Supplements are rapidly becoming a staple in many consumers’ diets around the world. An estimated 60% of consumers take vitamins and other supplements on a daily basis. Within the United States, there is a very even spread of supplement users across all demographics. Within various age demographics, supplement usage between the ages of 18 and 55+ has a very close range: between 70% and 79% across all generations. Usage among men and women is also very similar, standing at 79% and 74% respectively.
However, consumers with different backgrounds and lifestyles can choose between a wide variety of supplement types. Vitamins are the most popular, with 76% of Americans having consumed vitamins within the last 12 months. Other popular forms of supplements include specialty, sports nutrition, and weight management supplements, which span a wide range of health benefits. The advantages of supplements include improving psychological, cognitive, and functional outcomes. Consumption may lead to a reduction of injuries, an improvement of performance during workouts, and even diminishing the rate of brain shrinkage.
There has been a massive increase in supplement consumption recently. The market hit a record growth rate in 2021 at a CAGR of 14.5%, which is expected to rise in the following years. By 2031, the supplement industry is projected to reach a global value of $98.6 billion. So what sparked this huge uptake in supplements? Aging populations are on the rise; by 2030, it is projected that 1 in 6 people will be over the age of 60. There has also been an increase of illness and mortality rates throughout the world. As global health falters and populations are aging, it is essential for affected groups to prioritize their health and add supplements to their diet.
The COVID-19 pandemic has only exacerbated these trends. In 2020, household purchases of vitamins rose to 90%, most likely in order to stave off the virus and maintain a healthy immune system. All demographics raised their vitamin intake by 75%, but women’s supplements led the way with a total market spend of $474 million. The effects of the pandemic have encouraged people to become more health-conscious and prevent future illnesses. Supplements are the perfect way for people to achieve these goals.
Some of the major direct-to-consumer supplement brands are Truvani, TruBrain, and Your Super, with each generating millions of dollars in revenue. Along with this growth in the market, there have been a lot of new additions to the supplement selections. Sleep gummies have become extremely popular, with up to a 1,483% increase over the last five years. Irish moss and mushroom coffee are also some supplements that are anticipated to grow a lot in the market, with triple digit growth rates over the last five years.
The supplement market is growing quickly, and supplement companies are adapting to the trends in order to bring the most effective and nutritious products to the market. Maintaining an awareness of the hottest supplements in the market can lead to a healthier mind and body.