Perhaps one of the few industries not affected by the COVID pandemic is the dietary supplement industry. Like hand sanitizers, the demand for supplements, especially immunity-related, saw a huge surge after the outbreaks. Although a portion might be due to panic-buying, the overall demand and awareness for these products have skyrocketed. In fact, the nutraceutical market had a very strong forecast before the pandemic even took place. And, being a relatively new industry, innovation can be seen everywhere in dietary supplements, from marketing campaigns to selling methods. However, as with every industry, there are always still opportunities for growth.
According to a recent report by Grand View Research, "the global dietary supplements market size is projected to reach USD 230.73 billion by 2027, registering a CAGR of 8.2%." This increase is due to a lot of factors, but the main driver is people's desire for a healthier way of life. This trend has lead to the global expansion of numerous markets in the past several years. As people pay more attention to their health, many are now considering food add-ins and supplements to support their overall wellness.
Traditional supplements like capsules and tablets have been around for a while now. These tend to be what people think of when they hear the word "supplement". However, as the pace of life speeds up, people's expectation increases as well. Taking a handful of tablets every single day becomes a burden. So as consumers' tastes change, companies around the world are coming up with new and trendy ways to consume supplements.
Gummy vitamins are an example of a newer form of supplements. Originally targeted towards children, these gummies hide the unpleasant taste while providing the pleasure of eating candy. With high popularity, this form of supplement soon expanded its market towards people of all ages. In addition to gummies, other forms of supplements are currently taking over the market. One major trend is functional food and snacks, where ingredients like probiotics and vitamins are incorporated into foods that people are already consuming on a daily basis.
For example, in South Korea, the functional foods market grew 51 percent from 2013 to 2017. Red Ginseng is a very popular ingredient used in on-the-go jelly pouches that provides health benefits like energy and better immunity. Another company in Poland is manufacturing functional nut butter. Bigaj customizes their nut butter to include ingredients such as proteins, joint complex, and superfoods. These food options provide consumers with the same health benefits of supplements but without the hassle of taking pills with each meal.
This trend is here to stay. Even when the pandemic is over, this fear of not being healthy enough will still linger. The question is, where will this industry go next? Who knows how we will be taking supplements 10 years from now.