The
U.S. market for nutraceuticals is competitive in nature and is likely
to witness a significant rise in the level of competition throughout
the forecast period, states a new market intelligence study by
Transparency Market Research. The rising number of collaborations and
mergers and acquisitions is projected to enhance the competitive
environment of the overall market in the next few years. In addition
to this, the expansion of the product portfolio is one of the major
factors that is projected to accelerate the growth of the growth of
the U.S. market for nutraceuticals. The launch of new products and
the research and development activities taking place are some of the
other key factors that are predicted to enhance the growth of the
nutraceuticals market in the U.S. in the next few years. Some of the
key players operating in the nutraceuticals market in the U.S. are
The Nature’s Bounty Co., Pepsi Co., Bayer AG, Royal DSM NV, Abbott
Laboratories, Chobani LLC, Herbalife International Inc., Amway
Enterprises, General Mills Inc., and Groupe Danone.
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According
to the market research study by Transparency Market Research, in
2015, the U.S. market for nutraceuticals was worth US$64.8 bn. The
market is further projected to reach a value of US$102.6 bn by the
end of 2024 and register a healthy 5.30% CAGR between 2016 and 2024.
Functional
Foods to Register Promising Growth in Coming Few Years
The
U.S. market for nutraceuticals has been classified on the basis of
product type into functional beverages, functional foods, and dietary
supplements. Among these, the functional foods segments is
anticipated to lead the overall market in the next few years with a
large share of the market. The rising demand for functional foods,
owing to the rising awareness among consumers regarding the benefits
of consuming functional foods is one of the key factors estimated to
encourage the growth of this segment in the next few years.
In
addition to this, the rising preference of consumers for a healthy
lifestyle is projected to enhance the growth of this segment in the
next few years. As per the research study, this segment is projected
to register a 6.10% CAGR between 2016 and 2024.
Liquid
Nutraceuticals to Witness Strong Growth in Near Future
The
U.S. market for nutraceuticals
has been segmented on the basis of product form into powder,
solids/semi-solids, liquid, and tablets and capsules. Among these,
the liquid nutraceuticals segment is projected to witness a strong
growth in the next few years. As per the research study, this segment
is likely to account for a large share of the overall market, thanks
to the rising adoption among consumers throughout the forecast
period. Furthermore, the other product forms of nutraceuticals
including powders, tablets and capsules, and solids/semi-solids are
expected to observe a healthy growth, owing to their increasing
demand in the next few years. In addition to this, the increasing
consumption of nutraceuticals and the increasing level of awareness
among consumers are some of the other key factors that are estimated
to enhance the growth of these products forms in the coming few
years.
Rising
Consumer Awareness to Drive U.S. Nutraceuticals Market
The
increasing consumption of major products, such as fortified wheat,
iodized salt, and supplements and the maturity of markets are some of
the major factors that are estimated to accelerate the growth of the
U.S. nutraceuticals market in the coming years. The increasing
preference for on-the-go food products is predicted to accelerate the
growth of the market throughout the forecast period. On the other
hand, the negative publicity of these products along with the false
health claims are predicted to restrict the growth of the U.S.
nutraceuticals market in the next few years.
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