The weight loss craze is driving consumers to spend more on protein supplement products, according to new data from The Vitamin Shoppe 2024 Health and Wellness Trends Report.
The report, an annual study of 2,000 Americans, provides insight into key consumer trends in the nutritional supplement industry. As more Americans take weight loss treatments like GLP-1 drugs, they are also looking for ways to replace key nutrients like protein, which can cause muscle loss and other side effects.
“This is a period of meaningful change,” The Vitamin Shoppe CEO Lee Wright said in the company’s annual report.
“Innovations such as GLP-1 drugs are driving increased focus on the importance of healthy nutrition, while social media continues to generate a surge in interest in a variety of health and wellness supplements and products,” added Wright.
Wright told CNBC’s “Squawk on the Street” Tuesday morning that growth in weight-loss products is a welcome catalyst after consumers reduced spending on vitamins and supplements in the wake of the pandemic.
Vitamin Shoppe logo.
John Graeme | Rocket of Light | Getty Images
The company is leaning more toward protein supplements, multivitamins, fiber and probiotics through its GLP-1 Nutritional Support program. The Vitamin Shoppe reports that sales of ready-to-drink protein drinks increased 10% in 2023 compared with the previous year.
At the same time, sales Meal replacement products and unflavored protein powders rose 13% and 12% respectively in the first four months of 2024.
“We’re working with a committee of doctors and nutritionists to make sure we’re providing consumers with a comprehensive approach to weight loss,” Wright said. “You don’t just want to lose weight, you want to lose fat. You also want to make sure you’re exercising and getting protein.”
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 product telemedicine services, “Whole Health Rx,” which includes access to branded and compounded GLP-1 weight loss medications. Last week, the company added additional branded weight loss products Zepbound and Wegovy options, as well as marketed diabetes treatments Ozempic, Mounjaro and Rybelsus.
This is the first time GLP-1 has appeared in the company’s trend report.
When asked what methods they would seriously consider to control or lose weight, 52% of respondents said said they would increase exercise and activity, while 26% said they would Diet planning will be a priority. Meanwhile, 17% said they would seriously consider using GLP-1 drugs.
About The Author
