As consumers struggle to keep pace with the hectic lifestyles, the need for a healthy diet increases due to lack of time to invest on rigorous exercise activities. Consumers are shifting their focus towards quick and healthy food habits. Rise in consumption of beverages and functional food has presented manufacturers of nutraceuticals with lucrative opportunities to capitalize on. Consumers in developed nations are exploring healthy lifestyle options to curb the occurrence of chronic diseases occurred due to unhealthy lifestyle. These factors altogether are likely to surge the demand for neutraceuticals globally in the coming years.
Rise in Cases of Chronic Diseases to Fuel Sales of Nutraceuticals in Developing Nations
Owing to the mounting cases of non-communicable chronic diseases, the demand for nutraceuticals is expected to rise significantly in the developing countries. As a result of the increased number of disease across emerging economies, the healthcare expenses in these countries have also taken a boost. The high prevalence of chronic diseases such as diabetes, cancer, lung disorders, and cardiovascular ailments in countries like Japan, China, and India, is likely to augment the sales of nutraceuticals in these regions due to the rise in healthcare expenditure.
The growing demand to include nutraceuticals in animal feed is also anticipated to drive the growth of the global nutraceuticals market. As consumers have become more aware about side effects of cosmetic products and pharmaceuticals, the demand for natural beauty products has increased substantially leading to a rise in the sales of nutraceuticals. Differing from pharmaceuticals, nutraceuticals provide health benefits as they are natural options and are also available easily without prescription.
Mounting Cost to Inhibit Growth of the Global Nutraceuticals Market
Although nutraceuticals have been witnessing a substantial growth over the last few years, their high price is affecting its consumption in emerging economies. As pharmaceuticals are generally less expensive than nutraceuticals, a significant population of people in developing countries are still preferring the consumption of pharmaceuticals over nutraceuticals. Moreover, the lack of proper knowledge about nutraceuticals is another factor inhibiting its market growth.
However, the use of nutraceuticals in new applications is likely to provide manufacturers with lucrative growth opportunities.
The global nutraceuticals market is projected to expand at a 7.3% CAGR between 2015 and 2021with a market worth US$165.62 bn in the year 2014. The global nutraceuticals market is expected to touch a valuation of US$278.96 bn by 2021. Asia Pacific is expected to emerge as the key region in terms of consumption owing to the rise in disposable income of consumers in the region.