Personal health and the health of those around us has been at the forefront of everyone’s minds over the last year, which is why the nutraceutical industry has continued to rapidly grow.
In 2020 the global market for nutraceuticals was worth about US$233.9 billion and is projected to reach US$358.5 billion by 2027.
The growth is based upon many factors and trends. These include:
- A growing demand for convenience
- Higher disposable incomes and individuals wanting to prolong their lives
- Rising medical costs
- Mistrust in conventional medicines
But what’s next for the industry and what trends should we expect to see emerging in 2021?
Research carried out last year showcased that 65% of consumers want their purchases to have a positive impact on the environment and 32% are already shopping sustainably. Because of this, organic products and nutraceutical businesses who demonstrate a sustainable commitment within their practices will naturally be favoured.
In addition to this, it’s been reported that 25% of global consumers suffer from digestive health issues, meaning both prebiotic and probiotic supplements are expected to continue to be on the rise.
Another nutraceutical sector which probably comes as no surprise and is expected to continue its growth, is weight management type supplements. 48% of people surveyed by King’s College London, said they had gained weight during coronavirus restrictions.
Lastly, the demand for immune-boosting supplements is also showing no signs of slowing down. According to data from Nielsen in Dec, Vitamin D sales have already increased by 41.1% year on year. (You can find more information on this in our most recent Vitamin D article here.)
Here at Redrose we are well equipped to deal with all of the industry’s rising trends and not only can we produce a huge range of off-the-shelf formulations, we can also create products which are bespoke and exactly to our customers specifications. On top of this, we are also certified by the Biodynamic Association to manufacture organic products.
To learn more about how we work or enquire about our services, click here.