BOULDER, Colo., July 13, 2020 (GLOBE NEWSWIRE) -- Nutrition Business Journal’s (NBJ) most highly anticipated report of the year, the Supplement Business Report, predicts increased usage of supplements due to Covid-19 is leading to the highest growth year for the industry since 1997 with a 12.1% increase for 2020. The report not only explores the category and channel dynamics of 2019 but digs deeply into the effects of Covid-19 on this year and beyond.
NBJ analysts take an in-depth look to provide vital information on sales, growth and trends for 2020 and beyond. Key findings of the report include:
- Concerns about immunity and overall wellness are driving growth in some legacy categories that had slowed in recent years. Multivitamins are projected to bring in sales of $7.5 billion in 2020, with growth spiking to 17.1% over just 3.7% in 2019.
- Increased marketing and formulation around immunity has helped create an opportunity for a resurgence in growth in the slowing probiotics category, which is projected to see an increase of 9.3% in 2020, up from 3.8% last year.
- Growth in melatonin is forecasted at nearly 20%, between increased demand for sleep support and scientific studies linking the nutrient to Covid-19 recovery.
- E-commerce has been the fastest growing channel in the supplement industry for years, but the growth in 2020 and beyond is particularly notable. NBJ predicts online sales will grow 61.4% compared to 7.1% growth in brick-and-mortar this year. E-commerce sales have the potential to grow from 10% of the market in 2019 to 20% by 2023.
With health concerns at the highest level in years, it is likely no surprise that supplement sales are a bright spot in 2020. According to an April 2020 New Hope Network NEXT Data & Insights survey, 77% of consumers said personal health is more important to them today than it was in 2019 and 33% said taking dietary supplements and vitamins is more important than it was a year ago.
“The supplement industry has been cruising along successfully for a few years, with growth of 5.7% in 2019, fairly consistent with recent years and inching up to the high forty billions. Given the current climate, though, we expect sales this year to far surpass $50 billion,” said Claire Morton Reynolds, NBJ Senior Analyst. “The events of 2020 will no doubt have impacts on every category and channel in the industry for years to come, some expected and some unexpected.”
“While so much is unknown for this and the coming years, the robustness of the NBJ data model maps a solid trajectory for all categories, channels and even the health benefits motivating consumers,” says Bill Giebler, NBJ Content & Insights Director. “This data, then, reinforces some basic assumptions and reveals some surprises.”
Copies of the 2020 Supplement Business Report are available online or can be purchased by emailing Cindy Van Schouwen, cvanschouwen@newhope.com. For information on data and insights in the report contact NBJ Editor in Chief Rick Polito at rpolito@newhope.com or NBJ Senior Analyst Claire Morton Reynolds at cmorton@newhope.com.
Nutrition Business Journal, part of New Hope Network, has been tracking the natural, organic and dietary supplements industries since 1996. For more information, visit 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 newhope.com.