The weight loss boom is prompting consumers to spend more on protein supplements, according to new data from The Vitamin Shoppe's 2024 Health & Wellness Trend Report.
The report is an annual study of 2,000 Americans that provides insight into key consumer trends in the dietary supplement industry. More Americans are taking weight-loss drugs like GLP-1 drugs while also looking for ways to replace key nutrients like protein because the drugs have been linked to muscle loss and other side effects.
“It is a time of significant evolution,” said Lee Wright, CEO of The Vitamin Shoppe, in the company’s annual report.
“Innovations such as GLP-1 drugs [are] They are raising awareness about the importance of healthy eating, while social media continues to drive increasing interest in a wide range of health and wellness supplements and products,” Wright added.
Wright told CNBC's “Squawk on the Street” Tuesday morning that growth in weight-loss products was a welcome catalyst after consumers cut back on spending on vitamins and supplements following the pandemic.
The Vitamin Shoppe logo.
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The company is increasing its focus on protein supplements, multivitamins, fiber and probiotics through its GLP-1 Nutritional Support program. The Vitamin Shoppe reported a 10% year-over-year increase in sales of ready-to-drink protein beverages in 2023.
Meanwhile, sales of Meal replacement products and unseasoned protein powder rose 13% and 12%, respectively, in the first four months of 2024.
“We work with a panel of doctors and nutritionists to make sure we're giving consumers a holistic approach to their weight loss,” Wright said. “You don't just want to lose weight, you want to lose fat. You want to make sure you're exercising and getting protein as well.”
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 telemedicine service, Whole Health Rx, which includes access to branded and compounded GLP-1 weight loss medications. Last week, the company added more branded weight loss medications. Options Zepbound and Wegovy as well as the diabetes treatments Ozempic, Mounjaro and Rybelsus, which were already available.
This was the first year that GLP-1 appeared in the company's trend report.
When asked what methods they would seriously consider to control their weight or lose weight, 52% of respondents answered: said they would do more sport and activity, while 26% said they would prefer diet programs. Meanwhile, 17% said they would seriously consider taking GLP-1 drugs.
