Grand View Research expects the nutritional supplement market to reach $275 billion globally by 2024. Sports nutrition products alone are expected to generate $37 billion by 2024.
Culture of Nutrition
Diet trends have been coming and going for decades. Avoid this nutrient, increase that intake, achieve results: you’ll see messages like these everywhere. In the Information Age, consumers have more access to in-depth nutritional analysis (some scientifically sound, and some bogus).
Emphasis on preventative care hit the mainstream with the Affordable Care Act rollout. Providers and patients both realized that focusing on healthy lifestyle choices increases quality of life and cuts costs. Even though more Americans are covered by insurance, people are willing to spend cash out-of-pocket to improve their diets with supplements. Additionally, diets that limit the types of food a person can eat, such as vegan diets or gluten-free diets, require consumers to seek alternative ways of ingesting essential vitamins and minerals.
Supplement Industry Growth Drivers
Edibles are gaining in popularity, and we’re not talking about medical marijuana. Gel caps, soft gels, and powders allow food manufacturers to concoct nutritious confectioneries they can market to health-conscious consumers with a sweet tooth.
In wealthier countries, the aging population continues to grow. As life expectancy increases, consumers are looking to increase quality of life. Older adults require a balanced diet tailored to their personal health history.
Globally, the fight against malnutrition enlists vitamins and supplements. Vitamins were once seen as the answer to world hunger, and while we’ve since learned that they’re no substitute for food, they can bridge the gap in areas affected by food insecurity.