SEATTLE, April 23, 2020 (GLOBE NEWSWIRE) -- Nutraceuticals are products derived from food sources with extra health benefits in addition to the basic nutritional value found in foods. These products also aid in the treatment of various diseases.
The U.S. nutraceuticals market is projected to reach around US$ 119.8 million by the end of 2027, in terms of revenue, growing at CAGR of 5.3% during the forecast period (2020-2027).
Drivers
Increasing adoption of nutraceuticals is expected to boost growth of the U.S. nutraceuticals market over the forecast period. Nutraceuticals offer less or no side effects and more nutritional values compared to conventional pharmaceuticals. For instance, amla (Emblica officinalis), Curcumin, Fenugreek (Trigonella foenum-graecum), and vitamins are effective against obesity.
Increasing geriatric population is expected to propel growth of the U.S. nutraceuticals market over the forecast period. For instance, according to the U.S. Census Bureau, the U.S. geriatric population is expected to reach 77 million by 2034.
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Opportunities
R&D in nutraceuticals is expected to offer lucrative growth opportunities for players in the U.S. nutraceuticals market. For instance, in April 2020, the study, “Characteristics of Potential Protein Nutraceuticals of Plant Origin with Antioxidant Activity”, reported that nutraceuticals were more frequently released from rice protein and less frequently released from barley and other cereal protein species.
Potential application of nutraceuticals in the treatment of neurodegenerative disorders is also expected to aid in growth of the market. Nutraceuticals can limit the oxidative damage and inflammation in brain tissues occurring in patients undergoing neurodegenerative processes.
Restraints
Presence of unregulated products with low-quality or ineffective ingredients is expected to hinder growth of the U.S. nutraceuticals market.
Key Takeaways
On the basis of product type in 2019, the functional foods segment has accounted the largest market share of around 36% in terms of value, followed by dietary supplements and functional beverages. Functional food segment growth is driven by increasing use of probiotics as an ingredient in majority of food products.
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Market Trends
In U.S., increasing prevalence of cancer is expected to aid in growth of the market. For instance, according to the American Cancer Society, in 2019, there will be an estimated 1,762,450 new cancer cases diagnosed and 606,880 cancer deaths in the U.S.
Moreover, high incidence of diabetes and obesity is also expected to boost growth of the market. For instance, according to the Centers of Disease Control and Prevention, Behavioral Risk Factor Surveillance System, 2018, 71424.3 thousand people in the U.S. suffer from obesity.
Regulations
In the U.S., nutraceuticals are regulated as a drug, dietary supplement, food ingredient, or food depending on the ingredients present in a product.
U.S. Nutraceuticals Market: Competitive Landscape
Major players operating in the U.S. nutraceuticals market include, General Mills Inc., The Nature’s Bounty Co. (NBTY), Amway Enterprises, Medical Marijuana, Inc., Herbalife International, Inc., Royal DSM NV, Pepsi Co., Groupe Danone, Bayer AG, Van Drunen Farms, FutureCeuticals, Abbott Laboratories, and Chobani LLC
U.S. Nutraceuticals Market: Key Developments
- April 2020: Medical Marijuana, Inc., a manufacturer of cannabis-derived nutraceutical products, announced that its investment company Kannalife, Inc. was issued a Notice of Allowance from the U.S. Patent and Trademark Office for its trademark application for the mark, "Atopidine"
- February 2020: Van Drunen Farms and FutureCeuticals partnered with Folium Biosciences for exclusive distribution of Folium food, beverage and supplements products worldwide
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Taxonomy (Scope, segments)
By Product Type
- Functional Foods
-
- Probiotics Fortified Foods
- Omega Fatty Acid Fortified Foods
- Branded Iodized salt
- Branded Wheat Flour
- Others
- Functional Beverages
- Energy Drinks
- Sport Drinks
- Fortified Juices
- Fortified Dairy Beverages
- Others
- Dietary Supplements
- Protein Supplements
- Vitamins and Minerals
- Herbal Supplements
- Others
By Product Form
- Tablets and Capsules
- Powder
- Liquid
- Solids/Semi-solids
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