With each new year comes the promise of new dietary fads and health discoveries. For consumers, the prospect of improved health and performance is enough to get their attention. For entrepreneurs, these new fads represent a constantly growing market amongst an increasingly informed public.
Consumers are now more than ever aware of the ways their lifestyle choices can impact their overall health. From fast food to sedentary work, consumers are taking a second look at their health and nutrition and turning to the supplements market to fill in the gaps.
According to a report by Grand View Research, the global dietary supplements market is expected to reach over $250 billion by 2024. This increase is largely due to rising concerns over the impact of modern lifestyles.
In an attempt to reduce risk factors like diabetes, heart disease, and obesity, many consumers are turning to supplements. It seems, that the more consumers learn about their health risks, the more they attempt to mediate those risks through nutrition products.
In the U.S and China, multivitamins and sports-related supplements represent some of the most popular nutrition products. As accessibility to nutrition-related information rises, so does the supplements market.
New and emerging markets
Although there are many supplement products that have a long history of steady growth, there are several emerging markets that represent the contemporary health and nutrition concerns of today’s consumers. Let’s look at the keto diet. The keto diet requires dieters to ditch their high carb diets for low carbs, high fats, and moderate protein. The keto diet encourages followers to opt for grass-fed meats, organic produce, and high-quality natural oils and fats. What started out as a fad diet amongst facebook groups and YouTubers has exploded into a profitable health niche with products ranging from books to protein powders.
The keto niche is a perfect example of how increased access to nutritional information has driven consumer interest in supplements. The keto diet attempts to address concerns of fat loss and obesity while also embracing the natural and organic products that have become increasingly important to consumers.
Keto isn’t the only emerging market, however, this year we’ve also seen an impressive rise in consumer interest in supplements like CBD and protein. Private label supplements present entrepreneurs with the ability to break into these emerging markets without overextending their resources.
Why so much growth?
In the U.S, the growth of the supplements market is due to two main factors: the shifting mindsets of baby boomers/millennials and the rise of self-directed buyers.
For the generation of baby boomers, concerns about agility and aging have driven their buying decisions. For this demographic, supplements targeting joints, bones, and eyes are amongst the most popular. Baby boomers represent a significant demographic who’s shifting health concerns will have great impacts on the supplements market. As their concern over the effects of aging increases, so will the popularity of supplements that address those issues. For millennials, shifting interest in ‘natural’ and homeopathic nutrition options are driving their buying decisions. Overall, consumers are looking for products that are low in calorie and high in nutrition.
The second factor in U.S market growth is the rise of self-directed buyers. Gone are the days of relying on salespeople and TV Ads to bring in the customers. Instead, consumers have shifted to relying on referrals (from friends, family, and influencers) and their own research to guide their buying decisions. Consumers are turning to the internet for second opinions and nutrition options that are more aligned with their lifestyle. When it comes to health and nutrition, consumers are looking beyond physicians for answers to their health concerns.
With growing concern over nutrition and shifts in consumer habits, the rise of the supplements market is something to get excited about. The internet has emboldened more people to take control of their health and nutrition. As more information and more options become available, entrepreneurs have more opportunities to break into this profitable market. With a projected increase to over $250 billion and new trends emerging every year, the dietary supplements market is surely here to stay.