Pop in the Wonder Pill- The Amplifying Nutraceuticals Market
Ideas and innovations are the base of every successful industry. It is a need to keep inventing and producing something new in order to maintain the interest of the consumers. The nutraceuticals market is one of the industries that is growing and needs new innovations to keep it moving ahead. Trends have been adding a lot of new stuff to the nutraceuticals industry. From inventing different oral pills to going all organic, the industry has a lot of potential. The nutritional supplements are attracting a lot of consumers as popping a wonder pill that resolves all your woes seems pretty convincing and efficient.
The nutraceuticals market is expected to reach approx USD 4 Billion by 2020 and USD 7.5 Billion by 2024. The reason for this is the fast increase in the demand for dietary supplements. This surge in the demand for dietary supplements among the middle and upper-class people is bound to drive the growth of the industry for the next five years to come.
The Latest trends
Trustworthy Ingredients- Consumers are more likely to trust brands that have ingredients in their products that they recognise as compared to the ones that are completely new to them. Brands those are keener on joining their products and good environmental steps are likely to strike a chord with the young people.
Nutraceuticals for Everyone- The path towards wellness and health is not only for young and old who want to maintain a good lifestyle. Middle-aged people are also concerned as their needs evolve with their increasing age. Establishing a healthy routine is a need for middle-aged people, looking at the various issues they have to face in the later years of their life like ageing, muscle health, weight control etc. Nutraceuticals are providing a solution to every problem the middle-aged people are about to face.
As India is growing in the Nutraceuticals market, various brands are coming up in the industry. Dabur, Amway, Ranbaxy Lab etc are some of the good brands in India while BASF SE, Frutels LLC, Functionalab etc are some of the international brands in the nutraceuticals market.
Hair and skin are the two most visible parts of the human anatomy and go a long way in developing a person’s prestige and confidence, says Dr Apoorv Shah, Owner, Richfeel Trichology Centre.
In Nutraceuticals, India in particular, the market is growing very rapidly. Here, we have a booming middle class and a B2C issue that’s becoming more significant as western foods are expanding in India. So, we are trying to revert back to more traditional diets, supplements, medicines and things like that, says Chad A. Wissinger, General Counsel, NutriMost Wellness and Weight Loss.
The nutraceuticals market is ever growing and has dense scope in it. With consumers getting attracted towards the concepts of various nutritional supplements, the market is in for a lot of positive changes. The wellness industry is said to be the next trillion dollar industry and one cannot deny that looking at the various segments it has. The nutraceuticals market is one of them and it is expanding quite well.