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.
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.
U.S. Nutraceuticals Market: Overview
Transparency Market Research offer an 8-year forecast for the U.S nutraceuticals market between 2016 and 2024. In terms of value, the market is expected to register a CAGR of 5.3% during the projected period. The primary objective of the report is to offer insights on the trends, impact factors, market size and advancements in the U.S. nutraceuticals market. The study demonstrates market dynamics that are expected to influence the current environment and future status of the U.S. nutraceuticals market over the forecast period. The primary objective of this report is to offer updates on trends, drivers, restraints, value forecasts, and opportunities for manufacturers operating in the U.S. Nutraceuticals market.
Nutraceuticals are defined as those products that have an added functionality, apart from the general properties of the specific product. This functionality is often in the form of added ingredients such as nutrients, minerals, and protein. The products should also impart a clear physiological benefit and reduce the risk of certain chronic diseases. The growing consumption of nutraceuticals is primarily driven by the increasing consumer interest in everyday foods and beverages that are fortified with nutritious ingredients. Functional foods and beverages are important segments occupying a dominant share in the U.S. nutraceuticals market.
U.S. Nutraceuticals Market: Segmentation
The report analyses the market share of the Nutraceuticals on the basis of product type and product form. On the basis of product form, the market is segmented into tablets and capsules, liquids, powders and solids/semi-solids. By product type, the market is classified into functional food, functional beverages, and dietary supplements. It further provides a market outlook for 2016–2024 and sets the forecast within the context of the Nutraceuticals ecosystem, including the new technological developments as well as product offerings in the U.S. Nutraceuticals market.
This study discusses key trends contributing to growth of the Nutraceuticals market, as well as analyzes the degree to which each of these trends are influencing the market in U.S. Various barriers to entry in the industry are analyzed and rated on the basis of their impact on the competition level in the market. Also, another key feature of this report is the analysis of all key segments in terms of absolute dollar. This is traditionally overlooked while forecasting the market. However, absolute dollar opportunity is critical in assessing the level of opportunity that a provider can look to achieve, as well as to identify potential resources from a sales and delivery perspective in the U.S. nutraceuticals market.
U.S. Nutraceuticals Market: Competitive Analysis
The final section of the report discusses the overall competitive landscape of the U.S. nutraceuticals market. Within this section, a competitive landscape and market share analysis has been included to provide report audiences with a dashboard view and give an understanding regarding the market shares of key players in the U.S nutraceuticals market. Detailed profiles of the manufacturers are included in the scope of the report to evaluate their long-term and short-term strategies, key offerings and recent developments in the Nutraceuticals space.
Apart from these, the capacity utilization of all the major players is also included in the report. Key players in the U.S. Nutraceuticals market include General Mills Inc., The Natures Bounty Co. (NBTY), Amway Enterprises, Herbalife International, Inc., Royal DSM NV, Pepsi Co., Groupe Danone, Bayer AG, Abbott Laboratories, and Chobani LLC.
The U.S. nutraceuticals market is segmented into:
By Product Type
- Functional Foods
- Probiotics Fortified Food
- Omega Fatty Acid Fortified Food
- Branded Ionized Salt
- Branded Wheat Flour
- Functional Beverages
- Energy Drinks
- Sports Drinks
- Fortified Juices
- Fortified Dairy Beverages
- Dietary Supplements
- Proteins Supplements
- Vitamins & Minerals
- Herbal Supplements (Ayurvedic extracts, plant extracts, algal extracts, phytochemicals)
- Other (fatty acids, fiber)
By Product Form
- Tablets and Capsules