Growing at a rapid pace, the supplement industry is projected to continue to become larger in the future. Over half of worldwide consumers take vitamins and supplements on a daily basis. In fact, every demographic in the US sees a sizable supplement intake. Vitamins can improve cognitive, functional, and physiological outcomes as well as reduce injuries and improve performance during workouts, and slow the rate of brain shrinkage.
In 18-34-year-olds, 70% take supplements, with 81% of 35-54-year-olds taking them, and 79% of adults over the age of 55 taking vitamins or supplements. Supplement consumers are 74% of US males and 79% of US females. Location is not an issue with supplement takers, with the south showing 80% of residents taking vitamins and supplements, 78% of the west, 74% of the midwest, and 73% of the northeast.
What Has Caused the Supplement Business to Grow?
Factors pertaining to global health such as aging populations, an at-risk global population, and increased mortality rates can shed some light on the increased growth of this industry. In fact, 76% of supplements consumed in the past 12 months by American adults have been vitamins. Supplement sales grew during COVID-19, with the overall household vitamin purchase percentage being 90%. During this time, all demographics mentioned before increased their vitamin usage by 74-75% as well. Men, women, and children’s vitamin sales reached $229 million, $474 million, and $306 million, respectively. These demographics also saw percentage increases of 33.7 for men’s vitamins, 19.6 for women’s vitamins, and 37.2 for children’s vitamins.
The anticipated future of the supplement industry includes a 1,483% rise over 5 years for sleep gummies, a 650% rise over 5 years for Irish moss, and a 203% increase over 5 years for mushroom coffee. At a growth rate of 7.6%, the supplement industry is projected to reach a global value of $98.6 by 2031, signaling fast changes and upcoming trends. The development of commercial supplements is also now pioneered by field experts such as Dr. Uma Naidoo from Harvard Medical School and Ernesto Sigmon, founder and CEO of Black Edged, LLC.
With the supplement industry hitting a record growth peak in 2021 with a CAGR of 14.5%, the numbers of this industry are only projected to rise. As the vitamin industry grows and the nutritional complexity of these supplements deepens, make sure you know the industry both inside and out!