According to TMT magazine, the current food trend is towards functional foods, also known as nutraceuticals. Owing to many health problems and lifestyle diseases, people are now targeting their diet and turning to foods that can improve their health as well as cure or prevent diseases. Rising medical costs have also urged people to adopt a more preventive approach to health and fitness. Nutraceuticals market in this respect has an enormous scope of expansion as it provides food and drinks that are more suited to consumers’ individual health and nutritional requirements. Nutraceuticals are primarily used in functional foods and dietary supplements and help to enhance immunity, prevent chronic diseases, increase cognitive behaviour, improve digestion, etc. With consumers opting for organic and healthier foods rather than synthetic foods, nutraceuticals have immense potential for growth. The nutraceuticals market, however, faces the same challenges as that of any other food market – battling consumer perceptions and struggling to gain their confidence.
Owing to numerous incidences of food scandals in the news every now and then, the consumers are more wary and critical towards the food and beverages they consume. They are greatly affected by cultural, social, personal and psychological factors that influence the choice of food they will buy. Further, foods that meet their taste preferences, provides convenience and have lower prices also impact their decision to buy foods and beverages. A recent survey found that taste happens to be the primary driver of selection of food and beverages, followed by price, healthfulness, convenience and sustainability. Also, different sections or age groups prioritize various types of nutrients and ingredients according to their requirement. Older consumers were more likely to be inclined towards healthfulness and sustainability and less likely to be influenced by price and convenience than younger consumers. It was also observed that consumers with high income were more affected by taste and healthfulness and less likely to be influenced by price than were consumers with lower income.
Consumers’ limited knowledge and awareness about nutraceuticals also affect the development of its market. However, the number of well-informed consumers are increasing due to the rising level of education and media penetration. As a result, the nutraceuticals market has promising opportunities in its way and is expected to fare well in developed as well as emerging markets in the next five years. To ensure a steady growth, nutraceutical manufacturers should adopt an approach that aligns with consumers’ health needs. Legitimate health claims on the products can help win the consumers’ confidence. Launching products with a consumer-centric view will allow a better penetration of nutraceutical products in the lives of the people. Improved supply chains will further help the market to cope up with the changing trends and meet the evolving needs of the consumers.
According to IMARC group’s recently published report titled “Nutraceuticals Market Report: COQ10, Probiotics/Prebiotics, Taurine, Omega-3, Green Tea, Antioxidants, Calcium, Lycopene, B-Complex, Dietary Fiber, Collagen, Aloe Vera and Zinc”, the ongoing trend of personalized nutrition has enabled the nutraceutical market to provide targeted nutrition. The global personalized nutrition products market was valued at US$ 205 billion in 2015. This market is sub-divided into key indicative health areas. They include digestive and immune health, energy and alertness health, heart health, bone and joint health, cognitive health and beauty health. Region-wise, the Asia-Pacific region was the dominant market for Personalized Nutrition Products in 2015, followed by the USA, Western Europe, Africa & Middle East and Eastern Europe.
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