Supplement Market Hits Record Growth of 14.5%, According to Nutrition Business Journal’s 2021 ...
BOULDER, Colo., June 28, 2021 (GLOBE NEWSWIRE) -- New Hope Network’s Nutrition Business Journal (NBJ) has released its highly anticipated 2021 Supplement Business Report, detailing a record-breaking year in 2020, with a 14.5% increase in sales to $55.75 billion from $48.67 billion in 2019. Prior to 2020, the supplement market had been growing between $2 billion and $2.5 billion each year since 2015.
The industry’s growth was led by vitamin sales, which spiked to 22.3% growth in 2020 amid the pandemic. Vitamins added $3.24 billion to total supplement sales, accounting for nearly half of total dollars added in 2020. This is in contrast to ten years of fairly flat sales in the vitamin category.
In an industry that has traditionally relied on brick and mortar sales, e-commerce was thrust into the spotlight with 16.7% of purchases made online in 2020, up from just 10.2% in 2019. From a channel perspective, e-commerce dominated in sales growth, at 87.3%, adding $4.33 billion to total sales, and accelerating the ongoing growth momentum. NBJ estimates that nearly a quarter of all supplement sales will be made online by 2024.
“The pandemic drove sales in areas that are perhaps not so surprising, but the sheer volume of sales growth is definitely notable,” said Claire Morton Reynolds, senior industry analyst for Nutrition Business Journal. “Following a year of record growth, it becomes difficult to evaluate the yearly success of the industry moving forward by evaluating just one metric. NBJ projects that overall growth will stabilize at 5.3% this year and 3.2% in 2022. We also expect a lasting boost to the industry of $1.8 billion by 2024 and beyond, driven by the effects of the pandemic.”
“The 2021 Supplement Business Report doesn’t just analyze the meteoric growth of 2020. More importantly, we take a realistic look at why growth looks the way it does—now and in the years to come—and dive deeply into what industry members need to know to plan ahead,” said Bill Giebler, Content & Insights Director at Nutrition Business Journal. “The 2021 edition of NBJ’s keystone report tackles the question on everyone’s mind: Where do we go from here?”
Nutrition Business Journal’s 2021 Supplement Business Report is available for purchase here. With category-by-category analysis, 174 charts and graphs, and projections through 2024; this report is the best way to find out what to expect and is a must-read for everyone from interns to CEOs. For information on company plans or corporate subscriptions, please reach out to NBJ Business Development Manager Cindy Van Schouwen at email@example.com.
About Nutrition Business Journal
Nutrition Business Journal guides decision makers in the nutrition and health wellness space in developing their strategy, understanding trends, realizing opportunity and analyzing potential risks. NBJ’s market research reports provide business intelligence and thought leadership to all levels of the nutrition industry. Each report is exhaustively researched by our staff of industry experts and presents an analysis of markets, trends, competition and strategy in the U.S. and Global nutrition industry. Learn more at nutritionbusinessjournal.com
About New Hope Network
New Hope Network is at the forefront of the healthy lifestyle products industry. With solutions for the complete supply chain from manufacturers, retailers/distributors, service providers and ingredient suppliers, the network offers a robust portfolio of content, events, data, research and consultative services. Through its mission of growing healthy markets to bring more health to more people, New Hope Network helps businesses identify the people, products, partnerships and trends that create better opportunities and connections. For more information visit www.newhope.com.
About Informa Markets
Informa Markets creates platforms for industries and specialist markets to trade, innovate and grow. We provide marketplace participants around the globe with opportunities to engage, experience and do business through face-to-face exhibitions, targeted digital services and actionable data solutions. We connect buyers and sellers across more than a dozen global verticals, including Pharmaceuticals, Food, Medical Technology and Infrastructure. As the world’s leading market-making company, we bring a diverse range of specialist markets to life, unlocking opportunities and helping them to thrive 365 days of the year. For more information, please visit www.informamarkets.com.
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