Global Advances in Nutraceuticals (Technical Insights)Frost & SullivanMarch 31, 2005 SKU: MC1100060 |
Countries covered: United States, Europe
Mandates by Authorities Impacting Nutraceutical Markets Directives by regulatory bodies such as the Food and Drug Administration (FDA) in the United States and the European Union (EU) are influencing the nutraceuticals market. The EU’s Food Supplements Directive (FSD), Pharmaceutical Directive, and the Traditional Herbal Medicinal Products Directive (THMPD) will affect not only the European manufacturers, but also foreign companies exporting to the continent. From August 2005, the FSD, which has mandated nutraceuticals to be marketed only as either vitamins or minerals, will impact nutraceuticals such as beta-carotene and lycopene. It has also lowered the permissible limit of the primary ingredients to curb the potency of the products. The THMPD seeks to create an easier registration process to boost the market for traditional herbal medicines. This Technical Insights study, Global Advances in Nutraceuticals, defines key markets and applications. It provides in-depth information on technology drivers and restraints. Vital information on emerging technologies - in the labs and on the brink of commercialization - is included along with analyses of competing technologies and existing products. Growing Emphasis on Healthy Lifestyles Propelling Growth in Nutraceutical Market Increasing awareness levels about fitness and health, spurred by media coverage are prompting the majority of people to lead healthier lifestyles, exercise more, and eat healthy. The expanding nutraceutical market indicates that end users are seeking minimally processed food with extra nutritional benefits and organoleptic value. This development, in turn, is propelling expansion in the nutraceutical markets globally. Most food manufacturers are taking advantage of this trend by introducing nutraceutical ingredients with novel benefits. "The number of people who cook complete meals at home is on the wane in several developed countries such as the United States," observes the analyst of this research. "This trend, caused by the increasing size of elderly population, has accelerated demand for prepared food products and supplemental foods that not only taste good, but are also healthy." Escalating Healthcare Costs Compel Consumers to Seek Inexpensive Alternatives High healthcare costs and an aging baby boomer population are spurring demand for nutraceuticals in the United States. Despite a low morbidity rate, the escalating healthcare costs are forcing the maturing population to seek economical choices to boost vitality, raise healthcare conditions, and aim for better living. "The expenses involved in conventional healthcare is leading to consumer dissatisfaction, compelling them to turn to untested substitutes such as nutraceuticals," says the analyst. "This interest is furthered by an increasing number of end users who are attempting to self treat medical issues such as joint problems, insomnia, and menopause." |
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