Increased shift towards preventive therapies, increase in income attention on healthcare, ageing population, retail pharma growth are driving factors along with fast changing pace of life with growing risk of diabetes, cholesterolaemia, heart ailments & arthritis etc.
The growth in the nutraceutical products business will be fuelled mainly because of the changing lifestyle and increasing awareness about nutritional supplements. Rising consumer desire for leading a healthy life and increasing scientific evidence supporting health foods continue to drive the nutraceuticals market. Major trends influencing the market include growing competition resulting in industry consolidation, maturing markets in the developed regions, and demand for these supplements. Nutraceuticals are the ingredients with health benefits, beyond basic nutrition. Nutraceutical market is valued at INR 44 billion in 2009 (expected to grow 20%) Expected to reach INR 198 billion by March, 2018.
Global Nutraceuticals Market to cross US$295 billion by 2018, according to a new report by Global Industry Analysts, Inc. Nutraceuticals are gaining importance for their ability to address several diseases.