Market Size of North America Nutraceuticals Industry
| Study Period | 2019 - 2029 |
| Base Year For Estimation | 2023 |
| Forecast Data Period | 2024 - 2029 |
| Historical Data Period | 2019 - 2022 |
| CAGR | 6.40 % |
| Market Concentration | High |
Major Players
*Disclaimer: Major Players sorted in no particular order |
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North America Nutraceutical Market Analysis
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 Nutraceutical Industry Segmentation
Nutraceuticals are products derived from food sources and are known to provide medicinal and nutritional benefits. Nutraceutical products offer several benefits, such as improving health, preventing the risk of chronic diseases, delaying the aging process, and others.
The North American Nutraceuticals Market is Segmented by Type (Functional Food, Functional Beverages, and Dietary Supplements), Distribution Channel (Supermarkets/Hypermarkets, Convenience Stores, Specialty Stores, and Online Retail Stores), and Geography (United States, Canada, Mexico, and the Rest of North America). The report offers market size and forecasts in value (USD million) for the above-mentioned segments.
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North America Nutraceuticals Market Size Summary
The North American nutraceutical industry is experiencing significant growth, driven by increasing consumer demand for products that offer medical benefits such as disease prevention and management. This demand is fueled by a growing awareness of the health benefits of antioxidants, probiotics, and polyunsaturated fatty acids, which are integral to managing conditions like obesity, cardiovascular diseases, and diabetes. The trend towards personalized nutrition, particularly among individuals with specific health conditions, is further propelling market expansion. Consumers are increasingly seeking functional foods and supplements that contain bioactive compounds, which are believed to play a crucial role in maintaining health and preventing diseases. This shift in consumer behavior is encouraging key players to innovate and market products tailored to specific demographics, such as the aging population and health-conscious young adults.
The competitive landscape of the North American nutraceutical market is characterized by the presence of numerous international and domestic players, all vying for market share. Companies like PepsiCo, General Mills, Nestle, and Herbalife are actively engaging in product innovation and strategic partnerships to enhance their market presence. The United States holds a significant portion of the market share, driven by a focus on preventive healthcare and the increasing demand for functional foods among the aging population. Additionally, the rising trend of veganism is boosting the demand for botanical ingredients in nutraceutical products. As consumers, particularly millennials and women, increasingly incorporate fortified foods and supplements into their diets, the market is poised for continued growth, supported by an advanced distribution network and a growing interest in health and wellness products.
North America Nutraceuticals Market Size - Table of Contents
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1. MARKET DYNAMICS
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1.1 Market Drivers
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1.2 Market Restraints
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1.3 Porter's Five Forces Analysis
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1.3.1 Bargaining Power of Suppliers
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1.3.2 Bargaining Power of Buyers/Consumers
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1.3.3 Threat of New Entrants
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1.3.4 Threat of Substitute Products
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1.3.5 Intensity of Competitive Rivalry
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2. MARKET SEGMENTATION
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2.1 Type
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2.1.1 Functional Food
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2.1.1.1 Cereal
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2.1.1.2 Bakery and Confectionery
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2.1.1.3 Dairy
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2.1.1.4 Snacks
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2.1.1.5 Other Functional Foods
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2.1.2 Functional Beverages
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2.1.2.1 Energy Drinks
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2.1.2.2 Sports Drinks
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2.1.2.3 Fortified Juice
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2.1.2.4 Dairy and Dairy Alternative Beverages
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2.1.2.5 Other Functional Beverages
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2.1.3 Dietary Supplements
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2.1.3.1 Vitamins
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2.1.3.2 Minerals
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2.1.3.3 Botanicals
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2.1.3.4 Enzymes
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2.1.3.5 Fatty Acids
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2.1.3.6 Proteins
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2.1.3.7 Other Dietary Supplements
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2.2 Distribution Channel
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2.2.1 Specialty Stores
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2.2.2 Supermarkets/Hypermarkets
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2.2.3 Convenience Stores
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2.2.4 Online Retail Stores
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2.3 Geography
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2.3.1 United States
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2.3.2 Canada
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2.3.3 Mexico
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2.3.4 Rest of North America
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North America Nutraceuticals Market Size FAQs
What is the current North America Nutraceuticals Market size?
The North America Nutraceuticals Market is projected to register a CAGR of 6.40% during the forecast period (2024-2029)
Who are the key players in North America Nutraceuticals Market?
PepsiCo Inc., General Mills Inc. , Nestle SA , The Kellogg Company and Herbalife International of America Inc. are the major companies operating in the North America Nutraceuticals Market.
