Aging is associated with progressive deterioration in the structure and function of organs. According to United Nations and data from World Population Prospects, by 2050, one in six people will be over age 65 (16%), up from one in 11 in 2019 (9%). By 2050, one in four persons in Europe and Northern America could be 65 or over. In 2018, persons aged 65 or above outnumbered children under five globally for the first time in history. The number of persons aged 80 years or over is projected to triple, from 143 million in 2019 to 426 million in 2050. The elderly population is more prone to various chronic diseases. The increasing prevalence of chronic diseases such as heart disease, cancer, type 2 diabetes mellitus, neurodegenerative diseases, and renal failure in the geriatric population. Hence, looking at the overall scenario, the increasing geriatric population and the rising prevalence of chronic diseases are expected to boost the demand for the nutraceutical products market in the coming years.
Nutrition and diet are important factors in the maintenance and promotion of good health throughout the entire life course. Chronic diseases are largely preventable diseases, and their prevention by modification in diet is a better option than expensive treatments. Functional food and beverages can prevent many diseases and provide essential human nutrients. Hence, with the rising chronic disease burden, the demand for functional food and beverages is growing, fueling the growth of the functional food and beverages market.
Furthermore, the prevalence of chronic diseases and conditions such as diabetes, arthritis, and heart disease are on the rise globally. According to the WHO, in 2020, the prevalence of chronic diseases was estimated at 57% globally. Each year, 41 million people succumb to death due to chronic diseases (71% of all deaths globally). According to World Health Organization (WHO), in 2022, noncommunicable diseases (NCDs) accounted for 41 million deaths yearly, equivalent to 74% of all deaths globally. Among these 41 million deaths each year related to NCDs, cardiovascular diseases accounted for 17.9 million deaths annually, followed by cancers (9.3 million), chronic respiratory diseases (4.1 million), and diabetes (2.0 million) deaths. Furthermore, according to World Health Organization (WHO) projections, the total annual number of deaths from NCDs will increase to 55 million by 2030 if timely interventions are not taken to prevent and control NCDs.
The rise in the incidence of chronic diseases has also led to increased interest in personalized nutrition, which involves tailoring dietary recommendations to an individual's specific needs and health concerns. Nutraceutical products can be key in personalized nutrition, providing targeted health benefits based on an individual's health needs.
Thus, the increasing geriatric population, lifestyle changes, and rise in incidences of chronic diseases have increased the demand for nutraceutical products that support better health, especially low-fat, cholesterol, protein-rich, and weight-control products. According to the latest publication on the global nutraceutical products market by Meticulous Research®, The global nutraceutical products market is projected to reach $691.87 million by 2030, at a CAGR of 7.8% from 2023–2030.
Access Full Report Here @ https://www.meticulousresearch.com/product/nutraceutical-products-market-5445
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