|
|
|
You can get e-magazine links on WhatsApp. Click here
|
|
|
|
|
|
Focus on functional food, beverages and dietary supplements
|
|
Thursday, 25 August, 2022, 08 : 00 AM [IST]
|
|
Dr Neeraj Mishra
|
Nutraceuticals is a comprehensive umbrella term which is used to label any product acquired from food origin with additional health advantages over and above the basic nutritious value available in foods.
Nutraceuticals can be regarded as non-precise biological remedies used to boost general health, regulate indications, and avert malignant developments. The explanation of nutraceuticals and allied output generally relies on the origin. Nutraceuticals can be segmented based on their natural basis, pharmacological circumstances, as well as the chemical structure of the products.
Nutraceuticals have advantage over medicine because they avoid side-effect and have natural dietary supplement. Most often, nutraceuticals are organised into the following classes: functional food, dietary supplements, pharmaceuticals, and medicinal foods.
Dietary supplements such as vitamins, minerals, and protein are the most frequently used nutraceuticals worldwide. Their acceptance has augmented rapidly in the earlier few years. Many studies have suggested that dietary supplements can enhance health, reimburse for unhealthy eating ways, and also lessen risk of developing chronic ailments. Moreover, factors such as easy availability and low cost augment the demand for dietary supplements.
Global Nutraceuticals Market: An Overview
The global nutraceuticals market is segmented based on type, form, sales channel, and region. Based on type, the global market is bifurcated into functional beverage, functional food, and dietary supplements. By form, the market is segmented into capsules and tablets, liquid, powder, others.
Based on sales channel, the global market is studied across hypermarkets/supermarkets, specialty stores, pharmacies, and online channels. The global nutraceuticals market is also studied across North America, Europe, and Asia-Pacific.
By type, the nutraceuticals market is divided into functional beverages, functional foods, and dietary supplements. Functional foods are the most commonly consumed types of nutraceuticals products and occupy the largest market share, while the functional beverages are expected to have the highest growth at the end of the forecast period. (Fig.1).
The functional food segment dominates the global nutraceuticals market and is expected to retain its dominance throughout the forecast period
Based on the form, the nutraceuticals market is divided into capsules and tablets, liquids, powders, and others. Capsules and tablets are the most easily available and the most widely consumed forms of nutraceuticals in the market and the other nutraceuticals products are expected to have the highest CAGR during the forecast period.
Nutraceutical Market Overview in South Asian Region
The Southeast Asia dietary supplements market size was valued at $6.92 Billion in 2018 and is projected to reach $10.60 Billion by 2026, exhibiting a CAGR of 5.60% during the forecast period (2019-2026). Dietary supplements are substances which are developed and designed to add specific nutrients to the body. These nutrients are supplied externally, which helps support the body system by lowering the risk of heart diseases and creates immunity against various diseases.
There are specific vitamins and minerals that the body cannot process on its own, which have to be consumed as supplements. Sometimes these supplements are added to food 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, fibres, and plant and herb enzymes or extracts.
Southeast Asia, the dietary supplements market, is driven by the growing consumer consciousness towards preventive health maintenance and enhancement. Consumers are exhibiting greater willingness to opt for a concentrated source of nutrition and dietary supplements and have answered this call effectively and conveniently. Dietary supplements addressing general health and well-being, immune-support, digestive-support and so on are being increasingly demanded by consumers that are managing many of their health issues by relying on them.
The Southeast Asia nutraceutical excipients market size is expected to reach $1.03 billion by 2025 at an 8.22% CAGR, according to a new report by Grand View Research, Inc. Increasing health consciousness and consequently increasing demand for nutraceuticals among consumers in South East Asia (SEA) are expected to drive market growth.
Europe reported the highest share, predominantly owing to a greater elderly population and the growing occurrence of chronic ailments. Asia Pacific is projected to advance at the highest compounded annual growth rate, majorly owing to the increasing popularity of e-commerce websites, growing awareness about the importance of well-being and health, and the rising middle-class populace.
The Middle East, Latin America, and African regions are expected to exhibit noteworthy growth in the projected time-frame.
Southeast Asian countries are recognised as hubs for innovation as far as new ingredients and functional foods are concerned. Major changes in urban lifestyle, high dependence on domestic consumption, and rising disposable income of consumers are key factors boosting the nutraceutical industry in these countries. Many international nutraceutical manufacturers seek entry into the SEA market owing to the high potential for revenue generation through consumer behaviour patterns in this region. For instance, in January 2018, ChromaDex introduced its Tru Niagen supplement in Singapore through retail partnerships with Watsons.
The comprehensive research account covers inclinations of nutraceuticals throughout chief regions encompassing Africa, Asia Pacific, Europe, Latin America, North America and the Middle East. By region, nutraceuticals market is led by North America due to presence of major manufacturers, high disposable income, and increasing focus on physical appearance.
(The author is professor, Amity University Madhya Pradesh, Gwalior. He can be reached at nmishra1@gwa.amity.edu)
|
|
|
|
|
|
|
|
|
|