Nutraceuticals were very popular last year, and in 2020, there is every indication that this momentum will carry on. Due to their versatility, nutraceuticals are used in various industries such as animal feed additives, pharmaceutical foods, personal care, and beverages.
The global market size for nutraceuticals in 2020 is expected to reach $302.306 million from $182,092 in 2015. This increase is due to recent findings and innovations of function-specific antioxidants that create new opportunities for nutraceuticals.
Additionally, many people are focusing on preventive healthcare, healthy living, exercising, and increased medical treatment. This has stimulated the demand for products containing nutraceuticals.
Below is a list of five trends expected to shape the nutraceuticals industry in 2020.
1. All things cannabis
This isn’t a surprise to anyone after the passage of the Hemp Farm Bill that allows industries that use hemp in their products to grow their own. The FDA (Food and Drug Administration) has also approved a drug with CBD (cannabidiol), making plenty of nutraceuticals manufacturers jump into the CBD bandwagon.
Many companies can cash in on this trend, but they need to abide by the regulations and laws concerning the legalization of marijuana. For example, in some states that have legalized recreational and medicinal marijuana, there is a limit as to how much you can include in food products.
Nutricosmetics is gradually gaining momentum as many individuals turn to anti-aging markets to find practical solutions for wrinkles, gray hair, and age spots. Millennials that are in their mid-thirties are crazy about pills that they can take to prevent and delay any aging symptoms.
Therefore, marketing nutricosmetics for Millennials is a great market idea for nutraceuticals companies.
3. Sports nutrition
Sports nutrition is a category for workout enthusiasts of all ages and physical fitness spectrum, providing a safe investment for nutraceuticals companies. For instance, you can create nutraceuticals fit for the elderly population that wants to exercise and stay fit. This provides them with nutraceuticals supplements that encourage them to be active.