The weight loss boom is driving consumers to spend more on protein supplement products, according to new data from The Vitamin Shoppe’s 2024 Health and Wellness Trends Report.
The report, an annual survey of 2,000 Americans, provides insight into key consumer trends in the dietary supplement industry. As more Americans turn to weight-loss treatments such as GLP-1 drugs, which can lead to muscle loss and other side effects, they are also looking for ways to supplement with key nutrients such as protein.
“Now is the time for meaningful evolution,” The Vitamin Shoppe CEO Lee Wright said in the company’s annual report.
“Innovation in GLP-1 drugs and other areas [are] “While there is increased attention to the importance of healthy nutrition, social media continues to generate increased interest in a wide range of health and wellness supplements and products,” Wright added.
Wright said on CNBC’s “Squawk on the Street” on Tuesday morning that the rise in weight-loss products is a welcome boost as consumers have cut back on spending on vitamins and supplements in the wake of the pandemic.
Vitamin Shoppe logo.
John Graeme | LightRocket | Getty Images
The company is focusing on protein supplements, multivitamins, dietary fiber and probiotics through its “GLP-1 Nutritional Support” program. The Vitamin Shoppe reported that sales of single-serve protein drinks increased 10% year over year in 2023.
on the other hand, Sales of meal replacement products and unflavored protein powders increased 13% and 12%, respectively, in the first four months of 2024.
“We work with a council of doctors and dietitians to make sure we’re giving consumers a holistic approach to their weight loss journey,” Wright said. “You don’t just want to lose weight, you want to lose fat, you want to exercise and get some protein in too.”
Wright expects the customer base for weight-loss products to triple as more Americans try to lose weight.
In early May, The Vitamin Shoppe also launched its own telehealth service, Whole Health Rx, which includes access to branded GLP-1 weight-loss medications. Last week, the company added additional branded weight-loss medications. In addition to the already available diabetes medications Ozempic, Mounjaro and Rybelsus, the company will also offer options Zepbound and Wegovy.
This year marked the first time that GLP-1 appeared in the company’s trend report.
When asked about methods they would seriously consider using to control or lose weight, 52% of respondents 26% said they would increase their exercise and activity. Seventeen percent said they would prioritize a diet program, while 17% said they would seriously consider using a GLP-1 drug.
