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.

Nutraceuticals Market - Functional Foods to Remain Witnessing High Demand

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.

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.