Nutraceuticals are derived from food sources and are highly enriched with various nutrients that are beneficial for good health. These products have extra health benefits compared to other normal diets and are considered as non-specific therapies used to control body symptoms and prevent various diseases. They can be classified into functional food, medicinal food, dietary supplements, and pharmaceuticals. Nutraceuticals are highly versatile in nature as they are used across various industries such as food & beverages, animal feed additives, pharmaceutical, and personal care. Nutraceutical products are available in a variety of forms such as tablets and capsules, powder, liquid, and solids/semi-solids.
U.S. nutraceuticals market was valued at US$ 86.78 Million in 2021 in terms of revenue, exhibiting a CAGR of 5.52% during the forecast period (2022 to 2030).
Drivers
Growing health-conscious consumers and adoption of a healthy lifestyle among consumers in the U.S. is predominantly fueling market growth. Moreover, shifting focus of consumers from the treatment of diseases to daily preventive measures to reduce the onset of chronic and lifestyle-related disease is augmenting the market growth. Nutraceutical products are highly beneficial ingredients as they play a very crucial role in the prevention of long-term disease.
Increasing sale of functional food such as breakfast bars, and dairy and bakery products in the U.S. is expected to accelerate the market growth of nutraceuticals. Increasing adoption of food fortification among various manufacturers in the country coupled with the increasing demand for variety in functional food is further anticipated to foster the market growth of nutraceuticals over the forecast period.
In the wake of the COVID-19 pandemic, demand for dietary supplements and functional foods has soared. Immunity boosting supplements have become mainstream from 2020 and this has led to a significant change in buying patterns and consumer behavior regarding personal care. Moreover, after the COVID-19 pandemic, preventive healthcare measures such as dietary supplements have become a part of people’s everyday lives.
Figure 1. U.S. Nutraceuticals Market Value Share (%), By Product Form, 2021
On the basis of product form in 2021, the tablets and capsules segment accounted for the largest market share of 45% in terms of value, followed by powder and liquids.
Market Restraints
U.S. nutraceuticals market has already reached maturity, which is expected to hinder the market growth. Moreover, revenue generation from the nutraceuticals market is relatively stable currently. This is a factor projected to hamper market growth over the forecast period. A concern associated with health and nutrition of consumer is because many manufacturers use artificial preservatives and flavouring agents in the nutraceutical to increase the shelf-life of the product. Demand for such products is declining because of the rising demand for organic and natural products due to growing awareness regarding the health benefits of organic products. This is projected to limit market growth.
| Report Coverage | Details | ||
|---|---|---|---|
| Base Year: | 2021 | Market Size in 2021: | US$ 86.78 Mn |
| Historical Data for: | 2017-2020 | Estimated Year: | 2022 |
| Forecast Period 2022 to 2030 CAGR: | 5.52% | Forecast Period: | 2022-2030 |
| Segments covered: |
|
||
| Companies covered: |
General Mills Inc., The Nature’s Bounty Co. (NBTY), Amway Enterprises, Herbalife International, Inc., Royal DSM NV, Pepsi Co., Groupe Danone, Bayer AG, Abbott Laboratories, and Chobani LLC |
||
| Growth Drivers: |
|
||
| Restraints & Challenges: |
|
||
Market Trends
Growing consumption of fermented food such as yogurt is a trend in the U.S. especially among health-conscious consumer which is the major revenue generating factor for the U.S. nutraceutical market. Many manufacturers are increasing the production capacity of the nutraceutical products in the U.S. and this is expected to fuel the market growth. For instance, in October 2019, Algatechnologies, part of Solabia Group, a nutraceuticals company, announced that it had tripled its production capacity for FucoVital. This leads to increase in demand from the dietary supplements market. FucoVital was launched in the US in 2018.
Figure 2. U.S. Nutraceuticals Market Value Share (%), By Product Type, 2021
On the basis of product type in 2021, the functional foods segment accounted for the largest market share of 36.6% in terms of value, followed by dietary supplements and functional beverages.
Recent Developments
Competitive Section
Major players operating in the U.S. nutraceuticals market include General Mills Inc., The Nature’s Bounty Co. (NBTY), Amway Enterprises, Herbalife International, Inc., Royal DSM NV, Pepsi Co., Groupe Danone, Bayer AG, Abbott Laboratories, and Chobani LLC
Nutraceuticals are derived from food sources and are highly enriched with various nutrients that are beneficial for good health. Consumption of these products also reduces the risk of chronic disease and relieves the symptoms of any disease. Nutraceuticals are highly versatile in nature as they are used across various industries such as food & beverages, animal feed additives, pharmaceutical, and personal care. Moreover, they can be classified into functional food, medicinal food, dietary supplements, and pharmaceuticals.
Market Dynamics
The U.S. nutraceuticals market witnessed significant growth from 2020, owing to the growing demand of consumer preference for high-protein diets. Based on product type, the U.S. nutraceuticals market is segmented into functional foods, functional beverages, and dietary supplements. Among these segments, the functional foods segment dominated the U.S. nutraceuticals market in 2021, owing to the growing consumption of plant-based protein such as soy and pea protein. This is in turn is fueling demand for the functional foods enriched with omega fatty acid and herbal supplements. This factor is estimated to drive growth of the U.S. nutraceuticals market during the forecast period.
On the basis of product form, the U.S. nutraceuticals market is bifurcated into the tablets and capsules, powder, liquid and solids/semi-solids. Among these segments, the liquid segment dominated the U.S. nutraceuticals market in 2021, due to the rising demand for the diet beverages among consumers. This factor is estimated to drive growth of the U.S. nutraceuticals market during the forecast period.
Dietary supplements are likely to grow, owing to the high awareness regarding their benefits in overall health and bodily maintenance. Fibers tend to foster easier bowel movements while providing critical cleansing of internal organs, while minerals contribute to higher retention and passage of nutrients into cells and promote blood clotting among other functions. Furthermore, high adoption rates of herbal medicines among individuals across the globe on account of the rising concerns over hazardous effects associated with conventional pharma drugs are expected to expand the market size over the forecast period.
Key features of the study:
Detailed Segmentation:
“*” marked represents similar segmentation in other categories in the respective section
Joining thousands of companies around the world committed to making the Excellent Business Solutions.
View All Our Clients