Dietary Supplements – Market Statistics

1/7/2024 Jane Jackson, RN, CRC Nutra-News

The dietary supplement market is highly profitable.  Annual sales in 2021 topped $145 billion with a projected market value expected to exceed $240 billion by 2028.

Some reasons for this staggering profitability are

• Dietary supplements are marketed to improve health and wellness.
• Consumers spend money on products they believe will enhance their overall well-being.
• The supplement industry is not subject to the restrictions imposed on the prescription pharmaceutical market.
• Manufacturers are free to market products with minimal oversight.
• Supplements are only removed if proven unsafe for consumer consumption.
• Dietary supplements statistically have a high profit margin.

The high profit margin of the supplement market has unfortunately attracted some manufacturers valuing profit over quality. The U.S. Food and Drug Administration (FDA) was granted authority in 1994 to establish standardized practices for dietary supplements.  Manufacturers now had a new list of regulatory guidelines to ensure their products were safe and effective.

Some specifics of the 1994 regulations are

• Must have evidence their products were safe for consumption.
• The FDA will review new dietary ingredients before being marketed.
• Manufacturers must report any adverse effects to the FDA.
• Labeling must include the ingredients, strength, nutritional value and directions for use.
• Claims made on the product label must be truthful and not misleading.
• Regulatory guidelines must be followed regarding quality and consistency.
• The FDA will enforce regulations.

The FDA issued an update to the regulations in 2007 that included specific minimum requirements for the manufacturing, packaging, labeling and storage of dietary supplements.  The FDA regulatory guidelines have standardized the marketing of dietary supplements, improved the quality and safety of products and improved consumer confidence in the dietary supplement market.

Remember, while dietary supplements can complement a healthy lifestyle, consult healthcare professionals before adding them to your diet.  Consumer safety is always a concern.

Jane Jackson, RN, CRC – 30 year healthcare professional with experience in the hospital setting, outpatient setting, pharmacy data validation audits, and medical risk adjustment coding.  Living peacefully on the Texas Gulf Coast enjoying writing, crochet and fishing.