Nutraceuticals and Cosmeceuticals– A brief overview

Nutraceuticals and Cosmeceuticals have become the most used terms among the people now. However, a few decades back they were not directly known by the present names. Thanks to Stephen DeFelice and Albert Klingman who have coined the terms Nutraceuticals and Cosmeceuticals respectively and popularized them. Nutraceuticals and Cosmeceuticals have inherent advantages which made them successful. Nutraceuticals have the goodness of both nutrition and health-benefits while cosmeceuticals have hybrid properties of both cosmetic and drug. It is very evident with their increasing market size and steady growth over the years. Market size of nutraceuticals was USD 152 billion in 2019 and cosmeceuticals were valued USD 49.5 billion in 2018. Though nutraceutical and cosmeceutical products are available in the market for a few decades still there are new opportunities emerging and also a few challenges. Companies that grabbed the opportunity and addressed the challenges could survive in this highly competitive market.