Supplement Market Hits Record Growth of 14.5%, According to Nutrition Business Journal’s 2021 … | News

BOULDER, Colo., June 28, 2021 (GLOBE NEWSWIRE) — New Hope Network’s Nutrition Business Journal (NBJ) has launched its extremely anticipated 2021 Supplement Business Report, detailing a record-breaking yr in 2020, with a 14.5% enhance in gross sales to $55.75 billion from $48.67 billion in 2019. Prior to 2020, the complement market had been rising between $2 billion and $2.5 billion annually since 2015.

The business’s development was led by vitamin gross sales, which spiked to 22.3% development in 2020 amid the pandemic. Vitamins added $3.24 billion to whole complement gross sales, accounting for almost half of whole {dollars} added in 2020. This is in distinction to 10 years of pretty flat gross sales within the vitamin class.

In an business that has historically relied on brick and mortar gross sales, e-commerce was thrust into the highlight with 16.7% of purchases made on-line in 2020, up from simply 10.2% in 2019. From a channel perspective, e-commerce dominated in gross sales development, at 87.3%, including $4.33 billion to whole gross sales, and accelerating the continuing development momentum. NBJ estimates that almost 1 / 4 of all complement gross sales might be made on-line by 2024.

“The pandemic drove gross sales in areas which might be maybe not so shocking, however the sheer quantity of gross sales development is unquestionably notable,” stated Claire Morton Reynolds, senior business analyst for Nutrition Business Journal. “Following a yr of document development, it turns into troublesome to guage the yearly success of the business transferring ahead by evaluating only one metric. NBJ tasks that total development will stabilize at 5.3% this yr and three.2% in 2022. We additionally count on an enduring enhance to the business of $1.8 billion by 2024 and past, pushed by the results of the pandemic.” 

“The 2021 Supplement Business Report doesn’t simply analyze the meteoric development of 2020. More importantly, we take a practical have a look at why development appears the way in which it does—now and within the years to return—and dive deeply into what business members must know to plan forward,” stated Bill Giebler, Content & Insights Director at Nutrition Business Journal. “The 2021 version of NBJ’s keystone report tackles the query on everybody’s thoughts: Where can we go from right here?”

Nutrition Business Journal’s 2021 Supplement Business Report is on the market for buy here. With category-by-category evaluation, 174 charts and graphs, and projections by 2024; this report is one of the best ways to seek out out what to anticipate and is a must-read for everybody from interns to CEOs. For data on firm plans or company subscriptions, please attain out to NBJ Business Development Manager Cindy Van Schouwen at [email protected].

About Nutrition Business Journal Nutrition Business Journal guides choice makers within the vitamin and well being wellness house in creating their technique, understanding tendencies, realizing alternative and analyzing potential dangers. NBJ’s market analysis experiences present enterprise intelligence and thought management to all ranges of the vitamin business. Each report is exhaustively researched by our workers of business consultants and presents an evaluation of markets, tendencies, competitors and technique within the U.S. and Global vitamin business. Learn extra at nutritionbusinessjournal.com

About New Hope Network New Hope Network is on the forefront of the wholesome way of life merchandise business. With options for the whole provide chain from producers, retailers/distributors, service suppliers and ingredient suppliers, the community gives a sturdy portfolio of content material, occasions, information, analysis and consultative providers. Through its mission of rising wholesome markets to convey extra well being to extra folks, New Hope Network helps companies establish the folks, merchandise, partnerships and tendencies that create higher alternatives and connections. For extra data go to  www.newhope.com.  About Informa Markets Informa Markets creates platforms for industries and specialist markets to commerce, innovate and develop. We present market contributors across the globe with alternatives to interact, expertise and do enterprise by face-to-face exhibitions, focused digital providers and actionable information options. We join patrons and sellers throughout greater than a dozen international verticals, together with Pharmaceuticals, Food, Medical Technology and Infrastructure. As the world’s main market-making firm, we convey a various vary of specialist markets to life, unlocking alternatives and serving to them to thrive twelve months of the yr. For extra data, please go to  www.informamarkets.com.

Press Contact Carrie Kocik New Hope Network [email protected]

Copyright 2021 GlobeNewswire, Inc.

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