Growth is forecast to continue across the neutraceuticals market as demand for premium food supplements across Asia and CBD oil in the US encourage the gains.
Sourced through Scoop.it from: www.healthcarepackaging.com
Strong growth is forecast for the global Nutraceutical and Pharmaceutical Markets
PMMI business intelligence has reported that the global nutraceuticals market is set to grow at an impressive 7.5% CAGR.
The new study predicts that the market will grow to $241 billion by 2019 going on to be worth $373 billion by the year 2025.
The United States alone accounts for $79 billion of the sales!
The nutraceuticals market included things likes vitamins and supplements as well as performance foods and beverages.
The report states that consumers worldwide are looking for better health and that over the past decade they have developed what is referred to as ‘pill fatigue’. This means they are looking for more innovative food and drink products in order to supply not only their nutritional requirements, but also exercise, weight and digestive health.
Pharmaceutical packaging is also evolving with this trend. Many brands are moving away from rigid containers towards more efficient designs like foil pouch packaging and stick packs.
Glass is still the preferred packaging for many applications including CBD oil, which is a big contributor to this markets growth.
It is no secret that Europe has far stricter regulations for packaging compared to that of the US and Asia.
Brands and manufacturers in both markets are being challenged to meet the more rigid guidelines outlined in the food supplements directive (FSD) 2002/46/ec.
The directive states the definition for food supplements and also list what vitamins and minerals are allowed to make up these.
Labeling and heat sealing requirements are also included. It consists of 13 vitamins from a total of 45 allowable sources. Also there are 17 minerals which can be drawn from another 136 sources.
Consumers in Europe tend to gravitate towards what are known as functional foods. So for example probiotic products like yogurts and juices as opposed to pills and capsules.
Europeans are also keen to see the data behind any claims made about a products efficacy.
US consumers however tend not to seek out the science behind any claims made. In fact the buying habits have remained mostly unchanged in the last 7 years. With the exception of CBD oil.
In China & Japan they have unique preferences regarding their nutraceutical packaging. Products imported from the US are highly prized but further market has been prevented here due to tariffs and other government policies.
This may continue to effect sales but many believe the premium that is placed on these US products will outweigh and price increase that is placed on them.
Supplements are often gifted in Asia and those that arrive from the US often are aesthetically pleasing.
In Japan it is more common to see pouches as the prevalent packaging for supplements. Consumers prefer a portable solution as opposed to heavier, space taking bottles.
Growing middle class incomes across this region will lead to continued growth across the Asian markets.