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The Analyst's Take: Global Emerging Markets
Despite recession and inflation concerns being felt across the world, 2023 is closing strong with 4.7% growth in a $182.68 billion market. Compare that to the U.S.’s 2.6% growth and the strength of the global supplement market is clear—especially when considering that, at one-third of the global market, that U.S. growth rate is pulling the overall growth down. Some notable standouts across the regions are Western Europe, settling in at 5.5% growth, Eastern Europe and Russia, at 6.6%, and India coming out higher than both at 7.6%.
While predicting and reporting on the global market is no easy task, for our Global Supplement Business Report, Nutrition Business Journal captures and reports on three major supplement categories (Vitamins and Minerals, Herbs and Botanicals, and an “all others” that includes Sports Nutrition, Specialty Ingredients and Homeopathy) within 22 different countries and regions across the globe. Research for each region or country takes into consideration the local economic climates, inflation and currency exchange rates. From this, we estimate the history and predict what’s coming, and it’s looking even stronger.
Total industry growth is forecasted to be 5.3% in 2024, with Latin America returning to the top overall performing spot at 10% growth—very impressive as the region approaches $20 billion—and India coming in second with 7.7% on a $13.53 billion (2023) market.
Entering a New Year comes with both uncertainty for the future and gratefulness for what has come. At NBJ we are grateful for our community and happy to predict a bright 2024.
Cheers!
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| | Erika Craft
Erika Craft, Market Research Analyst for NBJ, is responsible for tracking supplement industry trends and managing market report data. She implements quantitative consumer survey research that helps inform NBJ reports, as well as provides general consumer insights for the industry. She is passionate about consumer health and wellness and aims to help both individuals and brands with a deeper understanding of the supplement industry. |
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| | | Track Market Growth Around the Globe |
| | The Global Supplement Business Report is a comprehensive analysis that delves into the sales and growth trends of finished product supplements on a global scale. This report is rich with valuable insights, offering readers access to over 100 data charts that cover various aspects of the supplement industry. For the first time ever, this report also features a Top 15 Global Company list. This list is curated based on the sales of Vitamin, Mineral, and Supplement (VMS) products, and it includes preliminary data for the year 2023. |
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