Nutraceutical is a broad phrase that refers to a food or a component of food that delivers incremental medicinal and health benefits, such as illness prevention and treatment. It is divided into two categories: dietary supplements and functional foods and beverages.
Nutraceuticals – Creating Diversification Opportunities for Pharmaceutical and Food Companies
Pharmaceutical businesses see ‘Nutrition’ as a profitable potential where they may harness their existing expertise to get a market footing. Pharmaceutical companies have extensive research capabilities, clinical trial experience, close established relationships with medical practitioners to help drive uptake.
“The paradigm shift in healthcare from treatment to prevention is providing momentum to the nutraceuticals market. The transition has urged patients and clients to think differently about health and disease, which has created opportunities for pharmaceutical and food companies to get involved in the disease/care pathway.”-Chair of Infectious Diseases, Public Research University, London, UK
Nutraceuticals: Revenue Opportunities
To address the rising burden of dementia, neurodegenerative brain diseases like Alzheimer’s, gut health issues, cardiovascular disease (CVD), and diabetes, nutraceutical manufacturers are constantly striving to launch products that can improve cognitive function, gluten and lactose-free products, products that can lower cholesterol and support a healthy heart, and products that can serve as a sugar substitute for diabetics.
Product Innovations are Driving the Nutraceuticals Market
The nutraceuticals market is technology-driven and is marked by constant product enhancements and innovations. For instance,
- In April 2022, PharmaLinea announced its next-generation products for 2022, which includes the launch of a range for gut health, >Your< Prebiotiq Line, as well as additions to its >Your< Iron Forte Orosticks, >Your< Iron Forte Liquid Sticks and >Your< UTI Free Orosticks lines.
Leading Players Use Organic and Inorganic Growth Strategies to Establish a Strong Foothold in the Nutraceuticals Market
The presence of both established and emerging players in the nutraceuticals market is notable. To gain market share, industry participants use both organic and inorganic growth tactics such as acquisitions and new product launches. As an example,
- In June 2022, Pharmactive Biotech Products announced a new strategic partnership with Singapore-based Nutraconnect Pte, Ltd. to bring innovative, scientifically-backed nutraceutical ingredients to the Asia-Pacific marketplace.
Competitive Landscape Analysis: Nutraceuticals Market
The global nutraceuticals market is marked by the presence of established market players such as Archer Daniels Midland Company, Herbalife Nutrition, Amway, Nestlé Health Science, Danone, Pfizer, Bayer, Universal NutriScience, and Innophos, and AOR Canada, among others.
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