Characterized
by the presence of a large pool of market players, the U.S. market
for nutraceuticals exhibits a highly competitive and fragmented
landscape, finds a report by Transparency Market Research (TMR). The
top five companies, namely, General Mills, NBTY, Amway, Herbalife,
and Royal DSM could hold only 15.8% of this market in 2015.
Researchers expect the competition within the market to increase
remarkably over the forthcoming years due to the rise in the entry of
new participants.
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According
to TMR, the U.S. market for nutraceuticals, which presented an
opportunity of US$64.8 bn in 2015, is anticipated to proliferate at a
CAGR of 5.30% over the period from 2016 to 2024, and touch a value of
US$102.6 bn by the end of the period of the forecast. The demand for
liquid nutraceuticals is much higher among consumers than the other
forms of nutraceuticals. Analysts expect this scenario to remain so
over the next few years.
Functional
Foods to Remain Witnessing High Demand
In
this research report, the U.S. nutraceuticals market has been
analyzed on various parameters, among which the type of the
nutraceuticals is a prominent one. Functional foods, functional
beverages, and dietary supplements have been considered as the key
variants of nutraceuticals available across the U.S. Among these,
functional foods register a higher demand from consumers than other
variants due to the high awareness among them pertaining to the
health benefits of functional foods the augmenting demand for natural
products. This segment is anticipated to retain its leading position
over the forthcoming years, notes the study.
On
the other hand, the demand for functional beverages is likely to
report a giant leap during the period of the forecast at a 6.10%CAGR.
The rising awareness about the harmful effects of soft drinks and
carbonated beverages is expected to shift the preferences of
consumers to functional beverages in the near future, reflecting
positively on their demand. Dietary supplements are also projected to
witness healthy growth in their demand over the next few years,
thanks to the advent of herbal supplements, such as plant extracts,
ayurvedic extracts, algal extracts, and phytochemicals.
Rising
Demand for High-protein Diet with Natural Ingredients to Boost U.S.
Nutraceuticals Market
“With
the people across the U.S. emphasizing heavily on the preventive
healthcare, the demand for nutraceuticals
have increased by leaps and bound in this country,” says an analyst
at TMR. Since the consumption of nutritious products can help in the
prevention of a number of diseases and medical conditions, consumers,
nowadays, have become attentive towards their regular nutritional
intake. Their focus has shifted from the treatment of diseases to the
uptake of several daily measures, which can reduce or prevent the
onset of various chronic diseases and lifestyle-related conditions.
This, as a result, is influencing the sales of nutraceuticals
substantially in the U.S., supporting this domestic market.
Going
forward, the increasing preference of consumers for high-protein
diets with natural ingredients is likely to boost the growth of the
U.S. market for nutraceuticals over the forecast period. The rising
adoption of plant derived proteins, such as pea and soy protein, and
the augmenting demand for omega fatty acid enriched functional foods
and herbal supplements are also anticipated to propel this market in
the years to come.
Although
the market for nutraceuticals in the U.S. looks thriving at present,
the saturating market for the key products, such as functional food,
may limit the growth of this market over the next few years, states
the research study.
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