Consumers are more than willing to spend money on nutritional supplements according to investment banking concern Mercanti Group. This $21.1 billion industry represents consumer efforts to maintain and improve health, often without the involvement of their health care professionals.
The National Institutes of Health’s National Center on Complementary and Alternative Medicine indicates that 1/3 of consumers use alternative therapies which includes nutritional supplements and predicts an ongoing industry growth rate of 5%.
Here’s how industry spending breaks out by category:
- Other supplements $5.7 billion
- Multivitamin/minerals $4.2 billion
- Vitamins $3.0 billion
- Mineral $1.8 billion
- Herbals/Botanicals $4.4 billion
- Sports Nutrition $2.2 billion
Remind your clients to market the health benefits of their products in order to boost sales.