Global Nutraceuticals Market Rides High on Rising Inclination for Natural Ingredients
Albany, NY -- (SBWIRE) -- 12/07/2018 -- As per a business and market intelligence study by Transparency Market Research (TMR), the global nutraceuticals market is predicted to expand at a CAGR of 7.3% between 2015 and 2021. Expanding
Rising Spending on Health-benefitting Foods Fuels Growth
Nutraceuticals range from dietary supplements, isolated nutrients, and herbal products to specific diets and processed foods and beverages. These are extremely attractive to food and beverages companies due to the relatively high margins and minimal regulatory requirements involved. Factors such as rising health concerns, growth of key demographics, and increasing consumer desire to lead a healthy life and avoid dependence on synthetic drugs are the major drivers contributing to the growth of this market. In addition, factors such as new product launches, mergers and acquisitions, and nutraceuticals aimed at improving cardiac health are expected to enhance the growth of this market. All these properties mentioned above have led to the growing demand for nutraceuticals in recent years.
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"Demand for nutraceuticals is expected to rise on the back of rising incidence of non-communicable diseases and rising healthcare expenses," says the author of the study. Changing lifestyle and rising consumption of packaged food in emerging economies have been reasons for the increasing incidence of lifestyle diseases such as cardiovascular ailments and diabetes. This, along with rising healthcare expenses are stoking demand for nutraceuticals in emerging nations.
The rising demand for milk and meat is leading animal feed manufacturers to add nutraceuticals in animal feed. This is boosting the nutraceuticals market. Besides this, a high level of awareness among consumers in developed countries regarding the benefits of nutritional diet and rising demand for natural beauty products are aiding the growth of nutraceuticals market. Consumers in developed countries have a high degree of awareness about the side-effects of pharmaceuticals, hence are increasingly opting for natural foods and health-benefitting supplements derived from products derived from natural ingredients.
Apart from this, unlike pharmaceuticals, nutraceuticals are available over-the-counter without prescription. This makes another reason for their increased adoption as a natural supplement for well-being.
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Relatively High Price Factor of Nutraceuticals Limits Uptake
Despite a host of positive factors, increasing prices of nutraceuticals are limiting their uptake especially in less developed economies. Nutraceuticals prices are generally higher than pharmaceuticals. Substantial difference between the prices of nutraceuticals and pharmaceuticals is compelling consumers to opt for low price medicines.
Low awareness about nutraceuticals is another factor challenging the growth of nutraceuticals market. A large population worldwide are yet to realize the benefits of nutraceuticals. Nevertheless, rising healthcare spending in Asia Pacific is likely to offer lucrative growth opportunities to global nutraceuticals market.