MarketResearch.com, a premiere business intelligence marketplace serving the Fortune 1000, announced today the results of a new study “The U.S. Market For Nutraceuticals”, by Kalorama Information. Nutraceuticals are defined as food products that claim to prevent or have a notable effect on medical conditions or illnesses. For example, for ginseng to be considered a nutraceutical, the packaging and advertising must identify ginseng’s effects to stimulate the immune system or memory. It is estimated that retail dollar sales of the nutraceutical foods market reached $15.8 billion in 1999. Projections show a year-to-year increase of 4%-6% with the market reaching $20.2 billion in 2004.
One factor driving nutraceuticals is that nutritional science and the field of medicine are beginning to work together. Previously, doctors were not required to take nutrition courses, forcing consumers to research their own diseases and medical conditions as well as alternative methods of prevention and treatment. Since the 1950’s, consumers have been increasingly taking control over their health by incorporating good eating habits and exercise. This evolution has in many ways, forced the integration of nutrition and medicine. “Nutritional and alternative medicines, from various herbal mixtures, to acupuncture, are increasingly accepted by both the medical field and consumers,” said Claire Madden, VP of Marketing at MarketResearch.com. “Americans now expect their physician to be knowledgeable about all methods for treatment and prevention of medical problems. In turn, consumers welcome products that satisfy hunger and promote good health simultaneously.”
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The continued integration of nutrition and medicine, consumers’ control over their own health issues, and the graying of the population, are all trends that will continue to increase sales of nutraceuticals. The overall concept of “wellness” or “well being” may have originated from the New Age movement, but it has now entered the mainstream. This is evidenced by the growing size of the nutraceutical market, now with 400-500 marketers vying for shelf space and consumer dollars. This increased competition spurred media spending dramatically, with expenditures growing 45% in 1999.
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