According to IMARC Group’s latest report, titled “Nutraceuticals Market Report: COQ10, Probiotics/Prebiotics, Taurine, Omega-3, Green Tea, Antioxidants, Calcium, Lycopene, B-Complex, Dietary Fiber, Collagen, Aloe Vera and Zinc”, the global nutraceuticals market reached a value of US$ 285.2 Billion in 2019. Nutraceuticals comprise functional food products, phytochemicals, herbal remedies, and dietary and genetically modified (GMO) supplements fortified with vitamins and other nutrients. They offer nutrition and therapeutic benefits, such as improving health, delaying aging, increasing life expectancy, protecting against chronic diseases, and supporting the structure or function of the body. As a result, they are gaining traction as an alternative to pharmaceuticals for the treatment of oxidative stress-related disorders like obesity, allergies, cancer, diabetes, and Alzheimer’s and Parkinson’s disease.
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The growing prevalence of different medical conditions, along with the rising consumer inclination towards functional consumables that are manufactured using natural ingredients, represents one of the key factors influencing the demand for nutraceuticals. Moreover, the increasing trend of gym culture is catalyzing the demand for protein-based diets and dietary supplements, which is bolstering the market growth. Apart from this, the rising premature aging issues among a significant part of the young population due to hectic schedules and stress, in confluence with the increasing beauty consciousness, are anticipated to influence the market positively. Looking forward, IMARC Group expects the global nutraceuticals market to exhibit moderate growth during 2020-2025.
As the novel coronavirus (COVID-19) crisis takes over the world, we are continuously tracking the changes in the markets, as well as the industry behaviors of the consumers globally and our estimates about the latest market trends and forecasts are being done after considering the impact of this pandemic.
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