Although herbalism and the practice of healing through herbal remedies have been a part of human history for millennia, many credit the early 1970s as the beginning of the modern herbal era in America. Companies like Nature’s Sunshine, among others, began producing herbs for an emerging market of health food stores, practitioners, or direct to consumers. In those early years, being innovative meant encapsulating the powdered herb, discovering new herbs, and traveling to distant lands to source these exotic botanicals. While these practices are the cost of entry today, the almost $10-billion-dollar herbal supplement industry would not exist without these “innovations.”
Nature’s Sunshine, a legacy brand founded in 1972, was not experiencing the same growth as its competitors. The company’s US sales peaked two decades ago, but each year since, it has experienced small but steady declines. As a publicly traded company, this decline was not a secret.
Fast-forward to today: three-quarters of American adults take dietary supplements that have annual US sales totaling over $50 billion. Thousands of brands with a variety of products are being sold everywhere. Innovations abound in sourcing, processing, manufacturing, and delivery. And each year, more Americans discover the benefits of herbs, with 57% of supplement users buying herbs and botanicals, driving an annual growth rate of approximately 9%.
Nature’s Sunshine, a legacy brand founded in 1972, was not experiencing the same growth as its competitors. The company’s US sales peaked two decades ago, but each year since, it has experienced small but steady declines. As a publicly traded company, this decline was not a secret.
The company knew it needed to take drastic measures; otherwise, it could end up like the dinosaurs—an irrelevant, historical relic of the herbal revolution. In response, Terrence Moorehead, CEO of Nature’s Sunshine, stated, “As herbal experts, we set out to make people’s lives better, but when you looked at the numbers, you could see that over the last 20 years we’ve been helping fewer people and improving fewer lives, which means that fewer people are feeling the long-term benefits of our products. Nearly 50 years since our founding, it was time to re-launch our company by introducing a new approach to our business, one that not only responds to evolving customer needs but also reestablishes our leadership within the industry.”