Submitted by New Hope Network on Thu, 11/30/2017 - 10:43
MARKET DATA AND ANALYSIS Nutrition Business Journal's senior industry analyst highlights where supplements sales are growing and what categories are strongest. Claire Morton | Nov 30, 2017 Claire Morton, Nutrition Business Journal's senior industry analyst, offers her top takeaways from the last year of activity in the global supplement category. Fill out the form below to download the charts that these insights were derived from, and purchase the full report here. The United States continues to have the largest supplements industry in the world, followed by Asia and Europe. China has gained the most market share, up to 14.3 percent of the world's industry in 2016 from 9.6 percent in 2006. The Chinese market has gained the attention of many supplements companies as consumers are increasingly spending on health products and e-commerce continues to grow exponentially in the country. Asian countries represent the largest market worldwide for herbs and botanicals, with a combined $15 billion in annual sales, more than double the United States market. Sports, meal, homeopathic and specialty supplements had the strongest growthacross all regions worldwide. The strongest growth in the category came from Asia in 2016, with double digit growth. The category also had double digit growth in the Middle East and Africa in 2016 at 11 percent growth. As obesity rates rise in regions outside the United States, weight management formulas in meal supplements and protein supplements have gained favor. Latin America has had massive growth in the vitamins and minerals category, more than tripling sales from $1.5 billion in 2006, as consumers have increasing disposable income and interest in preventative healthcare rises. The strongest growth in vitamins and minerals came from Eastern Europe and Russia in 2016, with 10 percent growth, more than double the growth of the global vitamins and minerals industry as a whole. Increasing health concerns, rising obesity rates and disposable income in the region have spurred sales of supplements for overall health. Global supplements annual sales reached $121.2 billion in 2016, with 5.7 percent growth, rebounding slightly from slowing growth in 2014 and 2015. This is, in part, driven by a rebound in growth in the United States supplements market. Growth is projected to remain steady through 2020, reaching $155 billion in annual sales. This article is published by the Nutrition Business Journal. The full report is available for purchase here.