Factors governing consumers buying behavior concerning nutraceutical product

Abstract

AbstractIn recent years, consumers are increasingly attracted to nutraceuticals, an important part of food considered propitious for human health. Therefore, consumers are willingly switching to nutraceuticals and are ready to pay the premium price. This review aims to identify various factors that govern consumer purchasing of nutraceutical products. The outcomes presented in the review provide a closer understanding of consumer attitudes toward buying behavior and their impact on the growth of the global nutraceutical market. The nutraceutical market has been identified depending on the type of nutraceuticals, forms, and regions governing the nutraceutical market. Factors such as health consciousness, knowledge about a product, product availability, price, marketing strategies, and social factors influence consumers' actual buying behavior toward nutraceutical products. A mini survey in Mumbai city of India was conducted to add practical data to the review, and factors affecting consumers' willingness to buy nutraceutical products were identified. It was observed that the decision‐making toward buying nutraceutical products was affected by gender, age, education level, and acculturation. It was also identified that the legislation governing nutraceuticals needs to be harmonized throughout many parts of the world, which restricts the growth of this sector to some extent. The findings elucidate that nutraceutical industries should overcome the regulatory barriers and focus on developing innovative products, which will keep current consumers intact and help increase the consumer base and thus expand the nutraceutical market globally.