Nutraceutical Products Market: Introduction
- Nutraceutical products can be defined as the fortified food products that act as supplements in treating and preventing diseases. Nutraceuticals can be defined as a hybrid of nutrition and pharmaceutical. However, these products are not tested and regulated to the extent of pharmaceutical drugs.
- Nutraceutical products are classified into categories such as dietary supplements, medicinal food, and functional food based on pharmacological conditions as well as the chemical constitution of the products
- Dietary supplement can be defined as the product containing nutrients derived from food products. These products are regulated by the FDA, but their regulations differ from drugs and other foods. Functional food includes fortified whole food enhanced with dietary components.
- Nutraceutical products cover a range of therapeutic areas such as cold, cough, digestion, sleeping disorders, osteoporosis, cholesterol control, depression, and diabetes
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Key Drivers and Restraints of Global Nutraceutical Products Market
- The strong growth of the nutraceutical products can be attributed to the increasing prevalence of chronic diseases, such as diabetes, cholesterol, and obesity among others. In addition, increasing geriatric population, and the growing demand for alternate pharmaceutical products contribute to the growth of the nutraceutical products.
- The growing consumer awareness on fitness and health and increasing demand for on-the-go snacks fortified with nutritional food contribute to the growth of the nutraceutical products market
- A range of nutraceuticals have shown significant benefits in indications related to oxidative stress including allergy, cardiovascular diseases, eye conditions, Alzheimer's disease, obesity, and Parkinson's disease contributing to the growth of the nutraceutical products market
- However, the nutraceutical products market is highly unregulated and lacks product regulations. As a result, a range of products are marketed which are known to have significant side effects on the human body. These adverse effects might have a negative impact on the nutraceutical products market.
North America to Lead Global Nutraceutical Products Market
- In terms of region, the global nutraceutical products market can be segmented into North America, Europe, Asia Pacific, Latin America, and Middle East & Africa
- North America dominated the global nutraceutical products market in 2018, owing to strong presence of leading market players; high prevalence of cancer owing to lifestyle disorders; ongoing modernization and expansion of health care infrastructure; and well-established health care infrastructure
- Europe was the second largest market for nutraceutical products in 2018, followed by Asia Pacific. Asia Pacific is projected to be the fastest growing market for nutraceutical products, followed by Latin America and Middle East & Africa. Growing focus of governments in countries in Asia on enhancing the health care facilities, growing incidence of cancer, government initiatives, and increasing awareness among people concerning the advantages of nutraceuticals contribute to the growth of the nutraceutical products market in the region.
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Key Manufacturers Operating in Global Nutraceutical Products Market
Leading players in the global nutraceutical products market are:
- Kraft Heinz Company
- The Hain Celestial Group
- General Mills
- Barilla Group
- Pfizer Inc.
- Freedom Food Group Limited
Global Nutraceutical Products Market: Research Scope
Global Nutraceutical Products Market, by Product
- Dietary Supplements
- Functional Foods
- Functional Beverages
- Energy Drinks
- Sports Drinks
Global Nutraceutical Products Market, by Source
- Omega-3 fatty acids
Global Nutraceutical Products Market, by Distribution Channel
- Conventional Stores
- Specialty Stores
- Retail Pharmacies
Global Nutraceutical Products Market, by Region
- North America
- Rest of Europe
- Asia Pacific
- Australia & New Zealand
- Rest of Asia Pacific
- Latin America
- Rest of Latin America
- Middle East & Africa
- GCC Countries
- South Africa
- Rest of Middle East & Africa
This study by TMR is all-encompassing framework of the dynamics of the market. It mainly comprises critical assessment of consumers' or customers' journeys, current and emerging avenues, and strategic framework to enable CXOs take effective decisions.
Our key underpinning is the 4-Quadrant Framework EIRS that offers detailed visualization of four elements:
- Customer Experience Maps
- Insights and Tools based on data-driven research
- Actionable Results to meet all the business priorities
- Strategic Frameworks to boost the growth journey
The study strives to evaluate the current and future growth prospects, untapped avenues, factors shaping their revenue potential, and demand and consumption patterns in the global market by breaking it into region-wise assessment.
The following regional segments are covered comprehensively:
- North America
- Asia Pacific
- Latin America
- The Middle East and Africa
The EIRS quadrant framework in the report sums up our wide spectrum of data-driven research and advisory for CXOs to help them make better decisions for their businesses and stay as leaders.
Below is a snapshot of these quadrants.
1. Customer Experience Map
The study offers an in-depth assessment of various customers’ journeys pertinent to the market and its segments. It offers various customer impressions about the products and service use. The analysis takes a closer look at their pain points and fears across various customer touchpoints. The consultation and business intelligence solutions will help interested stakeholders, including CXOs, define customer experience maps tailored to their needs. This will help them aim at boosting customer engagement with their brands.
2. Insights and Tools
The various insights in the study are based on elaborate cycles of primary and secondary research the analysts engage with during the course of research. The analysts and expert advisors at TMR adopt industry-wide, quantitative customer insights tools and market projection methodologies to arrive at results, which makes them reliable. The study not just offers estimations and projections, but also an uncluttered evaluation of these figures on the market dynamics. These insights merge data-driven research framework with qualitative consultations for business owners, CXOs, policy makers, and investors. The insights will also help their customers overcome their fears.
3. Actionable Results
The findings presented in this study by TMR are an indispensable guide for meeting all business priorities, including mission-critical ones. The results when implemented have shown tangible benefits to business stakeholders and industry entities to boost their performance. The results are tailored to fit the individual strategic framework. The study also illustrates some of the recent case studies on solving various problems by companies they faced in their consolidation journey.
4. Strategic Frameworks
The study equips businesses and anyone interested in the market to frame broad strategic frameworks. This has become more important than ever, given the current uncertainty due to COVID-19. The study deliberates on consultations to overcome various such past disruptions and foresees new ones to boost the preparedness. The frameworks help businesses plan their strategic alignments for recovery from such disruptive trends. Further, analysts at TMR helps you break down the complex scenario and bring resiliency in uncertain times.
The report sheds light on various aspects and answers pertinent questions on the market. Some of the important ones are:
1. What can be the best investment choices for venturing into new product and service lines?
2. What value propositions should businesses aim at while making new research and development funding?
3. Which regulations will be most helpful for stakeholders to boost their supply chain network?
4. Which regions might see the demand maturing in certain segments in near future?
5. What are the some of the best cost optimization strategies with vendors that some well-entrenched players have gained success with?
6. Which are the key perspectives that the C-suite are leveraging to move businesses to new growth trajectory?
7. Which government regulations might challenge the status of key regional markets?
8. How will the emerging political and economic scenario affect opportunities in key growth areas?
9. What are some of the value-grab opportunities in various segments?
10. What will be the barrier to entry for new players in the market?
Note: Although care has been taken to maintain the highest levels of accuracy in TMR’s reports, recent market/vendor-specific changes may take time to reflect in the analysis.