How big is the supplement industry? Supplement Market Growth in 2022

Whether taken as part of a healthy diet or to support bodybuilding routines, more people worldwide are turning to supplements to help them lead a healthy lifestyle.

Thanks to rigorous marketing campaigns, rising consumer awareness, and carefully crafted regulatory compliance, the supplement industry is one of the fastest-growing sectors in the consumer market.

How much is the supplement industry worth today?

A recent study on the global dietary supplements industry valued the market at no less than $151.9 billion in 2021, and expected it to grow at an annual growth rate (CARG) of 8.9% until 2030. It is estimated that in 2022, the supplement market is worth at least $163.9 billion, growing to $327.4 billion by 2030.

The study found that globally, more people are struggling to fulfill basic dietary requirements thanks to a combination of hectic lifestyles and work schedules. It is anticipated, therefore, thanks to growing consumer awareness, that a burgeoning reliance on supplements will support growth until the end of the decade.

Today, the US is deemed to be the outright market leader for dietary supplements across the world, with a celebrated market share of 32.8% in 2021. As well as a growing number and interest in gyms, fitness centers, and health clubs, the capacity for greater spending, rising healthcare costs, and its aging population are driving both awareness and consumption of supplements. Furthermore, there is a growing interest in careers based in the health and fitness market, which means a greater demand for sports and fitness-related products and services.

Growth is also expected in other regions, including Asia, where South Korea, Japan, and China expect to see increased revenues throughout the decade. Europe is also anticipated to grow at a significant rate, at 6.9% up to 2030 as disposable income grows in wealthy countries, including Germany, France, the Netherlands, and across the Scandinavian Peninsula.

How are sales distributed?

Although online sales continue to surge, offline purchases dominated the market at 81% last year. Generally, offline distribution within the supplement market operates as direct-to-consumer models, including supermarkets, pharmacies, health practitioners, and specialty fitness stores. In Europe and North America, supermarkets account for the largest offline sales, contributing 33.9% of overall sales in 2022.

As expected, the largest growth in sales is expected to be online in 2022 and beyond as internet users and ease of access increases globally. Thanks to significant growth in market awareness throughout the COVID-19 pandemic, consumers now have a greater awareness and understanding of the supplement market and the brands within.

How did COVID-19 affect the supplement industry?

Although many industries suffered throughout the COVID-19 pandemic, many supplement eCommerce stores experienced a surge in traffic and sales, increasing consumer awareness of brands and supplement types. In fact, during 2020, the industry grew by $7.08 billion in 2020 in the US alone, reflecting a growth of 14.5%.

Demand for immunity-boosting supplements (particularly vitamins) increased throughout 2020, particularly in countries that experienced particularly large and damaging virus outbreaks. The flourishing interest in immunity-boosting vitamins, minerals, and herbs is expected to grow throughout the next decade. It should be noted, however, that according to the law, dietary supplements must not be marketed as treatments, preventions, or cures for any disease.

What is the most popular type of supplement today?

Across the industry, there is a wide range of product types, including capsules, pills, powders, gummies, shakes, drinks, and gels, that sell by the millions. It is tablet supplements, however, that currently take the lead, with a 33.6% market share in 2021.

It is thought that the ease of administration, low cost, and high convenience are the reasons for the supplement’s success. It is expected that capsules will also enjoy a growing market share in 2022 and beyond, although they are harder to manufacture, which could cause growing pains for smaller brands.

One of the “up-and-coming” supplement types expected to see the most interesting revenue CAGR is liquid dietary supplements, which could enjoy a boost of 12.1% up to 2030. These supplements tend to take the form of smoothies, energy drinks, and yogurts.

What is the leading supplement trend of 2022?

While supplement types are varied, the fastest rising is the testosterone booster market, which is designed to support healthy testosterone production naturally. This isn’t surprising seeing as low testosterone rates have reached record highs globally and men are looking for a quick fix.

With a market value of $307 million in 2020, it is expected that the testosterone booster market will pass $400m will by 2025. While the US testosterone booster market is expected to flourish in the coming years, as rapid urbanization and disposable incomes rise in Asia, it is expected that countries such as India, China, and Japan will enjoy the most significant growth levels.

