According to DeFelice, nutraceutical can be defined as, "a food (or part of a food) that provides medical or health benefits, including the prevention and/or treatment of a disease." However, the term nutraceutical as commonly used in marketing has no regulatory definition. Nutraceuticals are products that are categorized under food but are also used for medicinal purposes. They are also known as bioceuticals as they are made from food materials and food extracts. Although the nutraceuticals industry first emerged in the early 1990s, the world witnessed its explosive growth during the first decade of this century. The demand for Nutraceutical products is increasing rapidly. The primary reason for the increase in demand for nutraceuticals is the increasing awareness regarding the health benefits with the consumption of nutraceuticals and Nutraceuticals supplements.
Amid the COVID-19 crisis, the global market for Nutraceuticals estimated at US$278.8 Billion in the year 2020, is expected to grow at a CAGR of 7.8% over the period of five to six years. The global nutraceuticals market is expected to witness consistent growth following the outbreak of COVID-19, as these include the food ingredients that provide medical or health benefits to prevent diseases as well as boosts the overall immune system. The flexibility in storage options, the demand for combined formulations with multiple benefits, increased consumer education levels, informed consumers, and the rise in health concerns among connected consumers during this period of pandemic increased the demand for nutraceutical products around the globe.
The rising demand for nutraceuticals with medical benefits is one of the major factors driving the nutraceuticals market growth. They contain antioxidants, probiotics, and polyunsaturated fatty acids, which help in managing health issues, like obesity, cardiovascular disease, cancer, cholesterol, arthritis, and diabetes. Moreover, the growing preference for personalized nutrition is one of the key nutraceuticals market trends, which may further stimulate the market growth. The trend of personalized nutrition is growing particularly among individuals with gut related medical conditions, where generic treatment is not effective.