Foods and Beverages with Immunity Boosting and Gut Health Claims Soar to $59 Billion
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ROCKVILLE, Md., June 9, 2021 /PRNewswire/ The U.S. food and beverage industry has been impacted heavily by COVID-19. In 2020 especially, more people looked to improve their health and boost immunity to prevent or lessen the severity of illness. Consumers are buying more supplements or vitamins to protect their immune system due to COVID-19, and some are also buying food and beverage products to boost their immune systems. 2020 turned out to be a banner year: the market for packaged foods and beverages with claims for gut health or immunity grew more than 50%, pushing sales to $59 billion, as reported by Packaged Facts new report
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, transactions and dollar volume for private-label credit cards dropped sharply with the onset of COVID-19, but then experienced recovery in the second half of the year. Even so, Packaged Facts projects flat to low growth in upcoming years for the private-label card market, with receivables estimated at $142 billion in 2020.
Private label credit cards, also called store cards, are the original credit cards. Traditional private label credit cards are good for in-store credit only, as opposed to store credit cards that are co-branded with Visa, Mastercard, or American Express, and therefore applicable for general use.
Private label credit card performance will continue to be hampered by the bankruptcies of some large partner retailers, tied not only to the accelerated surge in e-commerce in the wake of COVID-19, but to the longer-term trend of mall closings since 2010.