The US nutraceuticals market is anticipated to grow at a CAGR of 8.5% during the forecast period. The market growth is attributed to the increasing demand for dietary supplements in the country amid the COVID-19 outbreak. Vitamins are the top-selling product within the healthcare industry and out-performed products such as cold remedies, analgesics, and first aid items. The demand for dietary supplements is increasing significantly among consumers. Moreover, the recent COVID-19 pandemic has resulted in growth in the nutraceuticals industry in the region as there is an increasing demand for dietary supplements among consumers to enhance their immune system to fight COVID-19 and other acute respiratory tract diseases.
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Further, owing to the COVID-19 pandemic, growth in the e-commerce sales of nutraceuticals products has been witnessed in the US. The mandatory lockdown imposed by the government to prevent the spread of the virus has resulted in increased growth in the e-commerce industry. This growth in the e-commerce industry was owing to the increasing sales of nutraceuticals, especially dietary supplements by the consumers via an e-commerce platform.
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On account of this growth in the sales via the online platform, the companies in the market are making efforts to bring innovations in the market. For instance, in September 2020, Nutraveris, a FoodChain ID company, launched Nutraveris Online [NOL], an integrated platform that uses AI for evaluating and monitoring the US dietary supplement data and compliance. The platform features NOL Data Solution that enables customers to create new products leveraging the US regulatory, scientific & marketing data. In addition, NOL Compliance provides insights for new product launches and includes automated compliance analysis, label generation, and on-going monitoring and alerts.
Market Coverage
- Market numbers available for – 2019-2026
- Base year- 2019
- Forecast period- 2020-2026
- Segment Covered-
o By Product Type
o By Distribution Channel
- Competitive Landscape- Amway Corp., Archer Daniels Midland Co., Cargill, Inc., W.R. Grace & Co., The Kraft Heinz Co., and The Hain Celestial Group, Inc.
Key Questions Addressed by the Report
- What is the current market size and growth rate in the forecast period?
- Which segment dominates the market in the base year?
- Which segment will project the fastest growth in the market?
- Impact on market growth due to the COVID-19 pandemic?
- Who is the leader in the market?
- How players are addressing challenges to sustain growth?
- Where is the investment opportunity?
US Nutraceuticals Market – Segmentation
By Product Type
- Functional Food
- Functional Beverage
- Dietary Supplements
By Distribution Channel
- Retail & Supermarkets
- Online Platform
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