Published: Apr, 2018
The U.S. nutraceuticals market has been foreseen in a report by Transparency Market Research (TMR) to witness mergers and acquisitions focused upon as an overall approach taken to secure a strong position in the industry. This strategy has been expected to bode well for players looking to improve their market share and branch out their product portfolio. With a view to reflect current trends of the market, a number of manufacturers could reposition their brands or launch new products in the industry. Offering a product with enhanced functional properties and in multiple flavors has been anticipated to come out as a key differentiation strategy of the market.
TMR foretells the U.S. nutraceuticals market to expand to a whopping US$102.6 bn by the end of 2024, rising at a 5.30% CAGR during the completion of the forecast tenure 2016-2024. In 2017, the market had held a valuation of US$71.1 bn. In terms of product, functional foods have been predicted to exhibit their prominence in the market while being valued at a US$38.2 bn by the final forecast year.
Demand Surges with Shift in Focus from Treatment to Daily Preventative Measures
The U.S. nutraceuticals market has been prognosticated to gain from the proactive attitude of consumers toward preventive healthcare. Nutraceuticals could find an increased adoption because of their beneficial approach to prevent long and short-term diseases. Rising population of baby boomers in the U.S. could bring in ample of demand in the market owing to their need of safer and healthier food products. The launch of new functional foods adding more functionality to traditional food products has been projected to increase the demand for nutraceuticals and also create new product categories.
One of the important trends observed in the U.S. nutraceuticals market is offering ready-to-eat and more convenient products. Top players such as Amway Enterprises, Herbalife International, and General Mills, Inc. could make their presence known in the market.
Market Saturation and Stable Revenue of Key Products Interfere with Growth
The relatively stable revenue of key products such as iodized salt, fortified wheat, and supplements and their mature status in the industry could be among primary factors arresting the growth of the U.S. nutraceuticals market. False health claims and negative publicity of certain products have also been forecast to hinder market growth in the coming years. Another factor that could drop the demand for nutraceuticals is the use of artificial favoring agents and preservatives and extensive processing techniques.
However, the escalating popularity of multicultural cuisine as a result of the growing demand for a range of different food options has been prophesied to set the tone for a valuable growth in the U.S. nutraceuticals market. This could be particularly true in areas where the spending power is high. Furthermore, the rising preference for on-the-go foods to catch up with busy work schedules has been envisaged to create rewarding opportunities in the market.
The information presented in this review is based on a TMR report, titled “Nutraceuticals Market (Product Type - Functional Foods (Probiotics Fortified Foods, Omega Fatty Acid Fortified Foods, Branded Ionized Salt, and Branded Wheat Flour), Functional Beverages (Energy Drinks, Sports Drinks, Fortified Juices, and Fortified Dairy Beverages), and Dietary Supplements (Protein Supplements, Vitamins and Minerals, Herbal Supplements (Ayurvedic Extracts, Plant Extracts, Algal Extracts, and Phytochemicals), and Fatty Acids and Fibers; Product Form - Tablets and Capsules, Powder, Liquids, and Solids/Semi-solids) - U.S. Industry Analysis, Size, Share, Growth, Trends, and Forecast 2016 - 2024.”
The U.S. nutraceuticals market has been segmented as presented below:
U.S. Nutraceuticals Market: Product Type
- Functional Foods
- Probiotics Fortified Foods
- Omega Fatty Acid Fortified Foods
- Branded Ionized Salt
- Branded Wheat Flour
- Functional Beverages
- Energy Drinks
- Sports Drinks
- Fortified Juices
- Fortified Dairy Beverages
- Dietary Supplements
- Proteins Supplements
- Vitamins and Minerals
- Herbal Supplements
- Ayurvedic Extracts
- Plant Extracts
- Algal Extracts
- Fatty Acids and Fibers
U.S. Nutraceuticals Market: Product Form
- Tablets and Capsules
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