Growing Inclination for Healthy and Protein-rich Diet to Create Growth Opportunities for Nutraceuticals Manufacturers in U.S.

Nutraceuticals are regulated under the category of food additives and dietary supplements in the U.S. The rising focus on preventive healthcare, especially in developed economies are expected to generate promising growth opportunities for nutraceuticals market in the U.S. In addition, the rising preference of consumers towards a high-protein diet in order to ensure a healthy lifestyle is estimated to encourage the growth of the overall market in the next few years. According to a research study by Transparency Market Research, in 2015, the U.S. market for nutraceuticals was worth US$64.8 bn and is projected to reach a value of US$102.6 bn by 2024. The market is likely to register a healthy 5.30% CAGR between 2016 and 2024.

In the following Transparency Market Research blog, the analyst has discussed several issues related to the growth prospects of the nutraceuticals market in the U.S., along with several challenges faced by the key players. Some of the questions have been given below:

Which strategies are expected to change the competitive scenario of the U.S. Nutraceuticals market?

At present, the U.S. market for nutraceuticals is characterized with a high level of competitive, due to the presence of a large number of players operating in it. The fragmented nature of the market and the expected entry of new players are projected to enhance the competition among the leading players in the next few years. To sustain in the market and to enhance their market presence, the key players in the market are emphasizing on research and developing activities in order to introduce new products. This is expected to result in a significant rise in the demand for nutraceuticals, thus fuelling the growth of the market in the near future. Some of the leading players in the U.S. market are NBTY, General Mills, Amway, Royal DSM, and Herbalife.

Which factors are responsible for accelerating the growth of the functional food segment in the near future?

Among the key product type of nutraceuticals, the functional foods segment is expected to remain dominant in the next few years. The high growth of this segment can be attributed to the rising awareness among consumers concerning the health benefits of consuming functional foods. In addition, the easy availability of products and the rising expenditure on advertising are estimated to accelerate the overall development of the functional foods segment. On the other hand, the segment for functional beverages is expected to witness substantial growth in the coming years.

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Which growth factors are projected to augment U.S. nutraceuticals market?

The rising inclination of consumers for a healthy diet and lifestyle and the easy availability of products are the key factors that are expected to encourage the growth of the U.S. nutraceuticals market in the coming years. In addition, a tremendous rise in the number of lifestyle disorders worldwide and the rising popularity of preventive medication are likely to generate potential growth opportunities in the U.S. nutraceuticals market.