The Future of Nutraceuticals: Putting a Cap on the Lucent Factor
- 01-Nov-2022 6:00 PM
- Journalist: Francis Stokes
Since the pandemic began, more people than ever have opened out to friends, family, and co-workers about experiencing anxiety, insomnia, weakness, and depression which has helped to de-stigmatize conversations about mental health and well-being. In order to obtain over-the-counter treatments to assist manage these illnesses, consumers have largely tuned to vitamins, minerals, and supplements (VMS) in an effort to actively take charge of their well-being.
Players in the VMS business have observed an increase in sales as a result of the growth in demand for Vitamin B12, Vitamin D, Vitamin E, Biotin, Glucosamine, and other nutraceuticals. Many companies are attempting to reformulate and rebrand outdated items to highlight their advantages in this industry and meet the need for specific conditions. In the past, such products would actually be "off-the-shelf," and the consumer would be entirely responsible for choosing which treatment/product to buy. However, this decision-making procedure (and even the items themselves) is now becoming much more individualized.
Compared to pharmaceutical firms, food corporations have a better understanding of nutrition and food formulation, in addition to the decades of customer research and connections to mass-market distributors. The food corporations succeeding in the nutraceuticals market have established distinct health divisions, acquired profitable brands, and introduced worldwide healthcare initiatives. A number of pharmaceutical companies have tried greater public awareness efforts for nutraceuticals, but few, if any, are qualified to alter behaviour on a large scale significantly. The struggle for control of the nutraceuticals business appears to be far off; these actions are preliminary skirmishes. But the battle against chronic diseases and illnesses linked to a sedentary lifestyle is already well underway.
A significant portion of technological advancement in the nutraceuticals industry is demanding perseverance, deep pockets, and a willingness to take calculated risks. For businesses to address a variety of problems, real breakthroughs must be made. Food and pharmaceutical industries are utilizing the rise of nutraceuticals in many ways despite the logistical, technological, and regulatory difficulties they face. People are funding start-ups, while other businesses have been rebalancing their product portfolios by dropping companies that don't meet their business objectives.
A nutraceuticals juggernaut will eventually emerge, but what will it take to create one? Regardless of how it expands—organically, through acquisitions, or by a combination of the two—certain essential qualities will be needed. Blockbuster medications and protracted development cycles may make it difficult for a company to adjust to the nutraceuticals market's rapid speed.