Upward trend in the nutraceutical market
With the COVID-19, concern for health and care has increased in the general population and, as a result, the use of these products has become more widespread, greatly increasing their demand on the market.
Studies show that food supplements are something that most people are already familiar with and have tried at least once in their lives.
The AESAN (Spanish Agency for Food Safety and Nutrition) defines food supplements as “…concentrated sources of nutrients that are presented for the purpose of supplementing the intake of such nutrients in the normal diet…”. Food supplements, together with functional foods and functional beverages, are part of the nutraceuticals market (food products that combine nutritional properties with health-promoting ones).
Various indicators estimate that the nutraceuticals market will grow in the coming years, with the main markets being the USA, Australia and South Korea. As an example, according to a study by IRI, “spending on vitamins, minerals and food supplements will soar in 2020, at a rate of 75.4%”.
A race to quality standards
These growth rates represent, for companies like SUANFARMA, an opportunity and a challenge at the same time: a race to meet the growing demand, while maintaining and increasing quality standards.
However, in the face of high market demand, certain problems arise, such as uncontrolled sales outlets or poor product quality. Therefore, it is important to have access to these products in authorised establishments that meet the quality requirements set by the authorities. Furthermore, it is important not only that they are sold in these authorised establishments, but also that they come from authorised, quality manufacturers and distributors.
Another aspect to take into account is the regulatory environment. For example, in Europe, there is currently a limitation of the lists of permitted substances, which it is a problem for manufacturers when it comes to accessing different raw materials. The industry is calling for harmonisation of the European market to allow for greater dynamism to this matter.
In addition to these regulatory problems, there are the current problems of rising raw material prices, problems in supply chains and the energy crisis.
What is the future of food supplements?
The sector’s objective is to move towards personalised supplementation, which will be much more effective, as it will take into account the genetics and circumstances of each individual.
On the other hand, the future will also be marked by increased competition, which will lead to a broadening of supply and greater investment in product innovation.
This demand makes nutraceuticals one of the most important factors driving the health market and companies with this product line, including SUANFARMA, have their five senses focused on: keeping a close eye on new trends, developing new products, supplying the demands of supermarkets and offering variety and quality to the end consumer.
A post-pandemic situation that drives us to improve our manufacturing and ingredient development capabilities and that commits us even more to innovation, development and sustainability. A consumer aware of the importance of health, a company that knows its needs.