Inside The Multibillion-Dollar Supplement Industry: Trends And Insights

In 2022, the global supplements market was worth an estimated $164 billion. Over the next 7-10 years, it is expected to grow by 9% year-on-year. This is a huge amount, especially considering that many industries are seeing market retractions due to a looming recession. 

But why is the dietary supplements industry rapidly growing while other industries are faltering? Are there any key trends that we should be on the lookout for over the next few years? 

Let’s take a dive into the industry and answer these questions.

The Growth of the Dietary Supplements Industry

In the next seven years, the massive dietary supplement industry is expected to double. Very few industries will come close to this, especially in the face of recession. The reasons behind this substantial growth are multifaceted.

Rising Health and Product Awareness

More and more people are becoming aware of the importance of maintaining their health. They understand why getting a good blend of vitamins and nutrients is essential. Some people may even understand a little about the impact of certain nutrients on the body. As a result, they will head out and find products they know can help them.

This phenomenon is observed frequently in the fitness industry. Head to any gym, and you’ll find people touting the benefits of proteins for muscle building, caffeine for staying alert, creatine, carbs, and more. This heightened awareness is unprecedented. Why it has happened is anybody’s guess, but it is likely influenced by greater access to the internet. People talk about fitness on websites, social media, and more. This is fantastic. The more people are aware of how important it is to look after your health, the better!

Of course, the fact that products are marketed more is also helping. It isn’t enough for people to know they need to be healthy; they need to know the products that can help make them healthier. Look around, and you’ll see supplements mentioned in tons of places now – on TV, in magazines, on social media, on YouTube, and more.

Growth of Sports Nutrition

The area that has seen the most growth in the supplements industry has been sports nutrition. The most significant surge in sales of sports supplements occurred during 2021/2022. Many speculate that the growth was driven by the average person’s desire to get healthy after spending time inside due to COVID-19 shutdowns worldwide.

Sports nutrition was likely also driven heavily by the growth of product options on the market. Gone are the days when things were about protein powders and steroids (don’t touch steroids), but you can now find unique product formulations designed to target specific workouts. For example – pre-workouts are rising in popularity for those who crave the extra dose of nutrients to keep them focused and driven on exercise.

Increased Access to Products

Perhaps the major driving force behind the growth of the dietary supplements industry is access to products.

A few years ago, sourcing supplements would have been hard. While you likely would have found standard supplements at certain health stores (or even your local grocery store), e.g., vitamins, some minerals, and proteins, you wouldn’t have found anywhere near the range that is available today. 

So, if you were a bodybuilder (for instance), you would either need to make do without the nutritional supplements that everybody else was using or spend an age trying to track down where they came from, no doubt going through countless shady sources (i.e., products that didn’t work) before you found a supplements company that worked.

Nowadays, everything is out in the open. Companies like Huge Supplements sell a huge selection of products online. These products can be bought almost anywhere in the world, and you have a greater selection than ever. Obviously, when product access increases, the market will increase, too.

Increased Age of Population

As the population ages, the demand for health supplements increases. This is because many people will take their health much more seriously or help keep certain health conditions at bay. This is likely going to be a major factor in the supplements industry going forward, particularly with vitamins and minerals and products specially formulated to combat age-related conditions e.g., reducing wrinkles, combatting diabetes, etc.

Shift in Diets

There are some people who are looking into supplements to help fill a void in changing diets. It is fair to say that in this fast-paced world, people aren’t quite putting together the delectable dishes that people would have done in the decades past. This means some people are sorely lacking in certain nutrients, and supplements are helping with this.

Trends in the Dietary Supplements Industry

As the dietary supplements industry gains traction, discernible trends are beginning to emerge. Part of this is through the desire of new companies to stand out from the crowd, while other trends are through the desire of customers to have their supplements provided differently. The anticipation is that the following trends could persist over the years.

Better Product Formulation

Nutritional science is better than ever, and a lot of cash is spent on product development. Compare the supplement formulations from today to those of just a few years ago; it is night and day. There is a notable improvement in comprehending the impact of certain ingredients on the body, and companies are looking into ways to apply the scientifically proven beneficial nutrients into their supplements.

The places where supplements are produced are better equipped, too. Take Huge Supplements, for instance. They are a big business that has invested much time and effort into product formulation. Only the highest quality ingredients are used, and their products can deliver results that others cannot.

More Direct Sales

While standard retail sales still constitute the majority of sales for specific products such as vitamins and certain powders, a shift is evident towards more direct sales. This means that people are buying directly from the manufacturer of the product. This means a few things:

• Cheaper prices
• Better quality products
• A more direct relationship with those producing the product.
• A larger range of products.

Again, companies like Huge Supplements are driving the industry here. Never before have so many supplements been available from a single company. 

More Personalized Supplements

This is a new part of the supplement industry, but it is expected to be a major focus for a few companies in the coming years. More personalized supplements will allow people to tailor their supplement stacks to their needs. 

It is already possible to some extent when you shop at businesses that sell a large array of supplements, but in the future, there will likely be more choices in what goes into the supplements. This means that no supplement will be the same. It will always be tailored to the user.

The Future of the Dietary Supplements Industry

The dietary supplements industry is only going to continue to grow. As it does, expect more product innovation, options, and greater investment in the business. Nowadays, the supplements on the market are better and healthier for us than ever before.

In the future? That could improve even further thanks to improved science, product formulation, and access to products. This growing industry holds promise for exciting developments.

 

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This post was authored by an external contributor and does not represent Benzinga's opinions and has not been edited for content. The information contained above is provided for informational and educational purposes only, and nothing contained herein should be construed as investment advice. Benzinga does not make any recommendation to buy or sell any security or any representation about the financial condition of any company.