Market Trends of North America Nutraceuticals Industry
Growing Efficacy of Functional Foods and their Botanical Active Ingredients
Consumers are getting inclined towards functional food and beverage products to improve their health as many are considering the link between health and diet. The increasing incidence of age-related disorders such as high blood pressure, obesity, diabetes, and others, and rising lifestyle disorders-related mortality, is leading to the growing adoption of a healthy lifestyle with optimum nutrition to avoid disease, in turn driving the consumption of nutraceuticals in the region. Functional foods such as canola oil, oats, omega-3 milk, and psyllium lignin have been proven beneficial in the prevention and treatment of cardiovascular diseases.
The rapidly increasing baby boomer population in North America is further driving the sales of nutraceutical products. The rising trend of veganism in North American countries is boosting the demand for botanical active ingredients to manufacture functional food and beverages. Manufacturers have also isolated and concentrated these active botanical ingredients in dietary supplements.
The United States holds a Prominent Market Share
The United States accounted for the largest market share for Nutraceuticals in the North American region owing to the rising interest of consumers in preventive healthcare and self-medication along with an increase in the aging population's demand for functional food and beverages to prevent or mitigate conditions related to aging. In addition, increasing healthcare spending, and rising consumer disposable income, coupled with changing consumer perception towards nutraceuticals due to their proven health benefits, is further propelling the growth of the market.
Millennials are concerned about optimizing their present health and preventing deteriorating health in the future. Thus, opting for fortified food and beverage products, which in turn increases the sales of nutraceuticals. The increasing number of women incorporating supplements and functional food in their diet is due to recommendations from health practitioners. Sales of women's nutraceutical products account for a significant share of the demographic sector.
