trends in major regions encompassing Africa, Asia-Pacific, Europe, Latin America, North America and the Middle East. By region, the nutraceuticals market is dominated by North America owing to the presence of large manufacturers, high disposable income, and increasing attention to physical appearance.
(The author is Professor, Amity University Madhya Pradesh, Gwalior. He can be contacted at [email protected])