The last decade saw a growth in the nutraceuticals sector due to the emergence of new opportunities, applications and new markets that helped shape and capitalize the nutraceuticals industry. There are several factors that will drive the need for Nutraceuticals in the coming years. These are some of them.
Increased awareness towards Preventive Healthcare.
People are waking up to realize that downtime due to health issues directly effect their bottom line and productivity as a whole. In a world where we are all connected at all times, availability and tele-presence seem to have become the norm in most work cultures around the world. Staying healthy and fit seems to be an increasingly important to improve personal productivity. Consumers are looking towards food and diet for solutions for health and vitality that traditional medications and supplements do not provide. The major aspect for increased awareness of preventive healthcare among the working population is down-time due to illness that reduces personal productivity.
The Global Fitness Trend
The health & fitness industry has long fueled the growth of Nutraceuticals, but a new trend is shaping that will influence the growth of the nutraceutical industry greater than its previous catalysts and that is Preventive Healthcare. Physicians are embracing preventive healthcare and tailored nutrition for their patients as the next level of healthcare. With the emergence of the analytics industry that cater to the healthcare space, new opportunities such as tailored nutrition, anti-aging diets and the like are emerging in healthcare at an unprecedented pace.
Growth of Functional foods and beverages.
The growing demand of functional foods and beverages is another contributing factor to the growth of the food ingredients industry. Consumers are not satisfied with products that merely satisfy a basic need. The calling is for products that satisfy new and sophisticated consumers needs which are not addressed presently. Apart from products that solve specific problems and aid vitality or recovery, healthy snacking is another fast growing sub-trend. People want to feel smarter about their snacking choices. Customers are increasingly picking healthier choices of snacking compared to regular products in the market.
Desire for a better Lifestyle
Globally, consumers are capable and willing to spend more on themselves even in hard economic times. Even though the spending on what may be considered ‘extravagant’ may reduce at a personal level, people continue to be increasingly health conscious and are now buying health products off the shelf, online and also via newer subscription models. All of these new models feed the growing need for a better lifestyle.
We are also witnessing neutracuitcals being introduced in food and beverages space in a way that it goes beyond being just functional food and beverages and entering into medicinal foods space. Going forward, we will see innovative products that will combine functionality, health and great taste, all of which will further the demand for nutraceuticals and food ingredients.