Updated on 5 July 2014
The report noted that the Global Nutraceutical market is highly competitive and has numerous local and international vendors prevailing in it. To compete in the market, vendors are introducing numerous new and innovative nutraceutical food products in the market. Companies are trying to introduce new innovative products on the basis of ingredients, packaging, and serving ability.
As consumers are also increasingly interested in tasting new products, new flavors, and recipes, foods that have been developed using several cultural cuisines are also continuously being launched in the market. For instance, large food corporations, such as Kellogg, General Mills, Procter and Gamble, Hygiene and Health Care, are at the forefront of nutrition research. They are trying to gain advantage from nutraceuticals by fortifying their existing products (eg., orange juice with calcium), repositioning products, supporting sales with new marketing approaches and research that highlights the benefits of their core products and new products. Therefore, the increase in innovative nutraceutical food product launches is one of the key trends that is expected to propel the growth of the Global Nutraceutical market during the forecasted period.
According to the report, one of the major drivers in the market is the increasingly aging population across the globe. With the increase in the aged population and primary consumers, the consumption level of nutraceutical products has increased. The majority of the demand for nutraceutical products is from the APAC region as the region is densely populated with changing consumer lifestyles and increasing disposable income.