Special Report: Supplement Market Economy Update 2023
Description
Special Report: Supplement Market Economy Update 2023
The current economic climate is challenging as inflation precedes a likely recession. The most frequent question we’re receiving right now is, How does this change NBJ predictions and projections? For the first time ever, NBJ is releasing a Special Report: Supplement Market Economy Update 2023. As predictions are shifting we want to provide you with the most up-to-date data so that you can best guide your brand with the current economic trends.
NBJ is now reporting 1.7% growth for 2022—down from the 4.2% estimated in June. How does this effect our predictions for 2023 in our updated forecast? This special report dives into the impacts of what has happened, how consumers are reacting to inflation with the threat of recession, and an updated forecast for 2023-2025.
This one-of-a-kind report features over 50 charts full of market sizing data, with updates to overall supplement industry, category break-outs and shifts in sales channels, as well as three survey inputs. See firsthand how consumer survey responses about grocery spending habits shifted from July to September to November of 2022, see attitudes specific to 1,000 U.S. dietary supplement users, and see what industry respondents are experiencing in their companies.
The current economic climate is challenging as inflation precedes a likely recession. The most frequent question we’re receiving right now is, How does this change NBJ predictions and projections? For the first time ever, NBJ is releasing a Special Report: Supplement Market Economy Update 2023. As predictions are shifting we want to provide you with the most up-to-date data so that you can best guide your brand with the current economic trends.
NBJ is now reporting 1.7% growth for 2022—down from the 4.2% estimated in June. How does this effect our predictions for 2023 in our updated forecast? This special report dives into the impacts of what has happened, how consumers are reacting to inflation with the threat of recession, and an updated forecast for 2023-2025.
This one-of-a-kind report features over 50 charts full of market sizing data, with updates to overall supplement industry, category break-outs and shifts in sales channels, as well as three survey inputs. See firsthand how consumer survey responses about grocery spending habits shifted from July to September to November of 2022, see attitudes specific to 1,000 U.S. dietary supplement users, and see what industry respondents are experiencing in their companies.
Table of Contents
- Executive overview
- Top thoughts
- The return of “unprecedented”
- Supplement industry sales and growth, 2017-2025e
- Supplement industry sales and growth, current vs. previous predictions, 2017-2025e
- Supplement industry sales and growth, current vs. previous predictions, 2017-2025e
- 37% of dietary supplement users believe we are already in a recession
- 65% of dietary supplement users think prices (in general, when considering all industries) will increase in the next
- 12 months
- 59% of dietary supplement users think supplement prices will increase in the next 12 months
- Supplement industry sales by product category, 2017-2025e
- Supplement industry growth by product category, 2017-2025e
- Supplement industry by product category, 2022e
- Supplement industry market share by product category, 2017-2025e
- 37% of U.S. consumers feel worse than a year ago
- Pressure or stress due to inflation was higher in November than in prior months
- 59% of U.S. consumers report buying the same amount of vitamins and supplements
- 61% of U.S. consumers have changed grocery shopping behavior due to inflation and the rising cost of goods
- 50% of dietary supplement users said recent cost increases had no impact on their current supplement usage
- Dietary supplement users will more likely buy store brand supplements or switch to lower priced products than stop
- taking supplements entirely
- Dietary supplement users agree the most that they’re spending the same amount of money on products more than
- any other purchasing habit
- Supplement industry sales by channel, 2022e
- Supplement industry sales by channel, 2017-2025e
- Supplement industry growth by channel, 2017-2025e
- Supplement industry market share by channel, 2017-2025e
- Majority of dietary supplement users believe a recession will last more than a year
- Current company revenue compared to prior year
- Current company unit sales compared to prior year
- Current company profit margins compared to prior year
- Appendix
- Just over two-thirds of respondents believe their company’s revenue will increase in 2023
- When considering the supplement industry, 44% of respondents believe revenues are currently up compared to this
- time last year
- 49% of respondents believe supplement industry revenues will increase in 2023
- Supplier lead times have had moderate to significant impact on respondent ability to fill orders
- 48% of respondents say they carry more inventory now compared to pre-pandemic levels
- 45% of respondents believe we are already in a recession
- 57% of respondents believe the recession will last between 1-2 years
- Over half of respondents believe a recession will have a negative impact on their company
- 77% of respondents report that cost increases have had an impact on their business
- 85% said labor costs are up and the same is true for ingredient costs
- 34% of dietary supplement users say they’re now worse off financially than they were a year ago
- 30% of dietary supplement users think they will be financially better off in a year from now
- Where dietary supplement users typically buy their groceries
- 41% of dietary supplement users do so to optimize their health around a condition
- Majority of U.S. consumers are buying less organic food because of the rise in costs
- Where the average U.S. consumer typically buys their groceries
- Acknowledgments and definitions
- Acknowledgments
- Research methodology
- Copyright
- Definitions
Pricing
Currency Rates
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