North America Nutraceutical Ingredients Market

North America Nutraceutical Ingredients Market Size Analysis 2022 - 2027:

North America Nutraceutical Ingredients Market size was estimated at USD xx.xx million in 2020 and is foreseen to reach USD xx.xx million, registering a CAGR of xx% throughout the projection period 2022 - 2027.

The nutraceutical ingredient is a combination of the ingredient terms "nutrition" and "pharmaceutical." It is often used interchangeably with functional foods. These are food ingredients that contain properties that add a healthy value to food beyond its usual nutritional value. These ingredients can be part of the food, or the food as a whole, having a health or medical benefit, which helps in the prevention, diagnosis, and treatment of various chronic diseases such as obesity, cancer, high blood pressure, and diabetes.

REPORT COVERAGE:

Recent Developments in North America Nutraceutical Ingredients Market:

1. In March 2020, Kerry Group funded $ 125 million to expand its Rome, Georgia plant. Construction of the expanded facility will begin immediately, and the project is expected to be completed in early 2021. The expansion would double the production capacity of the existing site and help the company meet growing consumer demand in the poultry and seafood markets.
2. In March 2020, Tate & Lyle, a leading provider of food and beverage ingredients around the world, announced the expansion of its tapioca-based starch line. The expansion includes the launch of the new REZISTA® MAX thickening starches and BRIOGEL® gelling starches. These innovative tapioca starches will help food manufacturers deliver higher quality products due to their better process tolerance, mouthfeel, fluidity and texture.
3. In April 2020, Chr. Hansen Holding A/S and HSO Health Care GmbH entered into an agreement to acquire the latter. This acquisition is part of the strategy to seek complementary acquisitions that fit the microbial platform, as discussed in Nature's No. 1 strategy. The transaction will be finalized at the end of this week.
4. In January 2020, Archer Daniels Midland (ADM) has acquired Yerbalatina Phytoactives, a herbal extracts and ingredients maker. Based in Brazil, Yerbalatina uses patented cold-drying technology to transform fruits, vegetables and other plants, such as acerola, acai, guarana and green coffee, into a wide variety of extracts and ingredients for customers in the food and beverage industries and medical care.

North America Nutraceutical Ingredients Market Drivers and Restraints:

The quality of life in terms of income, expenses, and lifestyle has improved economic progress. However, this has also posed a significant challenge in the form of lifestyle-related illnesses. The first object of this lifestyle variation was eating habits. Junk food consumption has increased dramatically, leading to many diseases related to nutritional shortages. Nutraceutical ingredients can play an important role in your control. It's no wonder that more and more people are turning to nutraceutical ingredients.

Nutraceutical ingredients are indispensable in industries and food products. Consumers today are very health and fitness conscious as these consumers strongly prefer healthy ingredients in food and beverage products. When buying food products, consumers research the ingredients used in food products and buy accordingly. These are the factors that create a great demand for nutraceutical ingredients in North America. Pill fatigue phenomena have become common in children and adults, which can be cured by consuming nutraceuticals. Manufacturers are continually committed to innovation to offer nutraceutical products that have different flavors, providing greater nutritional value to their target customers.

The nutraceutical ingredient companies decide the price based on the ingredients used in their production process. The high R&D costs associated with product innovation are a stumbling block for industry players. The industry faces challenges in emerging economies due to lack of consumer awareness. Yet players are rigorously investing in advertising to meet this challenge. The industry is also faced with the problem of counterfeit products hampering a brand's reputation and reducing the company's customer base, thus affecting the performance of the industry.

North America Nutraceutical Ingredients Market Segmentation:

The North America Nutraceutical Ingredients market is segmented by Types, Form, Health Benefit, and Application.

Depending on the Type: The market can be divided into pre and probiotic, protein, mineral, vitamin, carotenoid, fiber, and phytochemicals. Probiotics have several health benefits, as they help reduce the severity of eczema, prevent diarrhea, and improve heart health.

Based on Form: the market is mainly bifurcated into dry and liquid.

Depending on the Application: the market is separated into food, dietary supplement, and animal nutrition. The demand for improved water, ready-to-drink beverages, and confiscated fruit juices have increased dramatically. For example, PepsiCo launched a hydroponic drink called 7UP Revive in March 2016, which contains nutraceutical ingredients such as vitamins and electrolytes to keep consumers feeling rehydrated and refreshed. The end-users of this market are the food and beverage, pharmaceutical, animal feed, and personal care industries.

Based on the health benefits, the market is divided into gut health, heart health, bone health, immunity, nutrition, and weight management.

Impact of COVID-19 on North America Nutraceutical Ingredients Market

Although Coronavirus had its worst impact on the F&B sector, it is touted to act positively for the nutraceutical ingredients market. The increasing emphasis on improving immunity and disease resistance among consumers is supposed to boost sales of dietary supplements, which will promote the nutraceutical ingredients business in North America and the whole world going ahead.

Geographically the North America Nutraceutical Ingredients Market is segmented into US, Canada, Mexico and Rest of North America.

Regional Analysis:

The North America Nutraceutical Ingredients market has been categorized by geography into the United States, Canada, Mexico, and the rest of North America. North America was the second-largest market for nutraceutical ingredients in the review period. The United States is expected to be the largest market in this region during the forecast period. This growth is mainly credited to the increasing use of dietary supplements due to the growing awareness of the health benefits of consuming these supplements as they provide nutrients mainly minerals and vitamins. According to the United States Pharmacopeia for convection, 80% of adults in the United States use dietary supplements.

Leading Company

PepsiCo Inc had the most substantial share of the North America Nutraceutical Ingredients Market in terms of sales and revenue in 2020.

North America Nutraceutical Ingredients Market Key Players

Some of the significant players operating in the North America Nutraceutical Ingredients Market include Herbalife International of America Inc., PepsiCo Inc, The Kellogg Company, Nestle SA, and General Mills.