The dietary supplement and vitamin industry is growing rapidly, with more and more people becoming interested in taking supplements to improve their health. As a business owner in this industry, it’s essential to understand the current state of the market, as well as market trends and predictions that will affect your bottom line.
This article will look at key statistics, market size and share information, and trends you should be aware of.
Vitamin and Dietary Supplement Industry Overview
The supplement industry is worth billions of dollars, and it’s only expected to grow in the coming years. In the United States alone, the supplement industry was worth $37 billion in 2019 and is projected to reach $50 billion by 2025. This growth is driven by several factors, including an aging population, a growing interest in health and wellness, and an increase in chronic diseases.
Vitamin and Dietary Supplement Industry Market Size
The supplement market is huge, and it’s only getting bigger. In 2019, the global supplement market was valued at $178 billion. The North American supplement market is the largest in the world, accounting for 38% of the total market share. Europe is the second-largest supplement market, accounting for 24% of the total market.
Vitamin and Dietary Supplement Industry Interesting Statistics
You should be aware of a few key statistics when it comes to the supplement industry.
- The supplement industry is growing at a rate of 6.4% per year.
- The supplement industry is dominated by a few large companies, with the top ten accounting for 60% of the total market share.
- The supplement industry is highly fragmented, with thousands of small and medium-sized companies competing for market share.
- It employs over 1 million people in the United States alone.
- Technology also plays a significant role in the supplement industry’s growth. For instance, did you know that:
- 41% of supplement users say they use supplement apps to help them make supplement choices.
- 60% of supplement users say they use online research to learn about supplements.
- Supplement companies are using social media to reach their target audiences.
- The supplement industry is shifting towards prevention, with more people interested in taking supplements to prevent disease rather than treat it.
- The supplement industry is driven by an aging population, as older adults are more likely to take supplements.
- The supplement industry is also driven by a growing interest in health and wellness, as more people are looking for ways to improve their overall health.
Vitamin and Dietary Supplement Industry Future Outlook
The supplement industry is expected to continue growing rapidly in the coming years thanks to an aging population, a growing interest in health and wellness, and an increase in chronic diseases. This means supplement companies will have more opportunities to reach their target audiences and grow their businesses.
Conclusion
If you’re thinking about starting a supplement business or expanding your existing supplement business, now is the time to do it. You can tap into this growing market with the right products and marketing strategy and build a successful business.