The Big Business of Vitamins and Supplements
The supplement industry is becoming one of the biggest businesses on the market today. As new supplement categories enter the scene, the supplement industry is anticipated to continue growing.
Growth of the supplement industry surged during the 2020 COVID-19 pandemic. Vitamin and supplement sales rose during this time, causing purchases of vitamins for households to rise to 90%, also increasing vitamin use by 74-75%. Children’s vitamins grossed $306 million, while women’s and men’s vitamins grossed $474 million and $229 million, respectively.
Other than COVID-19, what caused the supplement business to grow? Multiple factors can be connected to an aging population, increased mortality rates, and a global population at-risk for death due to illness. American adults have consumed 76% vitamins, 40% specialty supplements, 39% herbals and botanicals, 28% sports nutrition supplements, and 17% weight management supplements in the past 12 months.
With 55-60% of the global population taking a vitamin or supplement daily, it is no surprise to see why the industry is projected to grow at a rate of 7.6% to reach a global value of $98.6 by 2031. As the nutritional complexity of the vitamin industry deepens while it continues to grow, make sure to know the industry both inside and out.
Source: PreWorkout.org
