United States Nutraceuticals Market Assessment, By Product Type, By Ingredient, By Dosage Forms, By Flavours, By Application, By End-user, By Packaging, By Distribution Channel, By Region, Opportunities and Forecast, 2016-2030F

United States nutraceuticals market has experienced significant growth in recent years. The market is projected to witness a CAGR of 6.59% during the forecast period, 2023-2030F. It was estimated at USD 78.45 billion in 2022 and is expected to reach USD 122.63 billion in 2030.

The primary drivers of the market growth are rising awareness regarding preventive healthcare, increase in ailments associated with a sedentary lifestyle, and a rise in consumer interest in foods that promote health. Furthermore, the country's growing consumer spending power is projected to 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 treating lifestyle diseases like cardiovascular disease and malnutrition.

Due to numerous medical and physiological advantages linked to nutraceuticals, consumers in the United States embrace this division. The country's nutraceutical industry is expected to develop during the forecast period due to the growing senior population and rising healthcare costs. Functional foods are seen as a very favourable reputation with consumers, largely because of these products' additional health and wellness advantages. 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 several 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 manufactured by Dnature Bio Labs, Co., Ltd., began selling its products in the United States. The manufacturer states 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 consider 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 preventing and treating cardiovascular illnesses.

Nutraceutical product sales are 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 become more popular in the United States. Additionally, manufacturers have concentrated and isolated these potent plant elements for use in nutritional supplements.

Evolving Consumer Appetite for Healthy, Clean, and Alternative Food

Consumers are increasingly demanding clean nutrition transparency, so that they know what the products contain. Clean nutrition products that provide clear information about ingredients' sourcing, quality, and purity are gaining popularity. Elite athletes must 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, 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 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 presence is online, but it has plans to open brick-and-mortar locations across the nation.

Nutraceuticals in Anti-Aging

Nutraceuticals have gained significant attention in the United States as a promising avenue for anti-aging solutions within the rapidly growing nutraceuticals market. These bioactive compounds, found in natural foods and dietary supplements, offer a range of benefits for combating the signs of aging. Nutraceuticals are rich in antioxidants like vitamins C and E, selenium, and polyphenols, which help neutralize free radicals responsible for cellular damage and aging. Regularly consuming antioxidant-rich nutraceuticals can promote skin health, reduce fine lines, and improve overall skin texture. Some nutraceuticals contain collagen-boosting ingredients like hyaluronic acid, collagen peptides, and biotin, contributing to healthier and more youthful-looking skin.

Increasing demand for nutraceuticals among consumers owing to their medical benefits

Due to its potential medical benefits, such as the prevention and treatment of heart disease, diabetes, cancer, neurodegeneration, hypertension, diseases brought on by oxidative stress, and other conditions, nutraceuticals are in high demand among consumers. They contain polyunsaturated fatty acids, probiotics, and antioxidants that aid in managing conditions like diabetes, arthritis, obesity, cardiovascular disease, cancer, and cholesterol.

Another significant development in the nutraceutical market is increased preference for individualized nutrition, which is expected to aid market expansion. Personalized nutrition is becoming more popular, especially among people who suffer from gut-related illnesses for which generic medication is inefficient. With rising consumer interest in foods that contain bioactive components, which help prevent many diseases, the market for nutritional foods and supplements is expanding at an exponential rate. Also, American consumers are actively looking for functional food products to sustain their lifestyles. This is expected to drive the market further.

Customers' interest is in focus of the key firms in functional food items to innovate consumer-oriented products and offer their goods to niche targeted groups like mothers, young people, and the aging population. For instance, Morinaga America Inc. announced in February 2022 that Chargel, a new range of Gel Drinks for sports, would be available in the United States. According to the manufacturer, the beverage aids in providing pre-workout energy to users and is made up of a mixture of fruit juice, carbs, and five crucial B vitamins without any caffeine.

Expansion and Diversification of Product Categories

As the field of nutrition develops, the nutraceuticals industry in the country is beginning to develop therapeutic areas, like pharmaceuticals, that concentrate on wellness and nutrition-related issues. 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. It has led to various supplements available for specific purposes, including ground-breaking items in established and developing cognitive wellness disciplines. 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 pandemic wave on April 5, 2020. According to reports, sales of vitamins and supplements increased by 51.2% in March 2020, with multivitamin demand hitting approximately 120 million units during that time.

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 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. To capitalize on category and product synergies it will catapult to the forefront of the functional food and beverage trends, the merged business will bring together two high-growth enterprises.