Nutraceuticals are becoming increasingly popular due to the growing demand for natural and organic products that support health and wellness. Evidently, in 2021, the global nutraceuticals market was valued at $454.55 billion and is expected to grow and reach $991.09 billion by 2030 with a CAGR of 9%. Resultantly, a lot of nutraceutical companies and startups are revolutionizing the industry landscape.
Global Nutraceuticals Market Size during 2021-2030 ($Billion)
This growth is the direct product of consumers becoming more health-conscious and seeking alternatives to traditional pharmaceutical drugs. In addition, the COVID-19 pandemic has accelerated the trend toward nutraceuticals as consumers seek ways to boost their immunity and protect themselves from illnesses. Thus increasing the demand for products that support immune health, such as vitamin C, vitamin D, zinc, and elderberry.
Furthermore, technological advancements and research in the field of nutraceuticals have led to the development of new and innovative products. This has created opportunities for manufacturers to develop products that target specific health concerns, such as joint health, cognitive function, and digestive health.
Overall, with the advancements in technology and research in the Nutraceuticals sector, a broader range of innovative and effective products will likely be available to consumers. (Source)(Source)
You can take advantage of this growing sector through our customized landscape analysis service or look at the Nutraceutical companies & startups before deciding to position yourself.
For the latter, we present this comprehensive study on the advantages and challenges in this domain and the solutions by top companies in the Nutraceutical sector.
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Advantages of Using Nutraceuticals
Combating Health Problems – Nutraceuticals such as prebiotics, probiotics, dietary fiber, and other herbal or natural foods help to treat health issues such as obesity, cardiovascular disease, cancer, osteoporosis, arthritis, diabetes, cholesterol, and so on. As a result, nutraceutical has led to a new era of medicine and health, in which the food industry has become a research-oriented sector. (Source)
Treating Inflammation – Nutraceuticals can prevent and treat inflammation due to the presence of phytochemicals. It can also reduce oxidative stress in chronic inflammatory disorders such as pneumonia, cancer, rheumatoid arthritis, and autoimmune diseases. The internet and media have also made it easier for consumers to purchase nutraceuticals. (Source)(Source)
Increase In Average Life Expectancy – Nutraceuticals are preventive medicine that has increased life expectancy. Recognizing diseases before they become serious problems or harm patients allows for faster treatment and recovery. Furthermore, treatment may not be necessary at all. Nutraceuticals can also slow down the aging process to increase life expectancy. Current research has shown that herbal nutraceuticals can help with oxidative stress disorders such as Alzheimer’s, cardiovascular disease, allergies, diabetes, inflammatory diseases, cancer, Parkinson’s disease, and obesity. (Source)
Challenges of Nutraceuticals
You may constantly seek to develop new products and innovate in the nutraceuticals sector to meet consumers’ ever-changing needs and demands. However, as the industry grows, it also faces several challenges that must be addressed, such as:
Poor Regulatory Framework and Lack Of Trustworthiness: The nutraceutical industry is not as regulated as the pharmaceutical industry, leading to product quality and safety concerns. Consumers in some markets like India must know nutraceutical products’ benefits and risks. This lack of education and information has resulted in skepticism among consumers and a reluctance to adopt nutraceuticals as a part of their daily regimen.
Evidence-based Research: There is a need for more robust and scientifically rigorous research to support the claims made by nutraceutical products.
Standardization: There needs to be more standardization in the manufacturing of nutraceutical products, leading to consistency in product quality and efficacy.
Consumer Education: Many consumers need to be fully informed about the benefits and risks associated with nutraceutical products, leading to confusion and misinformation.
Quality Control: Ensuring the quality and consistency of nutraceutical products can be challenging, especially when maintaining potency and purity over time.
Dilution and Adulteration – Adulteration fraud is said to be common in nutraceuticals. Scammers put extra substances without mentioning them on the label. It can endanger customers’ lives. Adulteration with pharmaceutical drugs is also a problem. Bodybuilding and low-weight supplements have been contaminated with drugs that boost their effects.
