United States Nutraceuticals Market Assessment, By Type [Dietary Supplements, Functional Foods, Functional Beverages, Others], By Form [Tablets, Capsules, Powder, Liquid, Others], By Source [Animal, Plant, Microbial], By Application [Health Benefits, Personal Care, Sports, Energy and Weight Management, Others], By Distribution Channel [Specialty Stores, Pharmacies, Online Retail Stores, Hypermarkets/Supermarkets, Convenience Stores], By Region, Opportunities, and Forecast, 2016-2030F

The United States Nutraceuticals Market has experienced significant growth in recent years. The market is projected to witness a CAGR of 8.59% during the forecast period 2023-2030. It was estimated at USD 78.45 billion in 2022 and is expected to reach to USD 151.67 billion in 2030.

The primary market growth drivers are preventive healthcare, an increase in ailments associated with a sedentary lifestyle, and a rise in consumer interest in foods that promote health. Furthermore, it is projected that the country's growing consumer spending power will support the expanding demand for nutraceutical products. Another reason driving the rising demand for dietary supplements and nutraceuticals is the shift in consumer attitudes towards self-directed care for the treatment of lifestyle diseases like cardiovascular disease and malnutrition.

Because of the numerous medical and physiological advantages linked to nutraceuticals, consumers in the United States are embracing them more. The country's nutraceutical industry is expected to develop during the forecast period as a result of the growing senior population and rising healthcare costs. Functional foods are seen as having a very favourable reputation with consumers, largely because of the additional health and wellness advantages these products provide. The ageing population, increased healthcare expenditures, changing lifestyles, new food products, and expectations for greater prices have all contributed to the overall growth.

The United States nutraceuticals market has attracted a number of foreign companies looking to enter and expand their presence in the market. These foreign entrants bring new products, innovations, and competition to the industry. In October 2021, Banano, a South Korean energy drink company (manufactured by Dnature Bio Labs, Co., Ltd.), began selling its products in the United States. The manufacturer says that Curcumin, a substance with anti-inflammatory and antioxidant effects, is added to 100% pure banana puree to create the Banano drink.

Growing Efficacy of Functional Foods and Their Active Botanical Components

As more people take into account the connection between nutrition and health, consumers are becoming more drawn toward functional food and beverage items to improve their health. The consumption of nutraceuticals in the country is being driven by the rising adoption of a healthy lifestyle with optimal nutrition to prevent diseases and the rising incidence of age-related disorders like high blood pressure, obesity, diabetes, and others, as well as rising lifestyle disorders-related mortality. Canola oil, oats, omega-3 milk, and psyllium lignin are examples of functional foods that have been shown to be helpful in the prevention and treatment of cardiovascular illnesses.

Sales of nutraceutical products are being further boosted by the country’s rapidly growing baby boomer population. The demand for botanical active ingredients to create functional foods and beverages is increasing as veganism becomes more popular in the United States. Additionally, these potent plant elements have been concentrated and isolated by manufacturers for use in nutritional supplements.

Evolving Consumer Appetite for Healthy, Clean and Alternative Foods

Consumers are increasingly demanding clean nutrition transparency, so they know exactly what is in the products they use. Clean nutrition products that provide clear information about the sourcing, quality, and purity of ingredients are gaining popularity. Elite athletes have to be aware of this due to rigorous anti-doping regulations, but average people may do it due to dietary preferences, such as being vegan or vegetarian, or because they prefer natural (organic) items over foods that have been drug-based or chemically processed.

Manufacturers in the United States nutraceutical market are responding to these evolving consumer preferences by developing clean, plant-based, allergen-free, and personalized nutrition products. They are spending in R&D and innovation to identify workable substitutes in order to adapt to changing consumer tastes. For instance, in January 2022, three vegan gummy supplements—an iron supplement, an omega-3 supplement, and a multivitamin—from the UK-based Vegums entered the United States. Although the company's initial launch was only online, it also has plans to open brick-and-mortar locations across the nation.

Government Regulations

Dietary components and final dietary supplement products are both subject to FDA regulation. Dietary supplements are governed by a distinct set of rules by the FDA than "conventional" food and medication items. The Dietary Supplement Health and Education Act (DSHEA) of 1994 prohibits the marketing of products that are adulterated or misbranded by producers and distributors of dietary supplements and dietary components. According to the Federal Food, Drug, and Cosmetic Act, as amended by DSHEA and FDA regulations, businesses that deal in nutraceuticals are responsible for checking the safety and labelling of their products before marketing to ensure they meet all applicable requirements. The FDA has the authority to file a lawsuit against any adulterated or mislabeled dietary supplement after it hits the market.

A Shift Towards Better Health by Women and Older People

Nutraceuticals cater to specific health concerns that women may face throughout their lives, such as reproductive health, menopause, bone health, and skin care. Women are increasingly turning to nutraceuticals to support their overall well-being and address specific health needs. Products containing vitamins, minerals, antioxidants, omega-3 fatty acids, and collagen are popular among women for promoting beauty, vitality, and hormonal balance. Furthermore, as the population ages, there is a growing focus on healthy aging and maintaining optimal health in later years. Nutraceuticals help support healthy aging by providing nutrients that may be lacking in older individuals' diets. Supplements targeting joint health, cognitive function, cardiovascular health, and immune support are commonly sought after by the elderly population.

