Nutrition Business Journal’s annual Global Supplement Business Report breaks down the impact of the global pandemic and the current economic landscape on the $168.96 billion supplement industry across 22 countries and regions. Check out our three top takeaways:
- The complex global landscape: Every country and region in the global market, of course, varies drastically, and the global pandemic had an exponential impact on this even before the impact of the economy. Total supplement growth worldwide is projected to be at 4.3% this year, down from 6.7% in 2021, and the deltas in growth are markedly different across the 22 countries and regions that NBJ tracks.
- Recovery in vitamins and minerals: Global growth in vitamins and minerals hovered around 5% pre-pandemic, with growth largest in the emerging markets. However, the COVID-19 pandemic redefined this market, bringing growth to 13.6% in 2020 and still strong at 7.4% into 2021. More notably, the global market for vitamins and minerals is now about $20 billion larger than it was in 2017 and will continue to remain above that level through the forecasted period.
- “Post-COVID” impacts: While we are now almost two full years out from the onset of COVID-19, in the global landscape the impact is still a necessary talking point, especially when comparing global markets. We saw notable supplement growth, almost without exception, in the markets that struggled to manage the pandemic, which certainly impacts growth in the years following. And in regions like Latin America, which struggled into 2021, growth was still one of the largest in the world—at 10.0% for all supplement sales, reflecting a continued emphasis on health and wellness.