The U.S. market fornutraceuticals is competitive in nature and is likely towitness a significant rise in the level of competition throughout the forecastperiod, states a new market intelligence study by Transparency Market Research.The rising number of collaborations and mergers and acquisitions is projectedto enhance the competitive environment of the overall market in the next fewyears. In addition to this, the expansion of the product portfolio is one ofthe major factors that is projected to accelerate the growth of the growth ofthe U.S. market for nutraceuticals. The launch of new products and the researchand development activities taking place are some of the other key factors thatare predicted to enhance the growth of the nutraceuticals market in the U.S. inthe next few years. Some of the key players operating in the nutraceuticalsmarket in the U.S. are The Nature’s Bounty Co., Pepsi Co., Bayer AG, Royal DSMNV, Abbott Laboratories, Chobani LLC, Herbalife International Inc., AmwayEnterprises, 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 RegisterPromising Growth in Coming Few Years
The U.S.market for nutraceuticals has been classified on the basis of product type intofunctional beverages, functional foods, and dietary supplements. Among these,the functional foods segments is anticipated to lead the overall market in thenext 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 toencourage the growth of this segment in the next few years.
In additionto 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 WitnessStrong Growth in Near Future
The U.S.market for nutraceuticals has been segmented on the basis of product form intopowder, solids/semi-solids, liquid, and tablets and capsules. Among these, theliquid nutraceuticals segment is projected to witness a strong growth in thenext few years. As per the research study, this segment is likely to accountfor a large share of the overall market, thanks to the rising adoption amongconsumers throughout the forecast period. Furthermore, the other product formsof 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 DriveU.S. Nutraceuticals Market
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.
This information is based on the findings of a researchreport published by Transparency Market Research (TMR), titled “NutraceuticalsMarket (Product Type - Functional Foods (Probiotics Fortified Food, Omega FattyAcid Fortified Food, Branded Ionized Salt, and Branded Wheat Flour), FunctionalBeverages (Energy Drinks, Sports Drinks, Fortified Juices, and Fortified DairyBeverages), and Dietary Supplements (Proteins Supplements, Vitamins &Minerals, Herbal Supplements (Ayurvedic Extracts, Plant Extracts, AlgalExtracts, and Phytochemicals), Fatty Acids, and Fiber; Product Form - Tabletsand Capsules, Powder, Liquid, and Solids/Semi-solids) - U.S. Industry Analysis,Size, Share, Growth, Trends, and Forecast 2017 - 2025.”
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