Characterized by the presence of a large pool of market players, the U.S. market for nutraceuticals exhibits a highly competitive and fragmented landscape, finds a report by Transparency Market Research (TMR). The top five companies, namely, General Mills, NBTY, Amway, Herbalife, and Royal DSM could hold only 15.8% of this market in 2015. Researchers expect the competition within the market to increase remarkably over the forthcoming years due to the rise in the entry of new participants.
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According to TMR, the U.S. market for nutraceuticals, which presented an opportunity of US$64.8 bn in 2015, is anticipated to proliferate at a CAGR of 5.30% over the period from 2016 to 2024, and touch a value of US$102.6 bn by the end of the period of the forecast. The demand for liquid nutraceuticals is much higher among consumers than the other forms of nutraceuticals. Analysts expect this scenario to remain so over the next few years.
Functional Foods to Remain Witnessing High Demand
In this research report, the U.S. nutraceuticals market has been analyzed on various parameters, among which the type of the nutraceuticals is a prominent one. Functional foods, functional beverages, and dietary supplements have been considered as the key variants of nutraceuticals available across the U.S. Among these, functional foods register a higher demand from consumers than other variants due to the high awareness among them pertaining to the health benefits of functional foods the augmenting demand for natural products. This segment is anticipated to retain its leading position over the forthcoming years, notes the study.
On the other hand, the demand for functional beverages is likely to report a giant leap during the period of the forecast at a 6.10%CAGR. The rising awareness about the harmful effects of soft drinks and carbonated beverages is expected to shift the preferences of consumers to functional beverages in the near future, reflecting positively on their demand. Dietary supplements are also projected to witness healthy growth in their demand over the next few years, thanks to the advent of herbal supplements, such as plant extracts, ayurvedic extracts, algal extracts, and phytochemicals.
Rising Demand for High-protein Diet with Natural Ingredients to Boost U.S. Nutraceuticals Market
“With the people across the U.S. emphasizing heavily on the preventive healthcare, the demand for nutraceuticals have increased by leaps and bound in this country,” says an analyst at TMR. Since the consumption of nutritious products can help in the prevention of a number of diseases and medical conditions, consumers, nowadays, have become attentive towards their regular nutritional intake. Their focus has shifted from the treatment of diseases to the uptake of several daily measures, which can reduce or prevent the onset of various chronic diseases and lifestyle-related conditions. This, as a result, is influencing the sales of nutraceuticals substantially in the U.S., supporting this domestic market.
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Going forward, the increasing preference of consumers for high-protein diets with natural ingredients is likely to boost the growth of the U.S. market for nutraceuticals over the forecast period. The rising adoption of plant derived proteins, such as pea and soy protein, and the augmenting demand for omega fatty acid enriched functional foods and herbal supplements are also anticipated to propel this market in the years to come.
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