Supplementing Knowledge of the Growing Supplement Industry (INFOGRAPHIC)
Did you know supplements and vitamins are a fast-growing industry? The supplement industry is projected to reach a global value of $98.6 by 2031 at a growth rate of 7.6%. This is signaling fast changed and growing trends.
Why is the supplement industry so popular? There are a few aspects that contribute to the answer. The first contributor is an aging population. By 2030, 1 in 6 people will be 60 years of age or older. For aging individuals, vitamins with many benefits are a coveted product. Consumers look for vitamins that improve physiological, cognitive, and functional outcomes, reduce injuries and improve performance during workouts, and slow the rate of brain shrinkage. 55 to 60% of consumers take vitamins or supplements on a daily basis, with 79% of individuals over the age of 55 taking some form of vitamin or supplement.
Due to COVID-19, the supplement industry saw a rise in profits as well. In 2020 alone, women’s vitamin sales were $474 million, men’s were $229 million, and children’s were $306 million, with increases of 19.6%, 33.7%, and 37.2%, respectively. The purchases of household vitamins rose to 90% during COVID-19, with all demographics increasing vitamin use by 74-75%. This could also be due to the increase of the world death rate within the past four years, causing consumers to buy more vitamins and supplements.
In the past 12 months, American adults have consumed 76% vitamins, 40% specialty supplements, and 39% herbs and botanicals. Could the increase in vitamin consumption be due to a worldwide increase in deaths due to illness, which is 10% in the past 23 years? In 2021, the supplement market hit a record growth at a CAGRof 14.5%, and these numbers are only projected to rise within the coming years.
The supplement industry promises significant growth in the future, with 79% of females and 74% of males reporting they take some form of supplement or vitamin. Across the nation, supplement and vitamin consumption is recorded at 73% in the northeast, 74% in the midwest, 78% in the west, and 80% in the south. Supplement brands are on the rise as well, with companies such as Truvani, TruBrain, and Your Super reporting revenues of $4.4 million, $11.8 million, and $70 million, respectively.
Supplements and vitamins are becoming a big business, with more growth projected to come in the future. As this industry grows, make sure to study and know the industry inside and out to supplement your knowledge of the development of commercial supplements.
Source: PreWorkout.org
About the Author:
Brian Wallace is the Founder and President of NowSourcing, an industry leading infographic design agency in Louisville, KY and Cincinnati, OH which works with companies ranging from startups to Fortune 500s.
Brian runs #LinkedInLocal events, hosts the Next Action Podcast, and has been named a Google Small Business Adviser for 2016-present. Follow Brian Wallace on Linked In as well as Twitter.
