The weight loss boom is pushing consumers to spend more on protein supplement products.
This is according to new data from The Vitamin Shoppe's 2024 Health and Wellness Trends Report, an annual study of 2,000 Americans that provides insight into major consumer trends in the nutritional supplement industry. As more Americans take weight-loss treatments like GLP-1 drugs, they have also looked for ways to replace key nutrients like protein, since the drugs are associated with muscle loss and other side effects.
“This is a time of significant evolution,” Lee Wright, CEO of The Vitamin Shoppe, said in the company's annual report. “Innovations such as GLP-1 drugs [are] driving greater attention to the importance of healthy nutrition, while social media continues to create surges of interest in a wide range of health and wellness supplements and products.”
Wright told CNBC's Squawk on the Street on Tuesday morning that the growth of weight loss products is a welcome catalyst after consumers reduced spending on vitamins and supplements following the pandemic.
The Vitamin Shoppe logo.
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The company has been moving more into protein supplements, multivitamins, fiber and probiotics through its “GLP-1 Nutritional Support” program. The Vitamin Shoppe reported a 10% increase in sales of ready-to-drink protein drinks in 2023 compared to the previous year.
Meanwhile, sales of Meal replacement products and unflavored protein powder during the first four months of 2024 increased 13% and 12%, respectively.
“We are working with a board of doctors and nutritionists to ensure we are providing consumers with 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 make sure you exercise and also consume protein.”
Wright expects the customer base for weight loss products to triple as more Americans try to lose weight.
The Vitamin Shoppe also launched its own telehealth service in early May, “Whole Health Rx,” which includes access to brand-name medications and GLP-1 compounds for weight loss. Last week, the company added additional brand-name weight loss products. options Zepbound and Wegovy, along with diabetes treatments Ozempic, Mounjaro and Rybelsus, which were already available.
This was the first year that LPG-1 was a topic in the company's trends report.
When asked what methods they would seriously consider to control or lose weight, 52% of respondents said they would increase exercise and activity, while 26% said they would I would prioritize dietary programs. Meanwhile, 17% said they would seriously consider using GLP-1 medications.
