The wellness industry itself is undergoing functional and structural changes and more focused on prevention of chronic diseases concept than simply maintaining health. This movement is currently experiencing renewed impetus as several food/nutritional components are being employed as medicines, either directly or as prodrugs. My intention here is to cover entire range of functional foods, dietary supplements, nutraceuticals, medical foods, natural medicines etc. under “New Generation Foods”.
Major demographic changes and psychographic shifts in the global consumer market are guiding the next stage evolution of “New Generation Foods” products, more targeting, particularly ageing population by offering specific functional health benefits. Because these opportunities are largely consumer-driven, understanding consumer interests and motivations is the key for successful positioning of new generation functional foods, beverages and supplements.
It is generally accepted worldwide that modern pharmaceuticals will remain out of reach of many people and “health for all”may only be materialized by the use of adequately assessed nutraceutical/phytomedicinal products.
Over the past decade, increasing media attention to the health-food/nutrition link, and demographic, economic, and social trends has signi cantly enhanced consumer, public, and private sector engagement in “New Generation Foods” domain. Combination of physical, emotional, well-being, social, or nancial components would be the best marketing and product positioning strategy in coming future. The “New Generation Foods” industries need to develop a concept of “insurance” for future health, as long as the products are developed as scientifically credible, high quality, readily available, tasty, varied, and convenient.
Estimates of complementary therapy use in cancer patients in Australia indicate that anywhere from 17-87 per cent have used at least one form of complementary therapy while receiving conventional cancer treatment. The prevalence of complementary medicines use in the general Australian population is up to 65 per cent. Similarly the fact that one in three Americans are using some form of alternative and complementary/adjunct therapy. The nutraceuticals industry continues to be in a healthy position overall and future forecasts are promising. For example, Euromonitor International expects the U.S. vitamin and dietary supplement market to increase by 53 per cent to $28.7 billion by 2021. In the nutraceuticals domain, peripheral opportunities are also exist for managing chronic lifestyle diseases and ailments, such as obesity, tuberculosis, diabetes, arthritis, malaria, and cholera, which can be managed through preventive efforts.
Commercial trends in this industry are driven by country-specific regulations and health claim substantiation, because these are different in different countries. Shifts in consumer beliefs and behaviors drive trends and create opportunities. Based on few leading market intelligent research reports (Julian Mellentin, New Nutrition Business February, 2015; International Food Information Council (IFIC) Foundation, 2017; IFT.org, 2016), here are the major trends:
There is strong believe that e-Commerce is the next frontier for Nutraceutical and Functional Food Brands.
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