by Nutraceuticals are foods, food ingredients, supplements or beverages that provide health and medical benefits, including the prevention and treatment of disease. They contain biologically active compounds derived from foods. The term ‘nutraceutical’ is a combination of ‘nutrition’ and ‘pharmaceutical’. Some common examples of nutraceuticals include omega-3 fatty acids, probiotics, plant extracts like turmeric and ginger, fiber, prebiotics, amino acids and dietary minerals and vitamins.
U.S. nutraceuticals market was valued at US$ 86.78 Million in 2021 in terms of revenue, exhibiting a CAGR of 5.52% during the forecast period (2022 to 2030).
Market Growth and Trends
The U.S. nutraceuticals market has grown significantly over the past decade, reflecting increased consumer awareness about health, nutrition and the role of diet in preventing disease. According to recent estimates, the total market size was about $142 billion in 2019 and is projected to reach $264 billion by 2026, growing at a compound annual growth rate of around 8.5%. Dietary supplements account for a major share of over 60% of the total U.S. Nutraceuticals Market Trends. Major factors fueling market growth include rising health consciousness among consumers, growing aging population and increased expenditure on healthcare and wellness. Functional foods and beverages are another fast-growing segment and are expected to witness exponential growth in coming years.
Popular Categories of Nutraceuticals
Some of the popular and commonly consumed categories of nutraceuticals in the U.S. include:
– Probiotics: Probiotic supplements and foods containing live microorganisms that provide health benefits when consumed are gaining huge popularity. They help maintain a healthy digestive system.
– Omega-3 fatty acids: Omega-3 fatty acids supplements derived from fish oil or plant sources like flaxseeds are widely consumed for heart and brain health.
– Plant extracts/phytonutrients: Demand is rising for supplements containing active plant compounds or extracts like turmeric, ginger, garlic, green tea, resveratrol etc. known for antioxidant and anti-inflammatory properties.
– Fiber: Supplements containing soluble and insoluble dietary fibers promote digestive health and heart health. They help control blood sugar and cholesterol levels.
– Vitamins and minerals: Vitamin D, calcium, magnesium, multivitamins and other micronutrient supplements continue to be mega-sellers in the U.S. due to consumer focus on immunity and overall wellness.
– Amino acids: Branched-chain amino acids (BCAAs) supplements are popular among gym enthusiasts and athletes for muscle building and recovery. L-glutamine supplements aid gut health.
Key Drivers for Growth
The surging U.S. Nutraceutical Market is fueled by the following critical demand drivers:
– Increased health consciousness: Americans are increasingly adopting preventive healthcare approach and active lifestyle. They are proactively taking care of their nutrition, health and wellness through nutraceuticals.
– Aging population: With more people living longer, aging-related issues like arthritis, heart disease, diabetes, cancer are common. Elderly population regularly consumes nutraceuticals to enhance quality of life.
– Medicalization of food: Consumers demand functional foods and beverages that can provide specific health targets like better cognition, memory, weight management along with taste. This has medicalized the conventional food market over the years.
– Personalization: Consumers seek self-care options for their specific health needs. There is an upsurge in demand for customized, personalized nutraceuticals which are tailor-made as per one’s requirement and genomic profile analysis reports.
– Preventive healthcare: Emphasis on wellness has increased. Consumers want to actively prevent diseases through right diet rather than simply treat health conditions. This works in favor of nutraceuticals with proven wellness benefits.
– COVID pandemic: The pandemic deepened focus on nutrition, immunity and overall health. This benefited the nutraceuticals industry, helping it emerge stronger from the crisis situation. Immunity boosting supplements saw exponential demand growth.
Marketing Strategies Employed
Nutraceutical companies actively market and promote their products to tap into the immense opportunities. Some of the marketing strategies commonly adopted include:
– Health claims and substantiation: Companies extensively research product benefits and scientifically substantiate health claims with clinical trials and studies to gain consumer trust.
– Influencers and advertisements: Popular influencers on social media promote products to mass audiences. Television, print and digital advertisements communicate product qualities and benefits in an attractive manner.
– Collaborations: Companies enter into strategic collaborations with physicians, nutrition experts, dietitians and medical organizations to strengthen their brands and credibility.
– E-commerce promotion: Online and social media promotions specifically target technology-savvy demographic cohorts. Products are aggressively marketed through banners, pop-ups and recommendations on e-commerce platforms.
– Loyalty programs: Membership programs and subscription services help build brand loyalty. Consumers can seek expert guidance through helplines and webinars.
– Wide product portfolios: Companies offer diverse portfolios capturing varied consumer needs from general wellness to organ/system specific supplements. This improves customer retention.
With rising health-consciousness, growth opportunities for innovative nutraceuticals will continue expanding in the U.S. Nutraceutical Market in the foreseeable future. Regulations may also evolve to further legitimize the sector
