The U.S. market for nutraceuticals is competitive in nature andis likely to witness a significant rise in the level of competition throughoutthe forecast period, states a new market intelligence study by TransparencyMarket Research. The rising number of collaborations and mergers and acquisitionsis projected to enhance the competitive environment of the overall market inthe next few years. In addition to this, the expansion of the product portfoliois one of the major factors that is projected to accelerate the growth of thegrowth of the U.S. market for nutraceuticals. The launch of new products andthe research and development activities taking place are some of the other keyfactors that are predicted to enhance the growth of the nutraceuticals marketin the U.S. in the next few years. Some of the key players operating in thenutraceuticals market in the U.S. are The Nature’s Bounty Co., Pepsi Co., BayerAG, Royal DSM NV, Abbott Laboratories, Chobani LLC, Herbalife InternationalInc., Amway Enterprises, General Mills Inc., and Groupe Danone.
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Accordingto 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 projectedto reach a value of US$102.6 bn by the end of 2024 and register a healthy 5.30%CAGR between 2016 and 2024.
Functional Foods to Register Promising Growth inComing Few Years
TheU.S. market for nutraceuticals has been classified on the basis of product typeinto functional beverages, functional foods, and dietary supplements. Amongthese, the functional foods segments is anticipated to lead the overall marketin the next few years with a large share of the market. The rising demand forfunctional foods, owing to the rising awareness among consumers regarding thebenefits of consuming functional foods is one of the key factors estimated to encouragethe growth of this segment in the next few years.
Inaddition to this, the rising preference of consumers for a healthy lifestyle isprojected to enhance the growth of this segment in the next few years. As perthe research study, this segment is projected to register a 6.10% CAGR between2016 and 2024.
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Liquid Nutraceuticals to Witness Strong Growth in NearFuture
TheU.S. market for nutraceuticals has been segmented on the basis of product forminto powder, solids/semi-solids, liquid, and tablets and capsules. Among these,the liquid nutraceuticals segment is projected to witness a strong growth inthe next few years. As per the research study, this segment is likely toaccount for a large share of the overall market, thanks to the rising adoptionamong consumers throughout the forecast period. Furthermore, the other productforms of nutraceuticals including powders, tablets and capsules, andsolids/semi-solids are expected to observe a healthy growth, owing to theirincreasing demand in the next few years. In addition to this, the increasingconsumption of nutraceuticals and the increasing level of awareness amongconsumers are some of the other key factors that are estimated to enhance thegrowth of these products forms in the coming few years.
Rising Consumer Awareness to Drive U.S. NutraceuticalsMarket
Theincreasing consumption of major products, such as fortified wheat, iodizedsalt, and supplements and the maturity of markets are some of the major factorsthat are estimated to accelerate the growth of the U.S. nutraceuticals marketin the coming years. The increasing preference for on-the-go food products ispredicted to accelerate the growth of the market throughout the forecastperiod. On the other hand, the negative publicity of these products along withthe false health claims are predicted to restrict the growth of the U.S.nutraceuticals market in the next few years.
Thisinformation is based on the findings of a research report published byTransparency Market Research (TMR), titled “Nutraceuticals Market (Product Type- Functional Foods (Probiotics Fortified Food, Omega Fatty Acid Fortified Food,Branded Ionized Salt, and Branded Wheat Flour), Functional Beverages (EnergyDrinks, Sports Drinks, Fortified Juices, and Fortified Dairy Beverages), andDietary Supplements (Proteins Supplements, Vitamins & Minerals, HerbalSupplements (Ayurvedic Extracts, Plant Extracts, Algal Extracts, andPhytochemicals), Fatty Acids, and Fiber; Product Form - Tablets and Capsules,Powder, Liquid, and Solids/Semi-solids) - U.S. Industry Analysis, Size, Share,Growth, Trends, and Forecast 2017 - 2025.”
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Foodand Beverages Sector
The world hasundergone a major shift in the way of living since the COVID-19 pandemicstruck. A notable change in the functioning of various businesses and sectorshas influenced their working mechanisms extensively. The food and beveragesector is no stranger to this change. Transparency Market Research (TMR) hasstudied many aspects concerning the difference between the trends in thepre-pandemic and post-pandemic world across the food and beverage industry.
