LONDON--(BUSINESS WIRE)--Technavio market research analysts forecast the supplement market in the US to grow at a CAGR of close to 7% during the forecast period, according to their latest report.
The report has further classified the supplement market in the US into two segments based on product (vitamin supplements, sports nutrition supplements, herbal and botanical supplements, and meal replacement supplements) and distribution channel (retail outlets and online stores).
Technavio analysts highlight the following three market drivers that are contributing to the growth of the supplement market in the US:
- Rising awareness through social media marketing
- Growing urban population
- Increase in number of sales outlets
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Rising awareness through social media marketing
To increase the sales of supplement products, targeting potential user groups of aged men and women are being targeted by the vendors in the market. Additionally, awareness is created among various end-users by associations and organizations through online channels. A larger consumer pool is reached, and new consumers are attracted by manufacturers using social media marketing. To increase the awareness about these services and their benefits, the social media is used as an effective tool.
According to Amber Chourasia, a lead analyst at Technavio for health and wellness research, “The patient base is increasing due to the wide reach of the social media platforms. Over 100 million visitors visit social platforms such as Instagram, Tumblr, Pinterest, LinkedIn, Twitter, and Facebook every month. To market the importance of health supplement products, these platforms are an instant, direct, and cost-effective medium. Social media marketing alongside defined strategy and goal is providing manufacturers with high return on investment and personalized connectivity with potential clients.”
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Growing urban population
The growing urban population is changing people’s lifestyles. But with rising age, there is an increase in instances of dementias such as Alzheimer’s and chronic diseases. The number of people becoming health conscious is growing with rising instances of health issues among consumers in cities with rising disposable incomes.
There is relocation of people from rural to urban areas because of greater financial opportunities in urban areas. This has further increased the consumer pool for the manufacturers. The spending potential of individuals has changed making it easy for them to purchase supplement products to adopt a healthier lifestyle and increase brain activity.
Increase in number of sales outlets
There is a necessity to improve the availability of supplement offerings in retail stores such as supermarkets, hypermarkets, and pop-up stores. This is to make it suitable for the consumers to purchase them as the customer base for these products is growing rapidly. There is a positive effect on the sales of these products because of the availability of these products online. There is a customer-friendly web interface of many supplement companies such as Welcome Recovery for supplement products.
“To cater to the demand for healthcare products including vitamin supplements, sports nutrition supplements, herbal and botanical supplements, and meal replacement supplements, there is a prominent increase in the number of retail outlets in the country. The presence of a massive population with health disorders such as obsessive-compulsive disorder and bipolar disorder in the region has contributed to this increase,” says Amber.
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