Chicago, IL—The Industry Transparency Center (ITC) has released three new insight reports from its 2023 Consumer Insights program, which are available for purchase and immediate download. This first tranche includes supplement consumer insights from six countries, featuring all ingredient categories. ITC also offers a deep dive into prebiotics, collagen, and curcumin.
"It's exciting to see this data in use," said Len Monheit, CEO, Industry Transparency Center, in a press release. "Companies are measuring branded ingredient awareness, identifying gaps and white space, and re-thinking target demographics. It's a fluid market and you've got to be smart and efficient–ITC Insights allows companies to make confident early moves to smash their competition."
Key insights from ITC, as outlined in the release:
- 70% of respondents cite general health and well-being as reasons for taking health supplements.
- Overall supplement users (especially in Italy and Australia) report taking supplements to help with lack of energy.
- Anxiety and stress is the top response in the U.S.
- Criteria was adjusted in 2023 in an effort to remove more consumers who weren't familiar with branded ingredients, ITC reports. This shift resulted in appreciation and willingness to pay dropping slightly, but ITC noted that there is still strong appreciation for branded ingredients.
- Quality was the attribute global supplement consumers were most willing to pay a premium for; more than 10% of respondents said they are willing to pay over a 20% premium.
About the 2023 Consumer Insights program
Conducted in Spring 2023, the ITC Insights Supplement Consumer Survey encapsulates the buying behaviors and priorities of dietary and food supplement consumers (3,500 total) from the U.S., UK, Germany, Italy, South Korea, and Australia. Survey participants must be supplement users.
The reports commence with an examination of general supplement usage, covering popular categories including multivitamins, vitamin D, and omega-3s. Reports also include an intricate analysis of specific ingredient categories. The study evaluates consumers' health concerns, shopping preferences, spending habits, and considerations for branded ingredients. Additionally, the reports explore the pivotal factors influencing purchases, information sources that consumers rely upon, and their values oriented around trust, transparency, and sustainability. ITC said the reports are instrumental for industry stakeholders aiming to navigate and thrive amidst the dynamic market conditions.
Subsequent reports are slated for release before 2023 concludes. In the next few weeks, results from ITC's 2023 Functional Foods & Beverage consumers will be released, and ITC will continue to unveil insights that shape and define the global supplement and health ingredient industry.