Overall, the nutraceutical industry is facing the challenge of balancing product innovation and efficacy with the need for safety and regulation while ensuring that the industry remains sustainable and profitable in the long term. (Source)(Source)
Major Nutraceutical Companies to look out for
1. ChromaDex
ChromaDex, headquartered in the United States, is a global bioscience company using patented ingredients – NIAGEN® and IMMULINA™. NIAGEN® is nicotinamide riboside (NR), a ChromaDex-developed patent-protected form of nicotinamide riboside. Cells may use NR to generate nicotinamide adenine dinucleotide (NAD+), an essential chemical found in all living cells. IMMULINATM is a spirulina extract containing mostly Braun-type lipoproteins, which benefit human immune function. These lipoproteins are far more abundant than those in common immune-boosting botanicals such as Echinacea and ginseng.
The company also has a new ingredient – AnthOriginTM- anthocyanins developed from water-extracted purple corn grown in the United States. (Source)(Source)
In 2018, the company signed a licensing and supply agreement with Nestlé Health Science (NHSc). The agreement gave NHSc exclusive right to utilize TRU NIAGEN®, CDXC’s proprietary nicotinamide riboside component, in NHSc branded medical nutrition. It also gave co-exclusive rights to utilize TRU NIAGEN® in certain consumer health products. (Source)
In 2021, they signed a strategic supply partnership with Ro, a healthcare-technology firm, for Niagen®. As per the agreement, Ro was granted exclusive access to ChromaDex’s unique nicotinamide riboside component Niagen®, which is the sole active ingredient in Tru Niagen®, for specially formulated Roman products.
2. Lesaffre
Lesaffre, headquartered in France, concentrates on developing cutting-edge solutions for fermentation and developing new biotechnology inventions.
The company continuously looks for new techniques to preserve natural resources and develop new yeast strains competent to support the surge in biofuels and bio-based products. They work to enhance the health and wellness of animals and people by making lines of cellular nutrients. (Source)
In 2021, Lesaffre announced the acquisition of ABM, a firm specializing in seed treatment employing bio-nutrition products. ABM’s staff worked with Lesaffre’s crop protection business segment, Agrauxine by Lesaffre. With this acquisition, Agrauxine by Lesaffre intended to speed up its growth in the United States. (Source)
In 2022, this company announced the extension of its collaboration with INRAE to stimulate innovation in the food, agriculture, nutrition, and health sectors. Due to this, the firm is currently involved in more than 20 research projects with various INRAE scientific departments. Also, they are teaming up on cooperative research in alternative energy sources, biocontrol of plant and/or animal diseases, and novel tastes and sensations. (Source)
3. OmniActive Health Technologies
OmniActive Health Technologies, based in India, produces and distributes natural ingredients that are healthy and active for use in the food, health care, and personal care sectors.
It employs OmniBead, a smart coating technique that converts enormous payloads of natural bioactive substances into deliverable beadlets that may be used in various formulation types, such as tablets, powders, capsules, gummies, etc. The company uses a microencapsulated beadlet technology, Versabead, that assures uniform particle size distribution and higher payloads of ingredients. (Source)
R&D Centers – Hinjewadi Biotech Park, Pune
In 2021, this company signed a deal with ENovate Biolife (ENovate) to get perpetual global rights for sales, marketing, distribution, and production of the flagship component, enXtra. Earlier, in 2019, OmniActive and ENovate formed a collaboration in which OmniActive obtained exclusive distribution rights to enXtra to help extend its business in North America. (Source)
These Nutraceutical Startups are here to make it big
1. Nuritas
Nuritas, based in Ireland, employs a proprietary AI and genomics platform called Nπϕ™ (Nuritas Peptide Finder). Nπϕ™ is used to quickly analyze billions of hidden peptides in plants and natural food sources to determine how they affect specific health areas, molecular pathways, or receptors. The company’s platform has been demonstrated to find and produce new bioactive 10x faster and far more accurately than standard discovery methods. (Source)(Source)
In 2021, Sumitomo Chemical Co., Ltd. and Nuritas announced a multi-year collaboration to sustainably back the food production systems needed to feed the world’s growing population. Nuritas would deploy its revolutionary technology platform, which employs Artificial Intelligence and DNA analysis to anticipate, unlock, and confirm highly effective peptides from plant sources, as part of this crucial collaboration. Sumitomo Chemical Co., Ltd. would use its extensive scientific knowledge and application skills to evaluate the efficacy of these novel findings in field testing before commercializing the resulting goods internationally. (Source)
2. Iwi Life
Iwi life, headquartered in the United States, uses algae-based nutrition. The algae are a vital ingredient of Iwi Life, including omega-3s and protein. It grows by utilizing resources that would otherwise go unused, such as non-fertile soil and saline water.
