The global nutraceutical market is expected to reach a market share of USD $241.1 billion in 2019 with a five-year compound annual growth rate (CAGR) of 7 percent, according to a report from BCC Research.
This growth may be in part due to consumer commitment to taking vitamins, as a recent survey from the Council for Responsible Nutrition (CRN) reported almost half of Americans are adding vitamins to their healthy habits list in 2015.
The survey, conducted online in December 2014 by Harris Poll on behalf of CRN, asked more than 2,000 U.S. adults to select health and wellness habits they are committing to in 2015, and “taking vitamins" made the top five (47 percent), along with drinking enough water (72 percent), eating healthy/healthier in general (66 percent), getting more physically active (62 percent) and getting more sleep (49 percent).
Robert Sanders, executive vice president, home and health practice leader, IRI, echoed these findings when he noted consumers view nutrition products as an overall part of healthy lifestyle. In a video interview with INSIDER, he noted the supplement consumer spans many demographics, but they are all looking for value and varied product offerings.
Supplement brands have listened to consumer demand, as Sanders noted supplement sales have had an average annual growth of about 5 percent during the past four years, with is about 4.5 times greater than CPGs (consumer packaged goods) in general. Plus, he noted, “We believe there will be more growth if consumers can be convinced to take them in a more regimented manner."
With increased commitment to taking supplements, it makes sense that nutraceutical sales are increasing. But, as Sanders noted, to get to that next level, brands may need to offer different types of productsfrom tablets to foods and beveragesto ensure every type of consumer has incentive to add them to their daily routine.