An edible product containing the basic nutritional value of food and an added medicinal benefit is referred as Nutraceutical. Nutraceuticals is also referred as a specially treated food, vitamin, mineral, and herb that can be consume (eat or drink) for improving the health. The word was coined by Stephen De Felice, founder and chairman of the Foundation for Innovation in Medicine, Cranford, New Jersey and is a blend of the words “nutrition” and “pharmaceuticals”.
Market Scenario:
Urbanization and advent of technology has brought about a steep rise in lifestyle related diseases in the last three decades. This has made consumers strive for a diet that enhances energy in a holistic way. Thus, increased demand of healthy diet options with the rise in lifestyle-related diseases has spur the Nutraceuticals market demand
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Furthermore, supply of natural food with added medicinal/health related benefits are expected to meet the demand. Since, three quarters of the world population is still dependent on the natural products for medicinal purposes, according to a report published by WHO, a combination of food and medicine--Nutraceuticals have become the ultimate health promoting diet. Nutraceuticals have become an umbrella term that encompasses functional food, dietary supplements, sports drinks, functional ingredients and medically formulated foods etc.
Key Players:
Amway,
GSK
Kellogg’s
Coca Cola
Pepsico
Abbott,
Sanofi
Dabur
Functional food/beverages- These types of foods/non-alcoholic drinks yield physiological benefits, possibly lessening chronic, commonly encountered disease risks or are otherwise beneficial to health. Examples of such functional foods/beverages are omega-3 enriched eggs, ready to drink tea, Yakut probiotic drink etc.
Dietary Supplements- These products are meant to add a “dietary ingredient” to supplement the diet, which may otherwise not be consumed in sufficient quantities. Examples of such dietary supplements are Vitamins, Amino Acids, herbs, Minerals etc.
The major stakeholders in the growth include the fitness instructors, dieticians and general practitioners. Since diet holds a very important role in building physiological stamina and also recovery from chronic illnesses, the professionals play a key role in inspiring fitness enthusiast and patients to use the products.
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Following are the above mentioned foods:
Nutraceuticals
Foods for Special Dietary Use and Medical purpose
Foods containing Probiotics and Prebiotics
Health Supplements
Novel Foods
Specialty Food containing plants or botanicals
The Nutraceuticals market is majorly segmented as product type, product form and geographically. The product segment includes functional food, functional beverages, dietary supplements and for personal care. Furthermore, the functional food market is categorized as Probiotics Fortified Food, Omega Fatty Acid Fortified Food, Branded Ionized Salt, Branded Wheat Flour and Others; functional food includes Energy Drinks, Sports Drinks, Fortified Juices, Fortified Dairy Beverages and Others; Dietary supplements is also segregated as Proteins Supplements, Vitamins & Minerals, Herbal Supplements (Ayurvedic extracts, plant extracts, algal extracts, phytochemicals) and Other (fatty acids, fiber). The product form segment is further segregated into powder, liquid, tablet and capsules.
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