In 2021, Qualitas Health collaborated with Grupo Indukern and Gullspng Re: food VC. Qualitas Health accelerated corporate growth by developing unique, algae-centered products and expanding its reach in the plant-based products industry due to these partnerships. (Source)
3. Brightseed
Brightseed, headquartered in the United States, uses a fundamental AI technology – Forager. It is a digital platform that reveals the connection between plant bioactive and human biology. It is a phytonutrient-finding AI technique. Its artificial intelligence identifies phytonutrients hidden in nature and scientifically evaluates their influence on human health and wellness. Forager’s discoveries have resulted in an IP-protected pipeline of bio-actives that improve health and directly influence people’s lives. (Source)(Source)(Source)
In 2020, the firm partnered with Pharmavite LLC to identify phytonutrients currently undiscovered in the plant kingdom. The partnership uses Forager to target select human biological pathways and identify new active natural compounds scientifically validated through biomedical processes. (Source)
The next year, they collaborated with Ocean Spray to discover new connections between human health and cranberries. The collaboration puts Ocean Spray on the path to having the world’s most comprehensive nutritional profile of cranberry. (Source)
Total Health Potential of Cranberry Decoded by Brightseed and Ocean Spray
4. Plix
Plix, headquartered in India, was founded with a personal need and the firm idea that nutrition may be obtained through functional components found in nature in simple and handy form factors. It is a plant-based nutraceutical brand that is excellent for the environment. The products are designed with high-quality plant-based components that help to fuel, rejuvenate, and heal. (Source)(Source)
Plix’s Products
In 2021, Plix and Olena announced a merger to consolidate their operations under one roof – PLIX and Olena are now officially part of Plix. Their objective is to improve India’s eating habits. They aspire to realize their goal by developing more creative, healthy, convenient, and delicious plant-based products. The brand’s approach is based on total transparency and educating people on what goes into their goods and what they eat. (Source)
5. Canomiks
Canomiks, headquartered in the United States, is a technology company that uses a genomics and AI-based platform to produce novel formulations while validating, testing, and certifying the biological effectiveness and safety of components and formulations.
It utilizes GeneTune® technology that creates innovative formulations to aid in treating chronic diseases or promoting overall health and wellness. Dietary supplements, meals, and drinks can all benefit from these formulations. This ground-breaking patented technology is transforming the functional dietary supplement and food and beverage industries. (Source)(Source)
AI-based Product Superiority Platform
In 2022, Canomiks and KiwiTech formed a strategic partnership to develop novel formulations and validate, test, and certify the biological effectiveness and safety of constituents and formulations. In addition to their expertise in scaling emerging tech startups, they provided Canomiks with access to a network of investors, industry experts, and mentors to help them succeed in the dietary supplement and functional food and beverage industries. (Source)
Though we have handpicked the startups for this article, you can also explore the complete list of Nutraceutical Startups and study their strategy in detail.
Conclusion
In conclusion, the future outlook for the nutraceutical industry looks promising. The industry is poised for continued growth with an increasing demand for natural and plant-based ingredients and a growing interest in health and wellness. Advancements in technology and research will also play a significant role in shaping the future of nutraceuticals.
However, as the industry continues to evolve and expand, it is crucial for companies to prioritize transparency, quality, and safety to maintain consumer trust and confidence. Additionally, knowing when, where, and how to position yourself in this innovation wave is all the more important, and that is GreyB’s landscape analysis comes into the picture.
Decide your next right move with GreyB!
Besides Nutraceuticals, there are 9 more trends in Food Tech. If you are interested, you can get the report with all 10 trends by filling out the form:
Authored by: Vipin Singh, Marketing team
