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  • Published On : Sep 2022
  • Code : CMI3710
  • Pages :120
  • Formats :
      Excel and PDF
  • Industry : Food and Beverages

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

U.S. NUTRACEUTICALS MARKET

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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.

U.S. Nutraceuticals Market Report Coverage

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:
  • By Product Type: Functional Foods (Probiotics Fortified Foods, Omega Fatty Acid Fortified Foods, Branded Iodized salt, Branded Wheat Flour, Others), Functional Beverages (Energy Drinks, Sport Drinks, Fortified Juices, Fortified Dairy Beverages, Others), Dietary Supplements(Protein Supplements, Vitamins and Minerals, Herbal Supplements, Others)
  • By Product Form: Tablets and Capsules, Powder, Liquid, Solids/Semi-solids
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:
  • Growing health-conscious consumers and adopting a healthy lifestyle among consumers in the U.S. country is predominantly fueling market growth
Restraints & Challenges:
  • U.S. nutraceuticals market has already reached maturity, which is expected to hinder the market growth

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

U.S. NUTRACEUTICALS MARKET

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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

  • In June 2022, Herbalife Nutrition, a nutrition company, announced that it will be in Los Angeles and create a single campus, combining its corporate headquarters with its North American operations
  • In November 2021, Herbalife Nutrition, a nutrition company, launched a soup category in the U.S. with Instant Soup, which is filled with protein. The soup mix is formulated with 15 grams of plant-based protein to help satisfy hunger and provide long-lasting energy, as well as 3 grams of fiber.
  • In May 2019, The Nature's Bounty Co., a health and wellness company, added three products to its vitamin and nutritional supplement portfolio, names of these products are Nature's Bounty Anxiety & Stress Relief, Nature's Bounty Sleep3 and Nature's Bounty Elderberry Gummies. The company addressed key concerns among today's largest living generations as they look for more holistic and non-traditional approaches.

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

 

Frequently Asked Questions

U.S. nutraceuticals market was valued at around US$ 86.78 Million in 2021.

Growing health-conscious consumers and adoption of a healthy lifestyle among consumers in the U.S. is predominantly fueling market growth.

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 market.

The market has already reached maturity, which is expected to hinder the market growth.

Major players operating in the 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

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