5 Key Findings from the Nutrition Business Journal’s 2021 Report
The Nutrition Business Journal’s 2021 report sheds light on the latest trends and challenges facing the nutrition and supplements industry. The report covers a range of topics, including market size, growth drivers, consumer behavior, and regulatory developments. Here are the five key takeaways from the report:
1. The Nutrition Industry is Growing
The report estimates that the global nutrition and supplements market was worth $226 billion in 2020, up from $175 billion in 2015. The growth is driven by several factors, including rising health concerns, growing awareness of the benefits of nutrition and supplements, and the availability of a wide range of products. The report also predicts that the market will continue to grow at a CAGR of 6% between 2021 and 2026.
2. Technology is Transforming the Industry
The report highlights the role of technology in transforming the nutrition and supplements industry. Advances in mobile and online platforms are enabling consumers to access information, compare products, and make informed purchasing decisions. Technology is also facilitating innovation in product development, with the advent of personalized nutrition, biotech, and plant-based products.
3. Supplements and Vitamins are the Biggest Categories
The report reveals that supplements and vitamins are the largest categories within the nutrition industry, accounting for 48% of the market in 2020. The rise in demand for immunity-boosting supplements during the COVID-19 pandemic has further fueled growth in this segment. Other categories that are growing include sports nutrition, weight management, and natural and organic products.
4. Sustainability is Becoming More Important
The report highlights the rising importance of sustainability in the nutrition industry. Consumers are increasingly concerned about the environmental impact of the products they use, and are demanding more sustainable and eco-friendly options. Companies are responding by adopting sustainable practices, such as using renewable energy, reducing packaging waste, and sourcing ingredients responsibly.
5. Regulation and Compliance are Key Issues
The report notes that regulation and compliance are critical issues facing the nutrition industry. Governments are imposing stricter regulations on product claims and labeling, with a focus on ensuring transparency and accuracy. Compliance with regulations is essential for companies to maintain consumer trust and avoid legal penalties.
In summary, the Nutrition Business Journal’s 2021 report provides valuable insights into the latest trends and challenges facing the nutrition and supplements industry. As the market continues to grow and evolve, companies must embrace technology, address sustainability, and adhere to regulations to stay competitive and meet consumer needs.
