Americans are more aware than ever before about their health, which is a key reason why nutritional supplement companies have grown in popularity this century. As obesity rates have skyrocketed, consumers realize it’s time to pull back on all the junk food and sugar and replace it with healthier nutritional choices. Here’s a summary of why several nutritional supplement companies have grown in recent years.
Definition of Vitamins and Supplements
Vitamin and supplement products are manufactured dietary items that are consumed by mouth. Similar products that usually aren’t included in this category are energy drinks, infant formula and prescription or OTC drugs.
Here are the products usually associated with the supplement category:
- vitamins and minerals
- herbs and botanicals
- protein powder
- specialty dietary products
- weight loss solutions
Measuring Industry Growth
There has been a wide range of statistics on the supplement industry’s revenue, partly due to the diverse ways the products are marketed, which don’t always show up on every industry analyst’s radar. Reports of annual income have ranged from $12 billion (TABS Group) to $37 billion (Nutrition Business Journal).
The 2016 IBISWorld Report uses a different methodology to place the industry at $18 billion with a 5.2% annual growth rate among 1,041 businesses with over 27,000 employees. A key explanation for the variety of estimates has been market fragmentation into more specific categories, such as the fatty acids and clinical supplement markets.
Another reason for this disparity is that it’s difficult to quantify the MLM sector. Add to this fact that TABS classifies sports nutrition products as a separate category, making it even more confusing what the total figure should be. Sports nutrition products, by the way, earn over $2.5 billion per year.
Healthy Solutions is a full servic nutritional supplement company with vitamin, supplement, and skin care services. If you have questions about our products or how we can help you, contact us at 1-800-391-3221.