From wearable activity trackers to five-star spas and getaway retreats, consumers are clearly focused on their health and wellness. With so much angst and political polarization in the U.S., who could blame anyone for trying to disconnect for a while, or for seeking out a thermal spring in a remote corner of the world?
Even though the GWI report didn’t focus on dietary supplements or nutritional products specifically, the future on that front looks equally promising. According to Euromonitor International, global sales of consumer health products reached $219 billion in 2016, up 3%. Sales are projected to top $250 billion with ongoing growth of 3% per year through 2021.
An aging population that prefers natural, holistic medicine, along with a younger, emerging millennial generation that has adopted a preventive approach to health, have fueled demand for wellness products. For more analysis on global nutraceuticals hot spots, read this month’s TrendSense column from Elizabeth Sloan and Catherine Adams Hutt.
Nevertheless, these are uncertain times for healthcare in the U.S., as Republicans, in apparent disagreement over the best way to “repeal and replace” the Affordable Care Act, must answer to 20 million Americans who could lose health insurance if the controversial law is scrapped. Personally, I’d rather be kite surfing.
For a thorough review of healthcare under Trump, including what we know—or what we think we know—and what to look out for, read Erik Goldman’s Healthcare Practitioner Corner column.
Politics aside, consumers have made a strong statement about their interest in dietary supplements and functional nutrition products, in addition to things like fitness trackers and spa trips. At the end of the day, wellness means big business.