Arya Pise, Consultant- Agri, Food & Nutrition, Frost & Sullivan
Nutraceutical is a product that has medicinal benefits for people and/or is made from food, naturally occurring herbs, plants, or organic organisms, among other sources. Nutraceutical products can be thought of as non-specific biological therapies that are intended to prevent and manage symptoms and enhance overall health. The words “nutrient,” which refers to a nourishing dietary ingredient, and “pharmaceutical,” which refers to a medicinal treatment, are combined to form the phrase “nutraceutical.” Stephen De Felice, the founder and chairman of the Foundation for Innovation in Medicine, an American organisation that supports innovation and research in the field of medicine, first used the phrase “nutraceutical” in 1989. The definition of food and natural products with health benefits varies throughout countries and regulatory bodies. The global market size for nutraceuticals is estimated to be $561 billion in 2023. Looking at this promising sector’s growth potential and innovations, let’s examine the success stories and challenges of a few key players.
According to industry standards, Functional Food and Beverages & Dietary Supplements are sub-categories of Nutraceuticals. A dietary supplement is a product that is concentrated in liquid, pill, capsule, or powder form. It contains nutrients that are obtained from ingredients in food. Whole foods, fortified foods, and enriched or enhanced dietary components are types of functional food. These foods may lower the risk of chronic disease and offer health benefits beyond the usual nutrients. Most nutraceuticals can be purchased without a doctor’s prescription and are accessible over the counter. Over-the-counter options for dietary supplements with enhanced health claims include tablets, capsules, and liquids. Most nutraceuticals can be purchased at specialty nutrition retail stores, pharmacies, and hypermarkets or even online. Additionally, there are retail stores and overthe-counter options for functional meals and beverages. Every age group in the world uses nutritional supplements. For the growing youngsters or schoolage groups to do efficiently in extracurricular activities, sports, and academics, they need nutraceuticals. It can
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