North America Nutraceuticals Market - Growth, Trends, and Forecasts (2023 - 2028)

The North American Nutraceuticals market is projected to register a CAGR of 6.4% during the forecast period.

The nutraceuticals market is primarily driven by the surging demand for nutraceuticals among consumers owing to their medical benefits, such as preventing and curing heart disease, neurodegeneration, diabetes, cancer, hypertension, ailments caused due to oxidative stress, and others. They contain antioxidants, probiotics, and polyunsaturated fatty acids, which help in managing health issues like obesity, cardiovascular disease, cancer, cholesterol, arthritis, diabetes, and others. The growing preference for personalized nutrition is another key nutraceutical market trend, which may further stimulate market growth. The trend of personalized nutrition is growing, particularly among individuals with gut-related medical conditions, where generic treatment is not effective.

The nutritional food and supplement market space is exploding with growing consumer interest in foods containing bioactive compounds, which aid in preventing many diseases. North American consumers are actively seeking functional food products to maintain their lifestyles. Key players are capitalizing on the growing interest of consumers in functional food products, thus innovating consumer-oriented products and marketing their products to specific demographics, such as the aging population, young adults, and mothers. For instance, in February 2022, Morinaga America Inc. announced the launch of Chargel in the United States, a new line of Gel Drinks for athletes. The company claims that the drink helps deliver pre-workout energy to consumers and contains a blend of fruit juice, carbohydrates, and five essential B vitamins without any caffeine.

North America Nutraceuticals Market Trends

Growing Efficacy of Functional Foods and their Botanical Active Ingredients

Consumers are getting inclined towards functional food and beverage products to improve their health as many are considering the link between health and diet. The increasing incidence of age-related disorders such as high blood pressure, obesity, diabetes, and others, and rising lifestyle disorders-related mortality, is leading to the growing adoption of a healthy lifestyle with optimum nutrition to avoid disease, in turn driving the consumption of nutraceuticals in the region. Functional foods such as canola oil, oats, omega-3 milk, and psyllium lignin have been proven beneficial in the prevention and treatment of cardiovascular diseases.

The rapidly increasing baby boomer population in North America is further driving the sales of nutraceutical products. The rising trend of veganism in North American countries is boosting the demand for botanical active ingredients to manufacture functional food and beverages. Manufacturers have also isolated and concentrated these active botanical ingredients in dietary supplements.

The United States holds a Prominent Market Share

The United States accounted for the largest market share for Nutraceuticals in the North American region owing to the rising interest of consumers in preventive healthcare and self-medication along with an increase in the aging population’s demand for functional food and beverages to prevent or mitigate conditions related to aging. In addition, increasing healthcare spending, and rising consumer disposable income, coupled with changing consumer perception towards nutraceuticals due to their proven health benefits, is further propelling the growth of the market.

Millennials are concerned about optimizing their present health and preventing deteriorating health in the future. Thus, opting for fortified food and beverage products, which in turn increases the sales of nutraceuticals. The increasing number of women incorporating supplements and functional food in their diet is due to recommendations from health practitioners. Sales of women’s nutraceutical products account for a significant share of the demographic sector.

North America Nutraceuticals Industry Overview

The North American nutraceuticals market is highly competitive owing to the presence of a large number of international, national, and domestic players competing for a significant market share. The key players operating the in the market are PepsiCo Inc., General Mills Inc., Nestle SA, The Kellogg Company, and Herbalife International of America Inc., among others. The major players are adopting strategies such as product innovation, expansion, partnerships, and others to boost their brand presence. In addition, an advanced distribution network gives an upper edge to the manufacturers to expand their range of products suitable for various consumer needs. Manufacturers of nutraceutical products are capitalizing on the growing interest of consumers in health and wellness products and introducing new products in the market. For instance, in October 2021, Banano, a South Korea-based energy drink brand, launched its energy drinks in the US market. The company claims that the Banano drink is made from 100% banana puree infused with active ingredients like Curcumin, which is known for its antioxidant and anti-inflammatory properties.

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