Zion Market Research shows the global dietary supplements market is projected to grow at a compound annual growth rate (CAGR) of 8.8% from 2017 to 2022. The market revenue accounted for 132.8 billion in 2016, and it’s expected to reach $220.3 billion by 2022.
Asia-Pacific was the biggest market for dietary supplements in 2016. It represented over 31% share of the total volume of dietary supplements market and is expected to go on serving as the largest market in the next years as well. Next came North America and Europe in 2016. These markets are anticipated to have moderate growth for dietary supplements in upcoming years.
$30 billion is spent annually in the US on dietary supplements. Supplement startups are gaining customers and revenue as venture capitalists give hundreds of millions of dollars in cash to not only apps and gadgets; they’re spreading lots of money to other profitable areas as well.
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Ritual, Elysium and Nootrobox, dietary supplement startups, are led by tech veterans and get funds from venture capitalists. They’re offering multivitamins to be consumed on a daily basis and gels to boost energy. They’re grabbing attention thanks to the transparency and testing they offer. They’re showing studies that justify their choice of ingredients and even representing full lab test results.
It’s not necessary to have approval from the Food and Drug Administration to launch supplements. Such policy allows for selling billions of dollars of goods without authentication. Companies in the field state they’re using ingredients that are classified as safe by the FDA. The agency doesn’t test the combinations included in supplements.
According to Duffy MacKay, senior vice president of science and regulatory affairs at industry trade group Council for Responsible Nutrition, startups must apply a balanced enthusiasm about what they’re doing.
Michael Brandt, co-founder of Nootrobox notes if you can use something to boost your work performance, it’s better to start sooner than later.