We are hearing that global nutraceuticals market which was valued at around US$200 billion in 2015 is expected to grow at CAGR 7 per cent (for period 2016 to 2022) and would cross US$300 billion by 2022. With respect to the global scenario, nutraceutical market in India is growing at a faster pace of 17 per cent CAGR with product clutter business of around US$2.5 billion. Though India is at a very beginning stage but truly positioned for growth mostly due to nuta-cluster formation, increasing awareness as well as consciousness among people towards their health.
“Nutraceutical” literally is combination of two sciences — nutrition and pharmaceutical. Further, Nutraceutical is forming alliance with varied discipline. It is also forming alliance within industry to address needs of customised nutrition for people of different age , gender, geographic region. It is interesting to observe that a nutrition could be so customised and well segmented into several other need-based nutrition products such as for special performance and health needs, for preventive health nutrition such as heart health, bone health, liver health, eye health, intestine health, brain health, general health or even medical nutrition products for patients whose nutrition needs could not be sufficed with their routine diet. Very new segment is anti-aging products and intervention of nutrition into cosmetics.
The products with such nutraceutical benefits could also be segmented based on various food formats such as beverages and/or food, and oral dosage forms. Oral dosage forms like pills (tablets, capsule, soft gel) are already there since the very beginning of segmentation.
With growing awareness, customised need/choice of nutraceutical products, there is segmentation or cluster-formation in the industry. Growing knowledge, convergence of different disciplines and business interests results into clustered nutraceutical. When the industry of different disciplines seeks to converge for innovation and new product development, the need for alliances also hold attention. The resulting nutra-cluster generates diverse range of products which clutter from different segments of such nutra-clusters.
Nutra-alliances based on various disciplines include following
A) Alliance of foods & beverages with nutraceuticals: Functional foods & beverages
Despite huge growth in the food and beverage industry, there is significant shift at global level due to increasing concern about health as compensation of their lifestyle. Thus, functional foods and beverages are more preferred over conventional foods and beverages. Product clutter within this alliance includes probiotic fortified, omega fatty acid fortified, dairy and dairy alternative drinks, dietary supplements, fruit and vegetable juices, etc.
B) Alliance with Ayurveda: Ayurceuticals
Around 700 natural species are well documented from Ayurveda which could be incorporated for specific or general health claims for nutraceutuical products. The scope of Ayurvedic herbs is enormous in nutraceuticals.
C) Alliance with Genomics: Nutrigenomics
Nutrigenomics promises us the ability to personalise diet on individual genetic make-up which is genome. There are nutrigenomic test which evaluate individual genomic differences in the clinical laboratory. The ability to interpret from these tests and recommending specific nutraceuticals and functional foods which are specific to person is new era of personalised nutraceutical segment.
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