The Analyst’s Take: Global supplement sales pass $150B in 2020The Analyst’s Take: Global supplement sales pass $150B in 2020
Supplement sales across the world are expected to pass the notable $150 billion benchmark this year, thanks in large part to the global effects of the coronavirus pandemic. This is the latest installment in our data discussion from Nutrition Business Journal’s senior analyst.
November 12, 2020
Supplement sales across the world are expected to pass the notable $150 billion benchmark this year, with record 9.5% growth, thanks in large part to the global effects of the coronavirus pandemic. In fact, 2020 marks the first year of Nutrition Business Journal’s tracking of global markets that no countries or regions experienced a decline in sales.
A near universal focus on immunity and general wellness has led to estimated 10.6% growth in global herbs and botanicals, and 10.3% growth in vitamins and minerals, a combined category that had dropped to just 3.8% growth in 2019. The combined sports nutrition, meal, homeopathic and specialty supplement category is experiencing less of a boost, but is still ticking up from 6.5% growth in 2019 to 8.2% in 2020, primarily driven by the specialty and homeopathic categories.
However, an extremely varied response to COVID-19 across these regions is leading to an equally dramatic variation in growth rates. The highest spikes in sales growth can be seen in regions with the highest spikes in coronavirus cases as well–growth is projected to be strongest this year in Latin America at 18.8%, Mexico at 13.2% and the United States at 12.1%. On the flip side, countries and regions with a more effective management of the virus spread, such as Australia and New Zealand and Canada, are seeing a much more normal and smooth growth curve in 2020 and beyond.
While this correlation is perhaps not surprising, confirming it in NBJ’s data model is important in helping understand what the growth curve will look like for the rest of 2020 and into 2021. Closely monitoring not only case counts and pandemic management in the coming months, but also the public perception of these measures, will help inform forecasts and supplement trends both in the U.S. and abroad.
Get more data and insights into the global supplement industry in NBJ's 2020 Global Supplement Business Report.
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