U.S. Nutraceuticals Market- Covid-19 Impact, Trend Analysis, Demand, Growth and Opportunities to 2025
U.S. Nutraceuticals Market- Covid-19 Impact, Trend Analysis, Demand, Growth and Opportunities to 2025
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.
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.
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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.
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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.
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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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