In 2018, the food supplement industry grew to become a 78-billion-dollar venture, and is expected to grow 2.6% annually through 2023. That’s one year from today. Question is, where is this consumer behavior coming from?
To put it simply, we have the millennials to appreciate that.
How the Younger Generation is Promoting the Food Supplement Industry
Not just general fitness and wellness, but thanks to the young working adults who are in their 20s and 30s, the production of dietary and food supplements has skyrocketed over the past few years.
Because of the growing trend of living healthier, not just the elders, but even young adults have become wary of their overall health.
It has become such a trend that people became willing to pay good amounts of money just to stay healthy and fit.
What Does This Mean for Businesses?
While you may assume that this is a narrow market, there are many who would contradict. As of 2018, the market for meat replacements such as nutrition bars, protein shakes, and of course, food supplement has a combined $4.7 billion value.
Take note that this is a number taken before Covid-19. With the pandemic making more people realize the value of staying in shape, the statistics have grown significantly as of 2022.
What Does This Mean for Future Entrepreneurs?
Not only have the younger generation given more importance to their health and fitness, but they have also taken interest in business, too.
The fear of many people in investing in a business is the uncertainty of the market. This situation; however, shows that a generation that understands well the trends, can read and even expect the best out of their investments.
This leads us to what Dektos can offer. As a trading and sourcing company that specializes in coffee beverages and food supplements, we can help entrepreneurs generate higher income by providing honest service and quality products. Enquire now about potential partnerships with us!