With at least 70% of every demographic in the United States seeing a sizable intake of supplements, it is important to understand what the industry offers. Currently, the supplement industry can be separated into five unique categories: vitamins, specialty supplements, herbals and botanicals, sports nutrition supplements, and weight management supplements. Vitamins are the most popular, consumed by 76% of American adults. However, new categories are emerging, with products like sleep gummies up 1483% over the last five years.
At a compound annual growth rate of 14.5%, the supplement market hit record growth in 2021. Those numbers are only projected to rise, with the supplement industry expected to reach a global value of $98.6 by 2031. These staggering statistics may be attributable to worsening global health factors, such as an aging population, an increased risk of illness, and an increased mortality rate. In fact, during the Covid-19 pandemic, all demographics increased vitamin use by 74-75%.
Important players within the supplement industry are shaping its future. For example, Dr. Uma Naidoo, nutritional psychiatrist and faculty member at Harvard Medical, is studying the impact of food and dietary supplements on mood and health. Ernesto Sigmon, founder and CEO of Black Edged, created a company that scientifically formulates supplements for the needs of black people. As the industry continues to grow, stay tuned for what it can offer you.
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