One of the few areas of business that thrived during the pandemic was the dietary supplements industry. Presenter Clair Morton Reynolds, senior industry analyst for Nutrition Business Journal (NBJ) shared some statistics you won’t want to miss out on.
Facts and Figures
Is your mask off? Can you smell success? We sure can!
Reynolds reported record U.S. supplement sales in 2020, with an increase of $7.08 billion that year, reflecting 14.5% growth. This brought the U.S. supplement market’s valuation to a total of $55.75 billion by the end of 2020, leading to the coining of 2020 as the largest year of growth ever seen for the industry. Reynolds stated “in the previous five years, we’ve been adding between $2 and $2.5 billion each year, so that really resonates how much it is to add $7 billion in a single year.”
No, a constant 14.5% growth rate every year is not expected. However, a maintenance is, as private label wellness brands received a high demand for products that can help consumers get ahead of their health.
Reynolds is not the only one projecting a “permanent lift” in annual sales for years to come, far surpassing pre-COVID estimates of the market’s trajectory. Makers Nutrition has seen a major increase in immune health product orders, including convenient gummies and capsules, which supports the major global immune health market growth through 2027.
Sector Success on the Supplements Market
Which sector of the supplements market grew the fastest throughout 2020? Vitamins led the way at a 22.3% sales growth. Vitamins C and D were highly publicized and endorsed as immune system aiding, which is why so many consumers flocked to their respective websites to order supplements as though they were going out of style. Today, we can indeed confirm that dietary supplements and vitamins are not going anywhere any time soon.
We must also mention other categories that helped boost the entire industry. There was a 17.3% growth in herbal and botanical sales. That includes supplements such as elderberry, echinacea, and mushrooms, which we offer through stock formulas ready to be labeled with your brand name. That’s right, while America can now take a deep breath without a mask on, Makers Nutrition is still producing a record-number of products to the highest of GMP standards. We are also currently receiving an impressive number of orders for mental health supplements. Everyone can agree that the pandemic took a toll on those working from home, managing their jobs AND kids, and just keeping sane through it all. NBJ approximates this category grew 30% in 2020, and will only continue to rise though at least 2023. Reynolds said “We just see that consumers are increasingly understanding the inner play of mood, mental health, stress, sleep, immunity, and wellness.” With a raised awareness among so many older folks, remember that the pandemic broke barriers among demographics and their relation to vitamins and supplements. Gen Z now presides in the mix. College-aged consumers are wide- awake customers waiting to buy into their own health and your brand should be there to support their efforts. If you are looking to ditch delays with your current contract manufacturer and switch to a supplements partner that can manufacture product in as little as four weeks with a track record of excellent customer service, choose Makers. Let’s #buildAbrand.