Well over half of consumers worldwide take vitamins and supplements on a daily basis. In fact, the overwhelming growth of the supplements industry can be observed across every demographic in the US. All ages, genders, and regions of the country have seen a sizable supplement intake. In fact, in the past 12 months, American adults have consumed several different kinds of these products.
Weight management supplements, vitamins, herbals and botanicals, specialty supplements, and sport nutrition supplements are only some of the most popular types on the market today. Let’s example why the supplements industry is growing below.
Why the Industry is Growing
The market for these products hit record growth in 2021 at a compound annual growth rate (CAGR) of 14.5%. These numbers are only projected to rise as experts identify the several reasons for the increase in popularity of these products. Global health factors like a greater aging and at-risk global population, and increased mortality rates are to blame. The death rate and the number of deaths due to illness have both increased in recent years. That in combination with the fact that 1 in 6 people will be over 60 years old in 2030 has turned many to these alternative forms of healthy living. The COVID-19 pandemic also had a large impact on the growth of the supplement industry. In 2020, supplement sales rose across demographics, and the purchases of household vitamins rose to a shocking 90%.
There has also been new scientific support for vitamins and supplement usage that has increased confidence among users and encouraged new users to hop on the bandwagon. Vitamins may improve physiological and cognitive functioning, reduce injuries, improve performance, or even slow the rate of brain shrinkage. These new developments in commercial supplements are now pioneered by field experts. Leaders and scientists like Ernesto Sigmon of Black Edged, LLC and Karen Howard of Organic and Natural health Association are effectively shaping the supplement industry as we know it. It is because of their work and the increased interest in these products that the vitamin industry is projected to reach a global value of $98.6% by 2031. At this growth rate of 7.6%, fast changes and upcoming trends are inevitable.
Innovations in the Supplement Industry
New supplement categories like sleep gummies, irish moss, and mushroom coffee are constantly entering the scene and finding great success. In the past 5 years, the three aforementioned products have seen anywhere between a 200% and 1,500% increase in popularity and sales. Pre-workout supplements are an entirely independent sector of the market that has also seen great success post-pandemic. Companies like Truvani, Trubrain, and Your Super are garnering millions in revenue. This is mainly thanks to the ingredients that they offer to consumers, benefiting their bodies and minds in more ways than one. Common ingredients like Beta-alanine, caffeine, and citrulline are very common and can help with muscle fatigue and building as well as energy elevation. These effects are very appealing to consumers, explaining why these companies are having such great success during this time.
The supplements industry will only continue to grow, and its nutritional complexity will only deepen. It is important to stay on top of these developments and use these products responsibly, as one’s health and well-being depends on it.