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Rapid increase in sports and energy consumption, particularly among young people, and growing customer preference for ready-to-drink beverages are the factors driving the Nutraceuticals market growth.
Strong youth population in developed economies to promote dietary supplements and functional drink consumption, thus enhance the market value.
Increase in prevalence of chronic diseases owing to rise in old age people and high healthcare costs to fuel the nutraceuticals market demand.
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The high cost of healthcare services to contribute a growing demand for increasing interest in nutraceuticals materials over the forecast period 2020-2026.
Large use of functional foods due to their possible health benefits and use of nutraceuticals supplements to reduce the total and low-density cholesterol content of lipoprotein (LDL) resulting in reduced risk of heart disease.
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In addition, increase in consumer disposable income to have a positive impact for dietary supplements. Manufacturers have also followed the strategy of undertaking comprehensive research to create new nutritional content and flavoring products.
Regional perspective of nutraceuticals market share
North America to hold the major portion of the nutraceuticals market share driven by increasing focus on preventive healthcare measures amongst the elderly population.
Countries like the US, Canada, and Mexico are seeing an rise in consumer spending on health and wellness goods that provides ample opportunities for key players on the market in nutraceuticals.
For instance, Edison Nation Acquires HMNRTH Nutraceutical Line to influence the innovation platform and to expand the brand and product lines.
Further, incremental overview of the probiotic and prebiotic foods as part of a balanced diet in order to drive the market demand for nutraceuticals in this region.
Additionally, consumption of nutraceuticals helps to alter and sustain physiological functions to achieve optimum medical and personal advantages and thus positively impact the market demand.
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As well, in several developing countries with a rich biodiversity and conventional knowledge of the health effects of some indigenous plant species, nutraceuticals may be an opportunity in economic development.
However, high research and product development costs which in turn increase commodity prices and challenge market growth.
Strategic approaches, new unveilings by key players to trigger the market growth
Novel practices, product developments, acquisition by key firms and government to boost the market growth. For instance, in 2020, a start-up at BITS-Pilani Hyderabad, India, risen with a nutraceutical formulation-based approach to reduce community transmission of coronavirus.
Further, in 2020, Edison Nation Acquires HMNRTH Nutraceutical Line to influence the innovation platform and to expand the brand and product lines to identify other synergistic opportunities.
In addition, New Zealand Coastal Seafoods to acquired 100% of the issued share capital of Kiwi Dreams International (KDI) in 2020 to expand its revenue streams by adding greater depth to its product line.
Moreover, in 2020, in India, Mumbai-based nutraceuticals healthtech startup innovcare invested US$6.4 million to bolster growth & expansion of the nutraceuticals product portfolio.
Additionally, in 2019 Ocean Pride launched its venture into nutraceuticals under the Bêche brand to capitalize on the growing awareness of the health benefits of sea cucumber.
Key players contributing to the nutraceuticals market include Nestle, Cargill Incorporated, Danone, Royal DSM N.V., Bayer Healthcare AG, Action Labs, Inc., Guardian Lifecare Ltd., Sainsbury ASDA, Whole Foods, and A & A Pharmachem among others.
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