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The Analyst’s Take: Top three takeaways from NBJ’s Global Supplement Business Report 135330
Around the world, supplement sales continued to grow in 2021. Although growth rates slowed from 2020's record high, they exceeded pre-pandemic levels.
2 Min Read
The global supplement industry, tracked by NBJ across 22 countries and regions, hit an estimated $167.49 billion in sales in 2021. Growth normalized from the record 11% seen in 2020, but still hit an estimated 5.9%, higher than pre-pandemic growth rates. NBJ dug into the global market in the annual Global Supplement Business Report. and found three top takeaways:
COVID variants led to increased projections for 2021. Near the end of 2020, NBJ projected global supplement growth for 2021 at 9.7%, which has now increased to 11.0%, bringing total global sales to $158.21 billion. Projections for this year increased over last year’s estimates across most countries and regions as COVID has continued to impact the supplement industry.
China experiences steady growth without notable spike. While growth in China increased from 4.9% in 2019 to 7.5% in 2020, this spike is far less notable than in other countries and regions. In fact, growth was stronger in 2016 and 2017 in the highly developing market. In part because sales did not spike to an extreme last year, we anticipate a much more steady growth rate this year, dropping only to 7.1%.
Vitamins and minerals top the global industry for 2020. Driven by immune health and general wellness demand in 2020, the combined vitamins and minerals category surged ahead in both sales, at $63.11 billion, and growth, which hit a record 15.2%. Latin America had the strongest growth in this category, with 27.9% growth, and is expected to end 2021 with the strongest rate, 10.2% this year. The U.S. market also had remarkable growth in vitamins and minerals, at 20.4% last year, but is expected to normalize more into this year, dropping to 2.3%.
The Global Supplement Business Report is NBJ's only annual report that provides data and insights from around the world. Find other reports at the NBJ store.
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