Market Research Future (Food and Beverages) Nutraceuticals Market Research | Page 3

Nutraceuticals Market Research, Size, Trend, Global Industry Analysis, 2023
2 Market Overview
Growing awareness about the drawbacks of consuming heavy dosage of drugs has headed consumers towards
experimenting with the healthier alternatives including functional foods and beverages. Nutraceuticals market has
witnessed substantial innovation in terms of new product launches along with research & development and
collaboration by the industrial players. Also, the overall increasing disposable income of the consumer and their
evolving buying pattern over the past few years which, in turn, has led to a surge in the sales of nutraceuticals during
the forecast period.
Robust increase in medical cost has a huge direct impact on the nutraceutical market. The rising medical cost is a
result of rising adoption of new technologies and treatments, overuse of procedures and tests, and lack of
transparency and information on prices and quality of medical services that is been provided. For instance, in 2014,
the U.S. healthcare expenditure increased 5.4% following growth of 2.87% in 2013 to reach $3 trillion, or $9,523 per
person. The escalating medical service costs have resulted in consumers shift towards adopting healthy alternatives
into their daily routine. Owning to this, the consumption and demand for nutraceuticals have experienced a drastic
increase. Consumers are identified to include consumption of functional foods and supplements as a part of their
daily diet. Nutraceuticals provide essential nutrients the body thereby enhancing the body’s metabolism.
Latest Industry Updates:
Nov 2017 BASF has launched Omega-3 accelon- absorption accelerating technology. This strategy will help to bring
out innovations and create product differentiation, ultimately increasing the overall sales of the company.
Mar 2017 BASF signed an agreement to commercialize medical food product majorly for the dietary management
of patients with non-alcoholic fatty liver disease (NAFLD).
Mar 2017 DSM and Evonik have undergone into a joint venture, in order to meet the rising demand for omega-3 fatty
acid products from the consumers end. The strategy will enable the production of omega-3 fatty acids for animal
nutrition without using fish oil and as a fish oil alternative.
Apr 2016 Abbott has launched its new product by the name of Ensure. The product is rich in HMB and protein. Rising
demand for functional foods and beverages among the consumers have encouraged the manufacturers to launch
new products.
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