The term ‘nutraceuticals’ was coined in the late 1980s to describe food products that have a medicinal benefit. This fast-growing sector includes functional foods (such as vitamin-enriched products), nutritional supplements, sport drinks, and medically formulated foods.
The link between food and health was established long ago. Nutraceuticals are often used in nutrient premixes or nutrient systems in the food and pharmaceutical industries.
Nutraceuticals cover a wide range of products, from sports drinks available on supermarket shelves to prescription drugs for patients with serious medical conditions.
Nutraceutical can be defined as, "a food (or part of a food) that provides medical or health benefits, including the prevention and/or treatment of a disease. The use of nutraceuticals, as an attempt to accomplish desirable therapeutic outcomes with reduced side effects, as compared with other therapeutic agents has met with great monetary success.
Some of the pharmaceutical and biotechnology companies, which commit major resources to the discovery of nutraceuticals include Monsanto, American Home Products, DuPont, Abbott Laboratories, Warner-Lambert, Johnson & Johnson, Novartis, Metabolex, Genzyme Transgenic, PPL Therapeutics, Interneuron.
The Asia Pacific nutraceuticals product market is growing on account of the growth in dietary supplements and functional food segments. Asia – Pacific nutraceuticals dietary supplement market will have high growth rate during the forecast period (from 2012 to 2017). The growth thrust for Asia – Pacific nutraceuticals dietary supplements market will primarily come from Herbals and Vitamins and Mineral product segments.
Nutraceuticals provides health benefits and helps in prevention and healing of diseases. The global nutraceuticals product market is primarily categorized on the basis of functional food, functional beverages and dietary supplements. The global market of nutraceutical is a growing on account of growth in dietary supplement segment. Some of the factors driving nutraceutical market are the increase in disposable income and conscious about one’s health. The spending on purchase of healthy and organic foods is on a rise thus giving a boost to the overall nutraceutical market. Some of the factors restraining the market growth are the lack of knowledge about the benefits of nutraceutical products and high prices of nutraceutical products.
According to a new market report published by Transparency Market Research “Nutraceuticals Product Market: Global Market Size, Segment and Country Analysis & Forecasts (2007-2017)”,
Global Nutraceutical Product market reached $142.1 billion in 2011 and is expected to reach $204.8 billion by 2017, growing at a CAGR of 6.3% from 2012 to 2017. Asia Pacific (including Japan) is expected to have the second largest market share after North America by 2017. In 2011, the Functional food and Beverage market reached $93.0 billion, registering a growth rate of 6.0% from 2007 to 2011. North America enjoyed the highest market share for nutraceutical products at $56.4 billion in 2011.