U.S.
Nutraceuticals Market: Snapshot
The
increasing emphasis over preventive healthcare, nowadays, has
prompted consumers to pay close attention to their everyday
nutritional intake, which is reflecting significantly in the uptake
of nutraceuticals across the U.S. Preventive healthcare involves the
usage of products that can assist in the prevention of various
diseases and medical conditions. Of late, the focus has shifted from
the treatment of diseases to the adoption of several daily measures
that can reduce or prevent the onset of chronic and lifestyle-related
conditions and diseases. As nutraceutical products are stocked with
nutritious ingredients, their demand is shooting up, leading to a
substantial rise in the U.S. nutraceuticals
market.
Apart
from this, the increasing consumer preference for high-protein diets
with natural ingredients is also aiding the market for nutraceuticals
in the U.S. Over the coming years, the surging sales of plant derived
proteins, such as soy and pea protein and the fueling demand for
herbal supplements and omega fatty acid enriched functional foods are
expected to boost this market remarkably. However, the imminent
market saturation of the key products may impact negatively on this
market in the years to come.
The
U.S. market for nutraceuticals stood at US$64.8 bn in 2015.
Progressing at a CAGR of 5.30% between 2016 and 2024, the market’s
value is estimated to reach US$102.6 bn by the end of 2024.
Functional
Foods to Retain Leadership in Global Market
Functional
foods, functional beverages, and dietary supplements are the main
types of nutraceuticals available across the U.S. Functional foods
enjoy a greater demand from consumers, thanks to the high awareness
about the positive impact of functional foods on human health and the
subsequent increase in the demand for natural products. Although the
demand for functional food products is likely to remain strong over
the forthcoming years, the functional beverages segment is
anticipated to make the most
significant leap in terms of the demand, rising at a CAGR of 6.10%
from 2016 and 2024.
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The
demand for dietary supplements is also expected to witness a healthy
progress in the U.S. over the next few years. The advent of herbal
supplements, such as ayurvedic extracts, plant extracts, algal
extracts, and phytochemicals, and the increasing inclusion of mineral
and vitamins in the daily diet of consumers are projected to support
the growth of this segment in the near future.
Demand
for Liquid Nutraceuticals to Remain High
Nutraceuticals
are available in tablet and capsule, liquid, powder, and
solid/semi-solid forms all over the U.S. Among these, the liquid
nutraceuticals segment led this market in 2016 with a share of 34.8%
and is expected to remain on the top over the coming years on account
of the increasing adoption among consumers.
Nutraceuticals
in other forms, such as tablets and capsules, powder, and
solids/semi-solids are also projected to experience an upswing in
their demand in the near future with the augmenting consumption of
nutraceuticals fueled by the rising level of awareness among
consumers in this country.
With
a large number of participants, the U.S. market for nutraceuticals
demonstrates a highly fragmented and competitive landscape. General
Mills Inc., The Nature’s Bounty Co., Amway Enterprises, Herbalife
International Inc., Royal DSM NV, Pepsi Co., Groupe Danone, Bayer AG,
Abbott Laboratories, and Chobani LLC are the most prominent vendors
of nutraceuticals across the U.S.
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