U.S. Nutrition Industry Prospers in 2007, Despite Economic Slump
Jul 28, 2008 12:00 PM
Shackled by a weakened dollar, the crisis in the mortgage market and skyrocketing fuel prices, the U.S. economy stumbled in 2007 — and the situation has only grown worse this year. Every industry, from real estate to retail, is feeling the sting that has come from plummeting consumer confidence, rising transportation costs and recessionary fears. But, unlike most other segments of the economy, the U.S. nutrition industry continues to expand at a double-digit pace — and ended 2007 with its highest growth rate in nine years. Nutrition Business Journal research shows that, in 2007, the U.S. nutrition industry grew 10.7% — almost a full percentage point higher than in 2006 — to total consumer sales of $93.9 billion.
Even the maturing U.S. supplements category posted better growth — 5.9% — in 2007 than it has seen since 1998, driven largely by continued healthy sales of omega-3, probiotic and super-fruit supplements. Sales of natural & organic personal care (N&OPC) and household products grew the most last year, with sales rising 23.3% to $9.2 billion. Natural & organic food rose 13% to $26.7 billion, while functional food — the largest of the categories tracked by NBJ — expanded 9.4% to $34.3 billion.
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