ROCKVILLE, MD, September 01, 2010 (Press-News.org) Whereas the world's economic problems have hit many industries hard, the nutritional supplement business has proved resilient on the strength of spending by the aging Baby Boomer population and other health conscious consumer cohorts who favor supplements as an affordable way to stay healthy compared to costly prescription drugs and preventable medical procedures, according to Nutritional Supplements in the U.S., 4th Edition by market research publisher Packaged Facts.
"Part of the resiliency of nutritional supplements during this trying economic period stems from the fact that Americans are losing confidence in their ability to pay for healthcare, even as the economy shows signs of turning around," says Don Montuori, publisher of Packaged Facts. "Compared to doctors visits, hospital stays, and prescription drugs, nutritional supplements can be a bargain."
Packaged Facts estimates U.S. retail sales of nutritional supplements exceeded $9 billion in 2009, up 8% over 2008 sales. From 2005 to 2009, the market grew by a total of 26%, fueled by growing consumer awareness about health maintenance, in addition to pressure by the media and government to enforce product accountability.
This shift toward an increasingly health conscious attitude, along with the supplement industry's move towards more science-based claims and various other efforts to shore up its credibility, will help push nutritional products further into the mainstream. Despite the weak economy, the prevailing needs of Boomers and seniors should also help to protect the market from any serious downturn. As a result, Packaged Facts forecasts annual sales growth in nutritional supplements will gradually improve over the new few years and sales will exceed $13 billion in 2014, yielding a compound annual growth rate of 7%.
Nutritional Supplements in the U.S., 4th Edition examines the U.S. market for nutritional supplements sold to consumers through the full retail spectrum, including vitamins, minerals, herbals, homeopathics and combination products. The report provides extensive retail sales breakouts, past and future, along with a thorough examination of market drivers, the competitive situation, marketer and brand shares, marketing trends, and consumer trends. Special features include a discussion of competition from nutraceutical foods and beverages based in part on Packaged Facts' own consumer polling, and in-depth coverage of condition-specific products in myriad segments including joint, calcium, children's, eye, energy, heart, men's, women's, brain, digestive and cosmetic. For further information, please visit: http://www.packagedfacts.com/Nutritional-Supplements-Edition-2642045/.
About Packaged Facts - Packaged Facts, a division of MarketResearch.com, publishes market intelligence on a wide range of consumer market topics, including consumer goods and retailing, foods and beverages, demographics, pet products and services, and financial products. Packaged Facts also offers a full range of custom research services. To learn more, visit: http://www.packagedfacts.com/.
Please direct all inquires to:
Jenn Tekin
Packagedfacts.com
(240) 747-3015
jtekin@packagedfacts.com
Boomers and Health Conscious Consumers Sustain U.S. Market for Nutritional Supplements
Fears about the recession dampening the nutritional supplement business were not realized. The market appears to have benefited, since supplements stack up well against costly prescription medications and preventable medical procedures.
2010-09-01
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[Press-News.org] Boomers and Health Conscious Consumers Sustain U.S. Market for Nutritional SupplementsFears about the recession dampening the nutritional supplement business were not realized. The market appears to have benefited, since supplements stack up well against costly prescription medications and preventable medical procedures.