The Covid-19 pandemic amplified the demand for immunity-boosting vitamins and supplements, boosting sales. However, the industry is also experiencing increased scrutiny from regulators.
Market Size
A burgeoning geriatric population, rising health consciousness, and increasing household disposable income is expected to drive orders for vitamin and dietary supplement products. The demand for organic supplements is also increasing, owing to a shift in consumer preferences.
Manufacturers are careful not to make claims that suggest a product treats, cures or prevents disease, as this would require a medical license and be subject to strict regulation by The Medicines and Healthcare Products Regulatory Authority (MHRA). Instead, they promote products on the basis of ‘contributes to the normal functioning of X, Y, or Z’ – which is much less regulated.
Misinformation, either explicitly or implicitly, is also a major driver of sales of these products. It is in the interests of both online platforms and supplement companies to spread this misinformation, as it leads to more consumers – and more revenue – for them.
Market Share
The UK supplements industry is a multi-billion dollar sector. This trend is likely to drive the market’s growth in 2023.
However, despite the high demand for dietary supplements, the industry remains fragmented and highly competitive. The major players in the market have been expanding their product offerings to cater to the specific needs of consumers.
To increase their brand awareness, supplement manufacturers rely on the Internet to promote their products. Often, they will use content pieces that talk about various health conditions or diseases and mention supplements as an option for consumers to consider. For example, vitamin C products will be promoted on the basis that they ‘contribute to the normal functioning of the immune system’.
Market Trends
The industry’s profits are rising thanks to a boost in consumer awareness. People are seeking health solutions such as vitamins, minerals, and dietary supplements, as well as functional foods and beverages. This trend is driving demand and allowing manufacturers to expand their product lines.
Consumers are increasingly choosing products based on the ingredient list, and Feel is responding to this demand with clinically-backed supplements free of harmful additives. Its direct-to-consumer model also allows the company to avoid the high markup that high street retailers typically place on their products.
Supplement marketing often uses indirect strategies to attract customers, focusing on health conditions and disease symptoms rather than the product itself. Misinformation is common, with many online health and wellness sites promoting supplements without mentioning their ingredients or sourcing.
Market Analysis
The UK dietary supplements market is experiencing rapid growth due to a growing awareness of health issues among consumers. The major players are expanding their product portfolio and introducing innovative products to meet consumer demands. The industry is also benefiting from the Covid-19 pandemic, as people are turning to probiotics and other dietary supplements to boost their immunity.
Most supplement companies employ indirect marketing tactics in order to increase sales. These articles will conveniently make a link to the supplements they offer at the end.
Discussion about this post