At 7.1% CAGR, North America Nutraceuticals Market is Projected to be Worth US$ 313.16 billion by 2031, says Business Market Insights

According to Business Market Insights’ research, the North America nutraceuticals market was valued at US$ 180.43 billion in 2023 and is expected to reach US$ 313.16 billion by 2031, registering a CAGR of 7.1% from 2023 to 2031. Consumer focus on preventive health and innovations and strategic developments by market players are among the critical factors attributed to drive the North America nutraceuticals market growth.

Awareness regarding health and nutrition has increased significantly in the past few years. With busy lifestyles and hectic work schedules, people fail to concentrate on their health, fitness, and nutrition. This has led to an increase in the prevalence of diseases such as obesity, diabetes, high blood pressure, skin problems, and digestive issues. The World Health Organization (WHO) refers to cardiovascular diseases as a leading cause of death across the world. According to a report from the World Heart Federation (WHF), the number of death cases from cardiovascular diseases rose from 12.1 million in 1990 to 20.5 million in 2021. Such a high prevalence of cardiovascular diseases drives consumer focus toward preventive health. As a result, the demand for nutraceuticals such as dietary supplements, and functional food and beverages with nutritional benefits has increased among the masses as they focus on preventive health. Nutraceuticals support the healthy functioning of the digestive tract, spanning from mouth to gut, along with controlling the growth of harmful microorganisms inside these organs.

Consumers preferably opt for self-directed care while receiving treatment for lifestyle illnesses such as malnutrition and cardiovascular disorders, which is further contributing to the surging demand for dietary supplements and nutraceuticals. After the COVID-19 pandemic, there has been a sharp rise in the popularity of functional foods and dietary supplements, as people have been prioritizing their health and actively searching for healthy alternatives and fitness activities to prevent lifestyle-related illnesses. Thus, immunity-boosting supplements have gained significant popularity in the last few years due to altered consumer behavior and purchasing habits. Thus, the rising consumer focus on preventive health bolsters the growth of the nutraceuticals market.

On the contrary, the complexity of regulations hampers the growth of North America nutraceuticals market.

Based on type, the North America nutraceuticals market is segmented into functional foods, functional beverages, and dietary supplements. The functional foods segment held 41.3% market share in 2023, amassing US$ 74,530.80 million. It is projected to garner US$ 1,30,234.45 million by 2031 to register 7.2% CAGR during 2023–2031. The dietary supplements segment is further sub segmented into general wellness, sports nutrition, weight management, immune health, and others.

In terms of distribution channel, the North America nutraceuticals market is segmented into supermarkets and hypermarkets, specialty stores, online retail, convenience stores, and others. The supermarkets and hypermarkets segment held 37.0% share of North America nutraceuticals market in 2023, amassing US$ 66,783.23 million. It is anticipated to garner US$ 1,10,722.55 million by 2031 to expand at 6.5% CAGR during 2023–2031.

By country, the North America nutraceuticals market is segmented into US, Canada, and Mexico. Our regional analysis states that the US captured 79.6% share of North America nutraceuticals market in 2023. It was assessed at US$ 1,43,547.48 million in 2023 and is likely to hit US$ 2,45,861.13 million by 2031, registering a CAGR of 7.0% during 2023–2031.

Key players operating in the North America nutraceuticals market are Glanbia Plc, NOW Health Group Inc, Amway Corp, Nature's Bounty, Garden of Life LLC, Danone SA, GNC Holdings LLC, Quest Nutrition LLC, Kellanova, and Chobani LLC among others.

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