The U.S. medical foods market is primarily driven by the increasing prevalence of chronic diseases and disorders such as diabetes, cancer, Alzheimer’s disease, and others that require specialized nutritional support. Medical foods are food products that are specially formulated and intended for the dietary management of a disease or condition that has distinctive nutritional needs. While the medical condition can be managed with a normal diet, medical foods are enteral products designed to manage specific diseases or conditions where distinctive nutritional requirements are essential for dietary management. Medical foods are often used to provide additional support for patients who need to gain weight and help them meet their nutritional needs. They help maintain overall health and well-being for people suffering from chronic illnesses.
Market Opportunity:
The major market opportunity lies in the growing aging population suffering from chronic diseases and age-related nutritional disorders. It is estimated that by 2030, over 20% of the total U.S. population will be aged 65 years and above. Older adults are more susceptible to various chronic conditions such as cancer, diabetes, Alzheimer's disease, arthritis, and more. With the rising geriatric population, the demand for specialized medical foods for dietary management of chronic illnesses among the aging population is expected to increase significantly over the forecast period. The strong need for supporting nutrition and maintaining overall health and well-being of elderly patients through medical foods can offer lucrative growth opportunities for players in the U.S. medical foods market.
Porter's Analysis
Threat of new entrants: Low as it requires high capital investment to enter the market and compete with established players. Brand loyalty is also high.
Bargaining power of buyers: Moderate as there are many suppliers offering substitutes. Buyers can switch if prices increases.
Bargaining power of suppliers: High as key raw materials are commodities and suppliers have control over prices. Fluctuations in supply can impact players.
Threat of new substitutes: Moderate as alternatives in regular food market as well plant-based meat substitutes pose threat.
Competitive rivalry: Intense as the market is dominated by few global players. Price wars and new product developments common.
SWOT Analysis
Strengths: Growing health conscious population, wider availability, innovation in product ranges.
Weaknesses: High prices compared to regular food, limited taste options, newness of the market.
Opportunities: Expanding retail channels, untapped regional markets, cultural acceptance gains.
Threats: Supply challenges due to dependence on few contract manufacturers, regulations on labelling and marketing.
Key Takeaways
The U.S. Medical Foods Market Demand is expected to witness high growth over the forecast period driven by increasing prevalence of chronic diseases. As per forecasts, the market size is projected to grow at a CAGR of 19% during 2023-2030 and reach a value of US$ 22328.51 Mn by 2030.
Regional analysis: The Western region currently dominates the U.S. medical foods market owing to higher health awareness and spending power. States like California, Washington and Colorado are projected to be the fastest growing markets. The Southern region is also emerging as an important market led by states like Florida, Texas and North Carolina.
Key players: Key players operating in the U.S. medical foods market are Beyond Meat, Impossible Foods Inc., Maple Leaf Foods , Vegetarian Butcher, Conagra, Inc. , Kellogg NA Co. , Quorn, Amy's Kitchen, Inc., Tofurky, Gold&Green Foods Ltd., Sunfed, VBites Foods Limited, Kraft Foods, Inc., Lightlife Foods, Inc., Trader Joe's, Yves Veggie Cuisine, Marlow Foods Ltd. , Ojah B.V., Moving Mountains, Eat JUST Inc., LikeMeat GmbH, GoodDot, OmniFoods, No Evil Foods, Dr. Praeger's Sensible Foods. Key players are focusing on new product innovations and expanding sales networks to strengthen position.
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