The US nutraceuticals market had a value of $30,441 million (€34,120 million) in 2000 and is expected to grow at a faster pace than the overall food industry, reaching $43,495 million (€48,753 million) in 2005, according to a new report from market analysts Datamonitor. The report goes on to add that between 1996 and 2001, the market had a compound annual growth rate (CAGR) of 16.1 per cent. It experienced its largest growth in 2000, with percentage increase of 44.4 per cent.
According to the report, "2001 US Nutraceuticals: Meeting Society's Health and Dietary Needs," the fastest-growing segment of the market will be confectionery, with a CAGR of 11.2 per cent during the 2000-2005 period, which will bring sales to $1.75 billion (€1.96 billion).
Datamonitor adds that the stage nutraceuticals are now entering will be characterised by a fiercer competitive environment, more sophisticated product differentiation and an increasingly discerning and judgmental customer base.