May 2023: Market Overview Issue
$199.00
The COVID-19 pandemic brought significant changes to the supplement market, with a surge in sales in 2021. However, the market has since slowed down, with 2022 growth expected to be just 1.7%, according to NBJ's current sales growth estimates. This is attributed to overstocking, where consumers bought more supplements than they needed during the pandemic, leading to their medicine cabinets being full. Additionally, inflation has resulted in a slowdown in sales growth, and it is not expected to creep above 5% until 2025. The market is expected to finish the year at $62.32 billion, and some estimations suggest that it is not far from where it was expected to be if the pandemic had never happened.
The changed habits were expected to include not just what people bought but where they bought it. The surge in e-commerce sales during the pandemic did not last, with growth in e-commerce slumping to just 4.9% in 2022, far from the 87.3% in 2020. The fastest growing channel in 2022 was mass market retail, with a brick-and-mortar channel adding $862 million in supplement sales. The allegedly permanent restructuring of purchase patterns lasted only two years, possibly less.
The Market Overview issue provides a wealth of information on the current state of the supplement industry, including insights from industry leaders and projections for future growth. Don't miss out on this valuable resource for anyone interested in the supplement market.
The changed habits were expected to include not just what people bought but where they bought it. The surge in e-commerce sales during the pandemic did not last, with growth in e-commerce slumping to just 4.9% in 2022, far from the 87.3% in 2020. The fastest growing channel in 2022 was mass market retail, with a brick-and-mortar channel adding $862 million in supplement sales. The allegedly permanent restructuring of purchase patterns lasted only two years, possibly less.
The Market Overview issue provides a wealth of information on the current state of the supplement industry, including insights from industry leaders and projections for future growth. Don't miss out on this valuable resource for anyone interested in the supplement market.
