Rising Inclination for Healthy Lifestyle to Offer Growth Opportunities for Nutraceuticals Manufacturers in U.S.

In the last few years, nutraceuticals have gained immense popularity across the globe. The U.S. market is likely to witness a favorable growth in the coming years with the rising demand, thanks to the easy availability of products. The development of lifestyle of consumers and the increasing health consciousness are projected to enhance the market’s growth in the near future. According to a research report by Transparency Market Research, in 2015, the U.S. market for nutraceuticals was worth US$64.8 bn. The market is anticipated to reach a value of US$102.6 bn by the end of 2024, registering a healthy 5.30% CAGR from 2016 and 2024.

In the following blog, several questions have been addressed concerning the growth prospects and barriers in the nutraceuticals market in the U.S. in the next few years. Some of the questions have been mentioned below:

Which strategies adopted by the market leaders are expected to encourage growth?

At present, the U.S. nutraceuticals market is highly competitive and fragmented in nature, thanks to the presence of a large number of players operating in it. The rising awareness among consumers regarding the benefits of nutraceuticals is anticipated to encourage the growth of the overall market throughout the forecast period. In addition to this, the expansion of the product portfolio and the increasing emphasis of key players on research and development activities are anticipated to accelerate the development of the U.S. nutraceuticals market in the next few years. The competitive level in the U.S. market is projected to grow substantially over the coming years.

Is functional food segment expected to remain dominant in the near future?

Among the key product segments of the nutraceuticals market, the functional foods segments, according to the research report is expected to witness a strong growth in the next few years. The rising awareness among consumers concerning the advantages of consuming functional foods and the increasing demand are anticipated to accelerate the growth of the segment over the next few years. Moreover, the easy availability of these products, thanks to the efficient distribution system is another important factor, which is considered to encourage the growth of the nutraceuticals market in the U.S. in the coming years.

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Which factors are expected to offer strong growth opportunities in the near future?

The growing disposable income of consumers and the increasing inclination of consumers towards a healthy lifestyle are the major factors that are projected to fuel the growth of the U.S. nutraceuticals market in the next few years. In addition to this, the rising cases of chronic disorders across the U.S. are expected to boost the demand for nutraceuticals in the near future. The introduction of new products is projected to attract a large number of consumers, which is likely to bolster the U.S. nutraceuticals market in the coming years.