Monitor: Bigger sleep supplements market requires new strategies

Natural Products Industry Health Monitor, Aug. 4, 2022
 

As the world emerges, haltingly from COVID-19, new challenges emerge. In this feature, New Hope Network provides an ongoing update on those challenges and the opportunities they hold. Look for the Industry Health Monitor every other Friday to learn the major news that is affecting the natural products market immediately and the less obvious insights that could dictate where the market may struggle or thrive in the months to come.

Sleep is an easy sell.

There was a time when getting by on a few hours of shuteye was touted as evidence of a hard-charging work ethic, the admirable ability of corporate conquerors. That era is over, however, and sleep has instead been elevated to a status symbol—a sign of wellness, wholeness and balance.

We can certainly see that in sleep supplements sales, which are detailed in Nutrition Business Journal’s new Condition Specific Report. The market for sleep supplements is more than twice the size it was in 2017. Much of that growth came in spiking sales in 2020 and 2021, when pandemic stress and a focus on wellness as a guard against COVID drove interest, but sleep was building momentum long before the first lockdowns were announced.

The question now is, where the market goes with this much bigger consumer base? Even at the far lower growth rates predicted in the NBJ report, the market will be adding many millions of dollars in sales each year. However, we also expect a kind of sophistication around sleep supplements as they become a habit for more and more consumers. 

NBJ expects that consumers could be willing to experiment and try multiple products to find what works for them. Some might be looking for quality over quantity in their sleep. Others need as much or more help staying asleep than getting asleep.

The supplement industry needs to be ready with different formulations to meet those goals. Retailers need to be ready to answer questions and help consumers on that quest. In short, serving a market so much larger than it was just a few years ago could require new product development and new marketing.

Sleep is an easy sell.

But it can be a smarter sell too.

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