Consumers worldwide are going crazy for the newest trend in wellness: vitamins and supplements. The growth of this industry is truly overwhelming, as increases can be seen across all demographics in the United States. From age to gender to location, supplements of all kinds are becoming some of the most popular forms of wellness maintenance today.
The supplement market hit a record growth in 2021 at a compound annual growth rate (CAGR) of 14.5%. These numbers are only expected to increase as there are several factors at the root of this booming industry. Aging populations, an at-risk global population, and increased mortality rates are just a few of the reasons for the industry’s success. Perhaps most significantly, the pandemic also triggered much of the growth that experts have observed. In 2020, supplement sales displayed a 19.6% increase for women, 33.7% for men, and 37.2% for children. The overall household purchases of vitamins rose to 90%, and all demographics increased vitamin use by nearly 75%.
There is new scientific backing for vitamins that has fostered an increased confidence in their effectiveness. In addition, several professionals are pioneering this movement towards more supplement usage, and the industry is booming because of it. In fact, it is projected to reach a global value of $98.6 by 2031. New categories of supplements and types of products are continuing to enter the market at a rapid rate. This is appealing to consumers, and introduces to them new ingredients that offer never-before-seen benefits. For example, the beta-alanine and caffeine in pre–workout supplements help alleviate fatigue and boost energy. Bottom line, from vitamins, to supplements, to gummies, to pre-workout, this booming industry is showing no signs of slowing down. As the ingredients become more complex and the benefits remain endless, the future is bright for the vitamin and supplement industry.