| |
Top takeaways from NBJ’s Supplement Business Report
NBJ’s highly anticipated 2023 Supplement Business Report is now available for pre-sale. The report this year examines post-COVID fluctuations, inflation’s influence, trending categories and surprising channel dynamics. The full report will be available in June but here is a sneak peak of top takeaways: - Swings in overall industry growth: the now $61.1 billion supplement market went from the highest recorded growth to lowest in only two years, swinging from 14.5% in 2020 to 1.9% in 2022. However, despite this massive dip in growth, the market is resilient, surpassing NBJ’s pre-COVID projections in 2019 by nearly $2 billion. It’s already been a dynamic year, with more optimistic results in reported in the last five months since NBJ reported estimated 1.2% growth in January of this year, setting the stage for an optimistic outlook..
- Surprising channel dynamics: E-commerce, the strong growth story of the market for the last fifteen years, has experienced a significant slowing in growth, from a record 87.3% in 2020, to a still strong 30% to a surprising 5.7% last year. Analysts across industries expected a long-lasting COVID impact of consumers choosing online, when we have in fact seen them return to brick and mortar. As a key example of this, mass market rallied in 2022 as one of the only channels where growth estimates were notched up. Consumers, looking for affordable options, have turned to retail stores for lower-priced supplement options, reshaping the market's landscape.
- Category wins and losses: Herbs and botanicals have also had a fall from all-time high growth to all time low, but all the way to a decline in 2022, to -1.9%, though the category is expected to bounce back into positive growth this year. The herb and botanical market has seen higher growth than total supplements since 2014 but, as a result of this normalization, has dropped below industry growth. The bright spot across categories is sports nutrition, which far outpaced industry growth with an opposite normalization coming out of the pandemic. The blurring lines of active lifestyle, weight management and sports nutrition are guiding the strong growth in the category, dominated by protein.
|
| |
| | Claire Morton
Claire Morton is the Senior Manager of Data & Insights for New Hope Network's Nutrition Business Journal. She manages NBJ's data and insights to inform the industry on market trends and forecasts in natural and organic food and beverage, functional food and beverage, dietary supplements and personal care. |
|---|
|
| |
| | | Presale: Supplement Business Report 2023 |
| | The 2023 Supplement Business Report is packed full with a total of 160 charts, a top 50 company list, and data backed commentary that’ll give you an understanding of how the industry has developed in the past year and forecasting where it's heading through 2026.
Pick up where the Supplement Market Economy Update Report left off with the 2023 Supplement Business Report. The report will launch on June 6th, 2023 but is available now for preorder. Purchase the Supplement Business Report now and receive an additional 9 bonus data charts for free! |
|---|
|
| |
| | Looking for more industry-leading insights?
Follow us on Linkedin for bite-size market stats and exclusive sneak-peeks into our reports and NBJ issues.
 |
The NBJ Analyst's Take is your bi-weekly analyst, delivered directly to your inbox. Sign up to receive these nuggets of wisdom here. |
| |
|
|
|
