As lifestyle disorders highlight their prominence among a majority of population worldwide, it is obvious that consumers are increasingly turning to a nutraceuticals. First put forth in the ‘80s, the concept of nutraceuticals combines both the vital components of primary healthcare – healthy diet and pharmaceuticals. With soaring popularity of functional foods, nutritional supplements, multivitamin products, energy drinks, and specific dietary supplements, the market for nutraceuticals is exploding like never before. However, the potential applications of nutraceuticals are being explored, which may create a huge nutraceuticals battleground that would heat up with the cutthroat competition among food companies and pharmaceutical players.
What Triggers the Competition?
Food companies and pharmaceutical players have always been the key markets associated with nutraceuticals. Since nutranceuticals are much cheaper than food products as well as pharmaceuticals, they make an attractive revenue generation channel for both the markets. They in fact have become the power play for food and pharmaceutical companies globally. Today, food companies are certainly ahead of the game, owing to superior consumer market experience, deeper branding expertise, and stronger mass distribution capabilities. However, they face a serious challenge while convincing medical professionals about nutraceuticals’ health benefits and capturing a sizeable medical market. This is where pharma companies may run ahead.
- Personalised Medicine Trend
As production of customised medicine trends ahead in the market, both the contenders will benefit in two different ways. Food companies may take efforts toward directly catering to consumer needs regarding personalised diet advice, whereas pharma players may come up with personalisation of over-the-counter nutraceuticals to complement consumer lifestyles. Consumer information will play a vital role here.
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- Nutraceutical Standardisation
The market for nutraceuticals is highly fragmented and the regulations associated with their approval process vary from country to country. The U.S. and Japan markets, which currently account for the largest market share, do not have stringent regulations regarding nutraceuticals, provided that manufacturers do not claim them as a treatment or preventive measure for particular ailments. On the contrary, Canada and European Union mandates each nutraceutical to clear the certification process of the European Food Standards Authority. Working in tandem with governments would help both food and pharma companies to learn more about upcoming opportunities in market.
- Merger and Acquisition
Both the industries have their own strong points. Where food companies have unparalleled consumer information, pharma players have reliable research resources. However, food companies face a challenge with much shorter product cycles and pharmaceutical companies prioritise medical and healthcare professionals, over consumers. A few impactful mergers or sizeable acquisitions would be a wise move by the two sectors, which would help them complement their strengths and balance out the weaknesses, so that the resultant will be a mutually profitable deal.
- Evaluation of Supply Chains
Supply chain plays a major role in assuring the authenticity of nutraceuticals, as there have already been scrutinisations about nutraceuticals within the last decade. Confirming the quality of raw material supplies is the key to empowering supply chains within the market and reap benefits.
Although pharma and food companies will gain benefit from their own competitive superiorities, it is quite clear that those who know how to strategise at a decisive point and what are the right opportunities to capitalise on, will eventually win the nutraceuticals market.
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