The North American nutraceuticals market is estimated to grow at a CAGR of 7.1% during the forecast period, 2014 to 2019. The North American market, however, is lagging behind the European and the Asia-Pacific nutraceuticals markets because of the differences in life style and food habits. The U.S. holds the largest market share of the North American nutraceuticals market. In the U.S., over 70 million adults suffer from digestive problems caused by poor dietary habits. The increase in awareness about the benefits of nutraceuticals and concern over preventive healthcare is driving the growth of the North American nutraceuticals market.
In this report, the North American nutraceuticals market has been broadly discussed in terms of its applications, which include functional foods, functional beverages, dietary supplement, animal nutrition, and personal care. The functional beverages segment is estimated to grow at the fastest CAGR from 2014 to 2019.
The U.S., which is the largest nutraceuticals market in the North American region, accounted for a market share of 58.12% in 2014, followed by Canada and Mexico. Mexico is expected to grow at the fastest CAGR during the given forecast period. The major factors that are driving growth of the Mexican nutraceuticals market are increase in both awareness about nutraceutical foods and purchasing power parity, and the easy availability of Fast-Moving Consumer Goods (FMCG) incorporated with nutraceuticals.
Cargill, Inc. (U.S.) holds the largest share of the North American nutraceuticals market as of 2014. The Archer Daniels Midland Company, with a market share of 12.87%, is the second-largest contributor to the North American market. Other firms, such as BASF SE (Germany), DuPont (U.S.), and Royal DSM N.V. (Netherlands), are also competing for major shares in the North American nutraceuticals market. These companies are developing market strategies, such as, mergers & acquisitions, joint ventures, new product launches, and expansions to increase their market share in the North American nutraceuticals market.
