According to most market reports, the global nutraceuticals market is heading for years of sizable and sustainable growth.
According to Fortune Business Insights, the value of the global nutraceuticals market was measured at $320 billion in 2020. The same report predicted that it will grow from its 2021 level of $352 billion to $658 billion by 2028. That’s an annual growth rate of 9.3%. Not quite crypto currency levels of growth but unlike crypto, based on sound fundamentals that should last. I’ve looked at other similar reports and the numbers are very consistent, so if they are to be believed, Nutraceuticals is a good place to be for next few years.
Whilst many industries suffered terribly during covid lockdowns, nutraceutical demand unsurprisingly increased massively as health conscious consumers looked for ways to protect themselves from infection by improving their immunity systems. Moreover, this rush of new consumers to food supplements has opened many eyes to the benefits that taking food supplements can have in helping avoid illness and disease.
There is a virtuous circle that supports this increased demand. As consumers become better educated and more health conscious, they adapt and improve their lifestyles with the end result being that mortality rates reduce. Part of this lifestyle change will be to take dietary supplements. So with more people living longer, there will be more people taking food supplements, and so on and so on. A virtuous circle.
We at Opalbond have certainly seen a huge increase in demand for dietary supplements, but is has not been plain sailing. Many of our suppliers have been swamped by the unexpected demand that covid created, causing big supply chain challenges despite everyone’s best efforts to increase capacity. As of today, these issues seem to have largely settled down with supply/demand now being better aligned.
When I first read the Fortune Business Insights report, I was slightly surprised that the projected levels of growth for nutraceuticals, but on further reflection, it makes sense…….. Long may it continue.