VMHS Trends and Insights

Goals

To provide current trends and insights from the Health and Wellness market that have emerged as a result of the pandemic.
  • Specifically for vitamins, minerals, supplements, and other ingestible health products / food ingredients.
  • Whether these trends will stick in the "new normal"
  • What new behaviors have emerged because of the pandemic?
  • Who are the brand heroes over the last year and a half?
  • Innovations or new brands / start-ups that have popped on the scene

Early Findings

Data Availability

  • The initial round of research indicates that data availability is adequate on this topic.

Current Insights from the Health and Wellness Market

  • The latest research by McKinsey shows that consumers care deeply about wellness, as 79% of consumers believe that wellness is important, and 42% consider it a top priority.
  • Consumer demand for vitamins, minerals, and supplements increased due to the COVID-19 pandemic- VMS sales experienced growth of approximately 20%-140%.
  • The industry is broken into five major subcategories; vitamins/minerals (38%), herbal (18%), protein (15%), weight loss (10%) and specialty and sports (10%)- annual revenue reached $30.6 billion, a steady 52% increase over the course of the last decade. IBISWorld is projecting a steady growth at 3.2% annually.
  • Among the top 10 brands in the Vitamin and Supplements market with increased sales are Nature Made, Kirkland Signature, Klean Athlete, Life Extension, Amazon Elements, Nordic Naturals, Standard Process, Garden of Life, MegaFood, and Matsun Nutrition.

Trends that have Emerged as a Result of the Pandemic- Specifically for Vitamins, Minerals, Supplements, and Other Ingestible Health Products / Food Ingredients

  • Demand for quality dietary supplements exploded in 2020, as the Covid-19 pandemic spurred millions to begin taking supplements that support immune function, and changed the way people think about preemptively safeguarding their health. A new report indicates 86% of Americans are now taking dietary supplements.
  • Companies that have tapped into wellness industry saw revenue increases as more people began taking supplements- U.S. dietary supplement sales rose 16.7% higher than a year ago in July 2020.
  • Many people are turning to supplements to support mental health. In a recent report by Coherent Market Insights, a growth rate of 8.5% in the brain and mental health supplement market is expected over the next 6 years.
  • The beauty and skin care supplements searches and sales grew significantly over the past 24 months, with search inquiries for collagen showing an increase of 33% from March to December 2020.

Summary

  • Our initial hour of research was spent gathering some data that addressed the question asked, as well as determining if there is publicly available data that can provide the required information in line with the goals of the project.
  • We were able to provide some data regarding the insights and trends surrounding the sales growth for vitamins, minerals, supplements, ingestible health products, and food ingredients. We believe it would be of benefit to perform a competitive landscape of the market to include those companies already listed in the preliminary research.
  • We suggest continuing with the research path to provide relevant data as to whether these trends will continue, new behaviors that have emerged as a result of the pandemic, who the brand heroes have been over the last year and a half, and any innovations or new brands / start ups that have emerged in the last year.
  • A specific geographic location was not provided, so we have assumed a U.S. focus. If a broader focus is needed, this would need to be addressed in any reply.
  • Please select one or more of the options provided in the proposed scoping section below.

Research proposal:

Only the project owner can select the next research path.
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