In recent years, the usage of nutraceutical food products has witnessed a huge growth in the North American region owing to increasing awareness about the benefits of these food products and the rising aging population. Moreover, the claims by nutraceutical food products of preventing chronic diseases, improving health, and increasing life expectancy, have also led consumers to use nutraceutical food products, thereby, driving the overall market for nutraceutical ingredients in the North American region.
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The U.S. led the North American nutraceutical market in 2014 with the highest market share of 52.97%. Mexico is expected to grow at comparatively the fastest CAGR in the coming years. A number of factors, such as increased awareness about pro health foods, increase in purchasing power parity, and easy availability of nutraceutical products are also aiding the growth of this market. Moreover, increasing incidences of nutritional deficiency diseases owing to change in life style and unhealthy eating habits, have made people resort to nutraceutical food products to counter this nutritional deficiency. Besides, the demand for nutraceuticals is also on the rise as the global Fast-Moving Consumer Goods (FMCG) giants are continuously increasing their nutraceutical product portfolios.
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Nutraceuticals are one of the fastest-growing markets among food ingredients. Several companies, such as Archer Daniels Midland Company (U.S.), Cargill, Inc. (U.S.), Royal DSM N.V. (Netherlands), DuPont (U.S.), and BASF SE (Germany), are investing in this high-growth market to gain higher profits and increase their shares in the North American nutraceuticals market. For instance, Archer Daniels Midland Company expanded the production of CLARISOY under its exclusive license and production agreement with Burcon NutraScience Corporation. This agreement grants Archer Daniels Midland Company, the exclusive right to produce and market CLARISOY—a line of clear, soluble soy protein products.
Moreover, the dietary supplement market is also a promising market and accounts for the largest market share among nutraceutical applications. Among the different types of nutraceuticals, specialty carbohydrates hold the largest market share in the North American nutraceuticals market.