US – Consumer goods giant, Unilever has agreed to acquire US supplements brand and lifestyle company, Onnit, as it continues to expand its consumer health offerings.
Based in Austin, Texas, Onnit’s core focus is its range of supplements that aim to improve cognitive function, mood and relaxation, gut health and immunity support. The company’s portfolio also features protein powders, protein snacks, fats and oils, as well as coffee.
Founded in 2010, the holistic wellness and lifestyle company also offers fitness essentials such as kettlebells and a digital content platform that provides advice and fitness programmes for its consumer base.
The acquisition marks Unilever’s latest efforts to expand its activities within the holistic health market and comes a few months after it signed an agreement to buy SmartyPants Vitamins.
“Onnit is a leading brand in the fast-growing nootropics segment. With its holistic health offering and digital-first model, Onnit perfectly complements our growing portfolio of innovative wellness and supplement brands that include Olly, Equilibra, Liquid IV and SmartyPants Vitamins,” said Peter ter Kulve, president of home care and health & wellbeing at Unilever.
CPG interest Vitamin Mineral Suppliment surges
Unilever’s acquisition confirms Market Watch’s argument that Vitamins Mineral Supplement (VMS) is an area that many big CPG companies have talked about with increasing interest.
The interest is however founded as the VMS market was estimated to be worth between US$52 billion to US$56 billion in 2018, according to Market Watch and is expected to grow at a rate of 6.6% during the 2019-2025 forecast period.
The growth is driven by the consumer desire to maintain and improve overall health and wellness amid COVID-19 pandemic. Even after the pandemic, market researchers believe interest in nutrition products will stay at elevated levels.
Earlier, World’s largest food company Nestlé confirmed media reports that it is in talks to acquire The Bountiful Company, a New York based manufacturer of vitamins and supplements majority-owned by private-equity firm KKR.
Following completion of the deal, Onnit will continue to be based in Austin and led by CEO Jason Havey while the company’s Founder Aubrey Marcus will remain a brand ambassador.
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