Both women and aged people are becoming more health-conscious and proactive in managing their well-being. They are seeking natural and evidence-based approaches to support their health goals. Nutraceuticals, with their emphasis on natural ingredients and targeted health benefits, align with this growing health consciousness and desire for self-care.

Expansion and Diversification of Product Categories

The nutraceuticals industry in the country is beginning to develop therapeutic areas (much like pharmaceuticals) that concentrate on particular wellness and nutrition-related issues as the field of nutrition develops. Dietary supplements remain a dominant product category within the nutraceuticals market. This includes vitamins, minerals, botanical extracts, herbal supplements, probiotics, and specialized supplements targeting specific health concerns. The market has seen a proliferation of innovative formulations, delivery formats (e.g., gummies, softgels, powders), and ingredient combinations to cater to various consumer needs. As a result, the market has been more specifically segmented, and the breadth and depth of product categories have increased. This had led to a wide variety of supplements available today for specific purposes, including ground-breaking items in both established and developing disciplines of cognitive wellness. For instance, flaxseed oil is good for cholesterol, coconut oil is good for liver problems, chamomile is good for anxiety and sleep, and caffeine stimulates the brain.

Impact of COVID-19

The pandemic heightened consumer awareness of the importance of immune health. As a result, there has been a surge in demand for nutraceutical products that support immune function, such as vitamins C, D, and zinc supplements, as well as herbal immune-boosting formulations. Prior to the pandemic, dietary supplement sales in the United States climbed by 5% (USD 345 million) from 2018 to 2019. But compared to the same six-week period in 2019, revenues increased by 44% (USD 435 million) during the first wave of the pandemic on April 5, 2020. According to reports, sales of vitamins and supplements as a whole increased by 51.2% in March 2020, with multivitamin demand hitting approximately 120 million units during that time.

United States Nutraceuticals Market: Report Scope

“United States Nutraceuticals Market Assessment, Opportunities, and Forecast, 2016-2030F”, is a comprehensive report by Markets & Data, providing in-depth analysis and assessment of the current scenario of the nutraceuticals market in the United States, industry dynamics and opportunities, and forecasts (2023-2030). Additionally, the report profiles the leading players in the industry mentioning their respective market share, business model, competitive intelligence, etc.

In this report, United States Nutraceuticals Market has been segmented into the following categories:

1.       By Type

1.1.    Dietary Supplements

1.1.1.Vitamins & Minerals

1.1.2.Proteins and Amino Acids

1.1.3.Probiotics

1.1.4.Fatty Acids

1.1.5.Others

1.2.    Functional Foods

1.2.1.Bakery & Confectionery

1.2.2.Cereals

1.2.3.Dairy

1.2.4.Snacks

1.2.5.Others

1.3.    Functional Beverages

1.3.1.Energy Drinks

1.3.2.Sports Drinks

1.3.3.Others

1.4.    Others

2.       By Form

2.1.    Tablets

2.2.    Capsules

2.3.    Powder

2.4.    Liquid

2.5.    Others

3.       By Source

3.1.    Animal

3.2.    Plant

3.3.    Microbial

4.       By Application

4.1.    Health Benefits

4.2.    Personal Care

4.3.    Sports, Energy and Weight Management

4.4.    Others

5.       By Distribution Channel

5.1.    Specialty Stores

5.2.    Pharmacies

5.3.    Online Retail Stores

5.4.    Hypermarkets/Supermarkets

5.5.    Convenience Stores

6.       By Region

6.1.    Northeast

6.2.    Southwest

6.3.    West

6.4.    Southeast

6.5.    Midwest

Key Players Landscape and Outlook

The United States nutraceuticals market has a dynamic landscape with several key players operating in various segments of the industry. These businesses significantly contribute to market expansion, product development, and innovation. The outlook for the United States nutraceuticals market remains positive, driven by factors such as increasing consumer awareness of health and wellness, growing interest in preventive healthcare, and the demand for natural and clean-label products. The industry is expected to witness continued growth, driven by innovation in product formulations, advancements in ingredient science, and the adoption of personalized nutrition approaches. Mergers and acquisitions (M&A) are common occurrences in the nutraceutical industry, as companies seek strategic partnerships, market consolidation, and access to new markets or technologies. In April 2023, NextFoods, a market leader in all-natural sports nutrition since 2006, announced the merging of gut health innovator GoodBelly and industry leader Cheribundi. In order to capitalize on category and product synergies that will catapult them to the forefront of the functional food and beverage trends, the merged business will bring together two high-growth enterprises.

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·         What is the current and future market size of the product/service in question globally or specific to different countries?

·         How are the markets divided into different product/service segments and the market size and growth of each segment? 

·         What is the market potential of different product segments and their investment case?

·         How are the markets predicted to develop in the future and what factors will drive or inhibit growth?

·         What is the business environment and regulatory landscape specific to the product/service?

Key Players Operating in the United States Nutraceuticals Market

·         Pfizer Inc.

·         Herbalife International of America Inc.

·         Nature's Bounty Inc.

·         Amway Corp.

·         Abbott Laboratories

·         Isagenix International, LLC

·         Nestlé S.A.

·         Supplement Manufacturing Partner Inc.

·         Layn USA, Inc

·         Gemini Pharmaceuticals

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