North America Nutraceuticals Market Research Report, 2027

The term "nutraceutical" refers to a product derived from food sources with additional health benefits. Nutraceutical products can be considered non-specific biological therapies used to promote general well-being, control symptoms, and prevent malignant processes. The rising demand for nutraceuticals with medicinal benefits is one of the major factors driving the market. As for the North America region, increasing consumer awareness regarding their health and food habits is fuelling the market growth for the nutraceutical industry. Also, the growing knowledge regarding nutraceutical products' ability to prevent or delay the occurrence of diverse health disorders has contributed to increasing the demand across the region. Further, North America's nutraceutical market growth is primarily driven by an increase in demand for non-carbonated products owing to accelerating demand for gluten-free, clean, and low-calorie drinks. In recent years, consumer interest in a balanced diet has resulted in a booming food and beverage industry across many developing economies. From the research, it is estimated that in the North America region, nutraceutical demand is heavily increasing among baby boomers, millennial, and women. Needs for fiber, antioxidants, heart-healthy ingredients, vitamins and minerals, omega-3 fatty acids, vitamin D, calcium, and whole grains are being fulfilled by nutraceutical products. According to the research report titled "North America Nutraceuticals Market Research Report, 2027", published by Actual Market Research, the market is anticipated to grow at more than 6% CAGR during the forecast period. In 2021, North America will be the second largest region in the world for the nutraceutical market. The concept of nutraceuticals is very widespread across the North American region, with more than 60% of the population living in the US and Canada claiming themselves to be regular users of nutraceutical products. Also, the revenues of the North American nutraceutical market have been strengthened by the ageing problem. In addition to that, the accelerating proportion of elderly people in the major economies has propelled growing consumption of nutraceuticals in North America. The North American nutraceutical market is segmented into three prominent countries, including the USA, Canada, and Mexico. Among these countries, the USA is anticipated to dominate the market during the forecast period. The USA is the most preferred destination for the trade of nutraceuticals across the globe and is a major exporter as well as importer of such products. The US nutraceutical market is expected to register increasing growth during the upcoming timeframe, owing to the rising efforts of the market players to spread awareness amongst people about the additional benefits of nutraceutical products. In addition to that, the higher market growth in the USA will largely be driven by the functional food and beverages segment, whose popularity is anticipated to increase by 2027. Many internationally renowned beverage manufacturers, such as PepsiCo and Coca-Cola, are headquartered in the USA. Further, many companies are attempting to broaden their product lines and incorporate a higher number of natural substances into their offerings, which is expected to boost the demand for nutraceuticals across the country. The North American nutraceutical market, according to the report, is divided into various distribution channels such as supermarkets/hypermarkets, convenience stores, drug and pharmacies, online retail stores, specialty stores, and so on. Among these types, the supermarkets and hypermarkets segment is dominating the market with a larger portion of the market share. However, growing internet penetration and a technology revolution across the region are expected to propel the market growth for online retail stores during the upcoming years. Further, the market is segmented into three product types, including dietary supplements, functional food, and functional beverages. Among these types, the functional food segment is leading the market with more than 42% market share in 2021. The growing focus on health and the increasing obesity rate across many countries are expected to boost the demand for alternative supplements to attain fitness. However, the functional beverage segment is expected to gain higher traction by 2027, resulting in a rapid growth rate for 2022–2027. Further, based on dietary supplement types, the vitamins segment is anticipated to acquire a higher market share during the forecast period. In North America, manufacturers have begun to create software that monitors customer behavior in order to improve their goods. For instance, in 2019, Medtate launched a new product called FemVita, which is formulated with nutraceutical food supplement ingredients including probiotics and vitamins to help improve nails, teeth, and the immune system. This shift in strategy is largely due to consumer pressure in the United States, where many people are health-conscious and demand certain ingredients in the products, thus driving the regional expansion. Based on functional beverage types, the energy drink segment is leading the market and is expected to continue growing during the upcoming timeframe. Based on functional food types, the dairy product segment is expected to witness prominent market growth by 2027 owing to higher adoption across the region. COVID-19 Impacts: In the wake of the COVID-19 pandemic, the demand for nutraceutical products, including dietary supplements and functional foods, has soared. Inflammatory boosting supplements have become main-stream over the past year, and this has led to a significant change in buying patterns and consumer behavior in the North American region. Moreover, after the COVID-19 pandemic, precautionary healthcare measures such as dietary supplements are expected to become a part of people’s everyday lives. Thus, the COVID-19 pandemic across the region has paved the way for nutraceuticals to build a strong presence in the global market. Major Companies present in the market: Herbalife Nutrition, AMWAY Corp., Bayer AG, Pfizer Inc., GlaxoSmithKline plc., Abbott Laboratories, Glanbia plc, Archer Daniels Midland Company, Nu Skin Enterprises, Inc., Nestle SA, Danone SA, General Mills Inc., Tyson Foods, Monster Beverage Corporation, The Coca-Cola Company, Arla Foods amba, Hearthside Food Solutions LLC, PepsiCo Inc., Celsius Holdings Inc., Nutri-Nation Functional Foods Inc Considered in this report • Geography: North America • Historic Year: 2016 • Base year: 2021 • Estimated year: 2022 • Forecast year: 2027 Aspects covered in this report • North America nutraceuticals market with its value and forecast along with its segments • Country wise nutraceuticals market analysis • Application wise nutraceuticals market distribution • Various drivers and challenges • On-going trends and developments • Top profiled companies • Strategic recommendation Countries covered in the report • US • Canada • Mexico Based on product type of nutraceuticals market in the report: • Dietary Supplements (Vitamin, Minerals, Herbal Supplements, Probiotic, Amino acid/Protein& Others) • Functional Foods (Bakery & Cereals, Dairy Products, Meat, Fish & Eggs, Soy Products, Fats & Oils & Others) • Functional Beverages (Energy Drinks, Sports Drinks, Dairy & Dairy Alternative Drinks, Fortified Juices & Others) Based on Distribution channel type of nutraceuticals in the report: • Supermarkets & Hypermarkets • Convenience Stores • Drug and Pharmacies • Online Retail Stores • Other Distribution Channels The approach of the report: This report consists of a combined approach of primary as well as secondary research. Initially, secondary research was used to get an understanding of the market and listing out the companies that are present in the market. The secondary research consists of third-party sources such as press releases, annual report of companies, analyzing the government generated reports and databases. After gathering the data from secondary sources primary research was conducted by making telephonic interviews with the leading players about how the market is functioning and then conducted trade calls with dealers and distributors of the market. Post this we have started doing primary calls to consumers by equally segmenting consumers in regional aspects, tier aspects, age group, and gender. Once we have primary data with us we have started verifying the details obtained from secondary sources. Intended audience This report can be useful to industry consultants, manufacturers, suppliers, associations & organizations related to food & beverage industry, nutrition industry, pharmaceutical industry, government bodies and other stakeholders to align their market-centric strategies. In addition to marketing & presentations, it will also increase competitive knowledge about the industry.