The North America Nutraceuticals Market would witness market growth of 7.9% CAGR during the forecast period (2021-2027).
Nutraceuticals are now an increasingly important component of many people's daily lives all around the world. These supplements, foods, and beverages are growing in popularity as people shift their focus away from synthetic materials and toward natural remedies and nutrition. Nutraceuticals are non-toxic and fully safe to consume because they are made from food and plant material. Also, nutraceuticals are categorized as food supplements and additives, and unlike pharmaceuticals, they are not tightly regulated. Nutraceuticals, on the other hand, are offered at pharmacies because they are considered health items. There has been an increase in demand for nutraceuticals that are converted into candies and jellies because they taste better and are more appealing to youngsters, making it easier to offer them the supplements.
Dietary fibres and minerals are expected to become more popular as people become more aware of their benefits in general health and physical upkeep. Fibers encourage simpler bowel movements while also cleansing internal organs, whereas minerals aid in the absorption and transport of nutrients into cells and stimulate blood coagulation, among other things. Moreover, increasing acceptance rates of herbal medicines among people around the world are likely to expand the market growth over the forecast period, owing to rising worries about the harmful consequences of traditional pharma pharmaceuticals.
Functional foods and nutraceutical goods can aid in the improvement of health, the reduction of healthcare expenditures, and the development of the economy. The demand for energy drinks, fortified dairy products, functional beverages, and dietary supplements is continually increasing, which is driving the demand of these items. Artificial Intelligence (AI) is getting popular in the nutraceutical packaging industry. To meet customer demand, leading companies in the nutraceuticals market are implementing innovative technologies such as artificial intelligence (AI). For example, Efficacy AI, a US-based company, introduced MedicascyAI in July 2020, which uses artificial intelligence to assist nutraceutical and supplement companies in bringing innovative products to market faster. The MEDICASCY artificial intelligence solutions network (MedicascyAI) would assist the nutraceutical industry in relying less on secondary science and directing primary research toward more fruitful results.
Many Canadians are exploring the connection between health and diet as they age and face growing healthcare bills. With product innovation and market expansion, the functional food (nutraceutical) business is grabbing the opportunity.
The US market dominated the North America Nutraceuticals Market by Country in 2020, and would continue to be a dominant market till 2027; thereby, achieving a market value of $154.0 billion by 2027. The Canada market is estimated to witness a CAGR of 10.3% during (2021 - 2027). Additionally, The Mexico market would exhibit a CAGR of 9.4% during (2021 - 2027).
Based on Type, the market is segmented into Functional Food, Dietary Supplements, and Functional Beverages. Further, on the basis of Functional food, the market is segmented into Vitamins, Minerals, Carotenoids, Dietary Fibers, Prebiotics & Probiotics, Fatty Acids, and Others. Based on Dietary Supplements, the market is segmented into Vitamins & Minerals, Proteins & Amino Acids, Fibers & Specialty Carbohydrates, Botanicals, Omega Fatty Acids & Others. Based on Functional Beverages, the market is segmented into Energy & Sports Drinks, Functional Juices, and Others. Based on Sales Channel, the market is segmented into Pharmacy, Specialty Stores, Hypermarket/Supermarket, and Online Channels. Based on Form, the market is segmented into Capsule & Tablets, Liquid, Powder, and Others. Based on countries, the market is segmented into U.S., Mexico, Canada, and Rest of North America.
Free Valuable Insights: The Global Nutraceuticals Market is Estimated to reach $743.6 Billion by 2027, at a CAGR of 8.6%
The market research report covers the analysis of key stake holders of the market. Key companies profiled in the report include Nestle S.A., General Mills, Inc., Archer Daniels Midland Company, Danone, S.A., Koninklijke DSM N.V., International Flavors & Fragrances, Inc., Herbalife International, Inc., The Hain Celestial Group, Inc., Amway Corporation, and Cargill Corporation.
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