Can Supplements Help Fuel Your Startup and Your Health?
When you think of supplementswhat normally comes to mind? For most of the population, pre-workout is typically what comes to mind when the word “supplements” is mentioned. While this is not entirely an incorrect assumption, supplements are not just pre-workout powders or capsules .
Types of Supplements
Pre-workout supplements continue to grow, however. New blends have been introduced with new ingredients, with 87% of new products using beta-alanine to control muscle fatigue, 71% using citrulline to improve muscle building, 63% using tyrosine to encourage epine and dopamine, and 49% using creatine to improve performance. 58 of the top 100 pre-workout products have at least one proprietary blend in their products. New companies and blends are also bringing new ingredients, such as Advantra Z from Nutrex Research, cholecalciferol from BSN, and theobromine from EFX Sports.
However, supplements are not strictly for workout purposes; only 28% of supplements consumed by American adults were sports nutrition supplements. In fact, American adults have consumed 76% vitamins and 40% specialty supplements be incc the past can a 12 months With contributing to the growth of the supplement industry, yet one of the biggest causes is the COVID-19 pandemic.
The Growth of the Supplement Industry
The supplement industry grew during COVID-19, with women’s, men’s, and children’s vitamins seeing percentage increases of 19.6, 33.7, and 37.2, respectively. Women’s vitamin sales were $474 million in 2020, with men’s following at $229 million and children’s at $306 million. use by 74-75%.
What could be the driving factor for this increase? Within the past four years, the world death rate has increased, as well as a 10% increase in death by illness in the past 23 years. These increased mortality rates can pose a risk to individuals who are seemingly healthy but want to protect themselves and their loved ones. The increase in supplement sales in the past few years can be attributed to these rising rates, especially since the age of 1 in 6 individuals is going to be at least 60 years old By 2030. Most supplements on the market for consumers who are 55 or older contain ingredients that assist to improve physiological, functional, and cognitive outcomes as well as reduce injuries and slow the rate of brain shrinkage.
By 2031, the supplement industry is projected with a growth rate of 7.6% to reach a global value of $98.6 billion, signaling fast changes and upcoming trends. Sleep gummies have an increased presence in the market of 1,483% over 5 years. These statistics come as no surprise when the 2021 growth of the supplement market is factored in, with a record CAGR rate of 14.5%. These numbers are only projected to rise within the coming years, showing a promising future for the supplement industry.
Businesses should be sure to know the industry both inside and out as the vitamin and supplement industry grows and its nutritional complexity deepens. With 55-60% of consumers worldwide taking vitamins or supplements on a daily basis, the growth of this industry can only go up from here.
Brian Wallace is a Columnist at Grit Daily. He is an entrepreneur, writer, and podcast host. He is the Founder and President of Now Sourcing and has been featured in Forbes, TIME, and The New York Times. Brian previously wrote for Mashable and currently writes for Hacker Noon, CMSWire, Business 2 Community, and more. His Next Action podcast features entrepreneurs trying to get to the next level. Brian also hosts #LinkedInLocal events all over the country, promoting the use of LinkedIn among professionals wanting to grow their careers.