Sales of vitamins and minerals represent a $6.5 billion book of business that’s growing at a 5.2% clip across total U.S. multi-outlets for the 52 weeks ended Nov. 3, 2013, according to IRI.
(For the full category review, including sales data, click here.)
Don’t expect that growth rate to taper off anytime soon. Because not only is dietary supplementation a key component of many consumers’ overall health-and-wellness regimens, but dietary supplements also has been projected to save billions of healthcare dollars when healthcare costs are under a microscope.
A recent Frost and Sullivan report determined that supplementation at preventive intake levels in high-risk populations can reduce the number of medical events associated with heart disease, age-related eye disease, diabetes and bone disease in the United States, representing the potential for significant cost savings.
According to the Centers for Disease Control and Prevention, 75% of total healthcare expenses are spent on caring for people with preventable diseases, with only 3% spent on prevention. That’s a significant upside opportunity.
Currently, product segments contributing large-scale growth to the category are gender-specific multivitamins, biotin, melatonin, Co Q-10, vitamin D, vitamin B-12 and vision formula multivitamins, noted Doug Jones, Pharmavite spokesman.
Probiotics, gummy vitamins and immunity health also are hot categories.