BOULDER, Colo., June 16, 2023 /PRNewswire/ — New Hope Network’s Nutrition Business Journal (NBJ), an Informa Markets brand, has released its highly anticipated 2023 Supplement Business Report detailing how the now $61.1 billion supplement market went from the highest recorded growth to lowest in only two years. The report examines post-COVID fluctuations, inflation’s influence, trending categories and surprising channel dynamics.
NBJ’s 2023 Supplement Business Report includes 200 charts across 100 pages of commentary and 45 company profiles, plus a top 50 company list. The data-backed commentary provides an understanding of how the industry has developed in the past year and forecasting where it’s heading through 2026. The full report is available for purchase online.
NBJ Senior Manager of Data and Insights explains, “Conversations across the industry have been consistent with our observations that the market is normalizing post COVID—but more dramatically than previously expected due to inflation and other economic challenges. The decline in some categories is expected, what’s unexpected is the increase across the mass market channel.”
Key insights from the report include:
- Swings in overall industry growth: Despite a massive dip in growth from 14.5% in 2020 to 1.9% in 2022, 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 reported in the last five months since NBJ 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% in 2021 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.
“Over the past few years, NBJ has tracked a swing from the largest to the lowest growth ever across the industry. Even with the post-COVID market normalizing, it is still more lucrative than we expected it to be in 2019,” said NBJ Content & Insights Director Bill Giebler.
Industry members can visit Nutrition Business Journal online and follow on LinkedIn to join in on ongoing conversations. For information on NBJ’s company plans or corporate subscriptions, please reach out to [email protected].
About Nutrition Business Journal
Nutrition Business Journal guides decision makers in the nutrition, health, and wellness space in developing their strategy, understanding trends, realizing opportunity, and analyzing potential risks. NBJ’s market research reports provide business intelligence and thought leadership to all levels of the nutrition industry. Each report is exhaustively researched by our staff of industry experts and presents an analysis of markets, trends, competition, and strategy in the U.S. and global nutrition industry. Learn more at 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 all its actions, New Hope Network aims to cultivate a prosperous high-integrity CPG and retail ecosystem that creates health, joy and justice for all people while regenerating the planet. For more information visit www.newhope.com.
About Informa Markets
Informa Markets creates platforms for industries and specialist markets to trade, innovate and grow. We provide marketplace participants around the globe with opportunities to engage, experience and do business through face-to-face exhibitions, targeted digital services and actionable data solutions. We connect buyers and sellers across more than a dozen global verticals, including Pharmaceuticals, Food, Medical Technology and Infrastructure. As the world’s leading market-making company, we bring a diverse range of specialist markets to life, unlocking opportunities and helping them to thrive 365 days of the year. For more information, please visit www.informamarkets.com.
SOURCE New Hope Network
