North America Nutraceutical Ingredients Market Trends, Growth, and Key Insights
The North American nutraceutical ingredients market is experiencing significant growth, driven by rising consumer demand for functional foods, beverages, and supplements that offer health benefits beyond basic nutrition. The sector is evolving rapidly due to the increasing awareness of health and wellness, growing concerns over chronic diseases, and advancements in research related to the health benefits of nutraceutical ingredients. This article explores the current trends, growth drivers, challenges, and key players in the North American nutraceutical ingredients market.
Overview of the Nutraceutical Ingredients Market
Nutraceutical ingredients are substances derived from food sources that provide health benefits in addition to their basic nutritional value. They are commonly used in the formulation of dietary supplements, functional foods, beverages, and personal care products. These ingredients include vitamins, minerals, probiotics, prebiotics, amino acids, antioxidants, fiber, fatty acids, and plant-based extracts, among others.
In North America, the market for nutraceutical ingredients has gained significant traction in recent years. According to recent reports, the market size for nutraceutical ingredients in North America was valued at approximately USD 24 billion in 2023 and is expected to grow at a compound annual growth rate (CAGR) of around 7% over the forecast period from 2024 to 2030. This growth is attributed to the increasing preference for preventive healthcare, the rising demand for natural ingredients, and the growing popularity of personalized nutrition.
Key Drivers of Market Growth