The nutraceutical industry is poised to continue helping consumers find greater health and wellness based on current trends. Interest in supplements and functional foods known as nutraceuticals has skyrocketed since the COVID-19 pandemic. According to the World Health Organization (WHO), people are spending more on their health faster than the rest of the economy can grow and personal health currently holds 10% of the global market. While COVID-19 is the most significant trend affecting the industry, it’s only one of many nutraceutical industry trends that are shaping the market. We will explore these trends further in this article, but in short: it’s an excellent time to be in the nutraceutical industry.
The Impact of COVID-19
The nutraceutical industry was already big business in 2019, but the COVID-19 pandemic caused interest in personal health and nutraceuticals to explode. The nutraceutical industry grew by almost 20% in 2020 as people reached for supplements to help support their health during theCOVID-19 pandemic. Elderberry syrup and other immune health supplements disappeared from shelves, and wholesalers sold out of their stock of immune nutraceuticals overnight. Supplements that saw a massive surge in purchases were immune classics like vitamins C, E, and D3, probiotics, and the stalwart multivitamin. It was explicitly the immunity section of the nutraceutical industry that saw and is seeing such massive growth due to the pandemic. With the lingering threat of COVID-19, analysts expect the growth to continue.
Global obesity rates are rising, making weight management one of the significant nutraceutical trends of 2022. Not only are they growing in western, developed nations, but they are also starting to increase worldwide, especially in the Chinese and Indian populations. This means that the market for your organization’s weight management nutraceuticals can expand to reach consumers across the globe. Helping consumers manage their weight healthfully and naturally improves their quality of life. Capsicum annuum is a family of chili peppers that humans have been using as food and medicine for thousands of years. These chilies contain high amounts of capsaicinoids, the main naturally occurring active compound in chili peppers. Here at OmniActive, we provide supplement manufacturers with a high quality, capsicum extract branded under Capsimax and backed by scientific studies that demonstrate its efficacy in supporting healthy weight management.
Increasing Healthcare Costs
As healthcare costs increase globally and nationally, consumers seek cheaper, effective ways to stay healthy. When faced with rising costs associated with conventional medicine, many people often must find a more affordable way to obtain care. Many consumers also want to maintain their health to avoid paying for medical care. This impacts many areas of the nutraceutical industry, including immunity, digestive health, stress, and reproduction.
Eye Health Concerns as Screen Use Rises
Another current trend in the nutraceutical field is related to the increase in screen use in the population, through the use of smartphones, laptops, and tablets. As a result of increased screen time during the height of the pandemic, consumers are more concerned about eye health, particularly about dry eyes and supporting vision performance. Over 30 million Americans suffer from dry eyes, and eye doctors are concerned about the eye strain more screen use may cause. These consumers are looking for effective nutraceuticals for eye health. Lutein and zeaxanthin are potent antioxidants, called carotenoids, that are found in many plants, such as marigolds and green leafy vegetables. These antioxidants can be found in the eyes, particularly in the retina and macula. Lutemax 2020, our branded Lutein & Zeaxanthin product sourced from Marigold flowers has been clinically studied for eye and vision support. Find out more on our award winning eye health solution here.
Retiring Baby Boomers
As more and more baby boomers retire or arrive at retirement age, they are faced with maintaining their health so they can enjoy their retirement. They are part of a critical demographic that may both benefit from nutraceuticals and have the income to purchase as many nutraceuticals as they want or need. It is widespread among this demographic for people to take nutraceuticals including multivitamins and supplements. This is also a large market and will keep growing from 74 million in 2020 to 161 million consumers over the age of 55 by 2050. These people also have the means to purchase supplements. Collectively, they hold 80% of the nation’s disposable income. This age group’s projected spending rate will go up by 58% over the next 20 years, whereas those in lower age groups are only expected to increase their spending by 24%. This is also good news for an online-based supplement company; baby boomers are connected and tech savvy, making them more likely to buy your product online and then share it on social media.
Tap into the current trends in nutraceuticals by focusing on immune health supplements. This will capture three current trends; and increasing numbers of baby boomers. Specifically, look at herbal supplements like elderberry and classic vitamins like C, E, and D3. Probiotics apply to all the trends across the board, but they have seen a boost in sales related to immunity. Weight management is another trend that is continuing to grow, particularly on a global scale, which increases your potential market share. Also, consider focusing on eye health with clinically backed products like lutein and zeaxanthin. As eye strain from screen use increases, consumers are looking to support their eye health. Take advantage of these trends to fine-tune your offerings to a hungry market.