The implementation of hyperbolic metamaterials as component in optical waveguides, semiconductor light emitters and solar cells has been limited by the inherent loss in the metallic layers. The features of a hyperbolic metamaterial arise by the presence of alternating metal and a dielectric layers. This work proposes that the deleterious loss characteristic of metal-based hyperbolic metamaterials can be minimized by employing a III-nitride superlattice wherein a two-dimensional electron gas (2DEG) functions as the metallic layer.