On average, non-subscription testosterone boosters sell in 30-portion packs at around $32.99 to $99.99, depending on the brand and store. Cheaper products tend to be found on online marketplaces such as Amazon, where independent stores look to make headway within the market. Unfortunately Center TRT research estimates only 8% of testosterone booster supplements currently on the market contain ingredients in functional doses, with most including very small amounts to list ingredients on the label, rather than having substantial nutritional value with NIH studies showing that 30% could even lower testosterone rates. Whilst poor diet is a large factor in low testosterone levels rising, and supplements can certainly alleviate this, the overall poor quality of the industry is considered alarming by a lot in the supplements industry due to the potential for reputational damage. At large.

The main competition to testosterone boosters in terms of rapid growth is greens powders. With a market value of $196 million in 2018, it is expected that the greens powder market will be worth in the region of $397 million by 2028. Similarly to testosterone booster the industry has wildly varying quality with little oversight.

Ingredients vary, but common ingredients include:

• Leafy greens

• Seaweed

• Probiotics

• Herbs

• Natural extracts

• Grasses

Mixed into water, smoothies, and other drinks, on average, one tablespoon contains:

• Three grams of protein

• Six grams of carbohydrates

• 18% recommended daily intake (RDI) of iron

• 60% RDI of vitamin A

• 45 calories

Greens powder can also be a useful source of calcium, potassium, chromium, and selenium. The listed benefits also vary by brand and product but generally, they list the following:

• Immune system support: Green powders generally contain high levels of vitamins and minerals associated with immune health. Selenium, for instance, is found in a large proportion of green powders and is proven to help fight infection.

• Eye health: Vitamin K is found in a range of leafy greens, and recent studies have found that it may promote eye health, as well as maintain blood vessels, and lessen the risk of heart problems.

• Blood pressure support: Most greens powder products contain essential minerals such as calcium and potassium, which are often associated with lowered blood pressure. One clinical study found that people who took one serving of greens powder per day experienced a decrease in their systolic and diastolic blood pressure.

What other supplements are popular in 2022?

While greens powder continues to take the lead in the market in 2022, several other emerging dietary and fitness supplements look to be big contenders for the highest growth in 2023.

Fat burner and weight-loss supplements

Although the weight-loss supplement market decreased by 12.5% during the pandemic, the global weight-loss market was valued at $33.4 billion in 2020, and partly due to the ease of COVID-19 restrictions, it is predicted to expand at a CAGR of 16.6% until 2028.

As obesity and heart-related ailments rise globally, more people are becoming health conscious and choosing to adopt sustainable and healthy lifestyles, raising awareness in the market segment and key brands.

In 2020, the offline market dominated the fat burner market at 70.4%. However, it is expected that younger and more tech-savvy audiences will be introduced to weight-loss supplements, which should boost online eCommerce sales.

Key players in the weight loss supplement market include Nestle, Kellogg Company, Glanbia PLC, Kraft Heinz Company, PepsiCo, and Abbott.

Stress supplements

Another burgeoning market segment comes from stress release, which is forecasted to be worth $756 billion by 2028, with a CAGR of 6.75%.

Although working habits have changed in the past few years, mainly for office workers, stress is still a major concern for those in Europe and the US. Due to the prevalence of sleep disorders and changing-work patterns, stress supplements are tipped to be one of the fastest-growing supplement segments this decade.

While the Asia-Pacific region expects solid growth across the next eight years, backed by the mounting efforts of key manufacturers, the US and Canada are predicted to remain the largest consumer of stress supplements, largely due to rising healthcare consciousness and its growing elderly population.

Pet health supplements

As pet ownership rocketed throughout the COVID-19 pandemic, people are now looking to how they can give their pets the healthiest and best lives possible. Worth $4.31 billion in 2020, the market is anticipated to reach $9.65 billion by 2030 at a CAGR of 4.82%.

The largest segment in the pet supplement market was supplements designed for cats in 2020, which held a share of 32%, which was attributed to the growing number of cat owners across Europe. With a particularly large growth in the joint supplement market.

Regarding distribution, eCommerce is expected to grow at the highest CAGR of 5.2% up to 2030, as more internet-savvy millennials become pet owners. Key players in the field include the likes of NOW Food, Novotech Nutraceuticals, Kemin Industries, and Nestle Purina Pet Care.

Conclusion

While the future is bright for the supplement industry in general, as younger and tech-savvy audiences become aware of fitness and dietary supplements, there is a rich and open market for eCommerce opportunities globally

Sellers and distributors should monitor trends and opportunities across different supplement types, brands, and regions to embrace growing markets over the coming decade.

This article does not necessarily reflect the opinions of the editors or management of EconoTimes