According to media reports, health supplement brand Thorne is expected to achieve $650 million in annual revenue this year. This strong performance is mainly attributed to the increasing focus on improving the health of Gen Z and Millennial consumers.
The company revealed that this 42-year-old health supplement brand was privatized and acquired by L Catterton in 2023. Since the acquisition, Thorne's compound annual growth rate has consistently remained above 30%. According to submitted documents and the company's own statistics, the brand's revenue more than doubled between 2022 and 2025, climbing from $229 million to over $500 million.
Meanwhile, Thorne stated that the number of consumers shopping directly with the brand increased from approximately 4 million at the end of 2023 to approximately 7 million, directly driving a 63% increase in direct-to-consumer sales.
"A lot of what we've done over the past few years has been streamlining processes, focusing on key priorities, and simplifying our marketing strategy to some extent. We've clarified who we're serving, what they want the brand to offer in the future, and we've also looked back at our heritage," said CEO Colin Watts (former CEO of Vitamin Stores). "...We expect this to become a billion-dollar brand within the next few years."
Thorne's rapid growth coincides with a booming period in the U.S. vitamin, mineral, and dietary supplement market, a boom driven in part by the "Make America Healthy Again" movement and the rise of a health-conscious young consumer base seeking to improve their health, sleep, nutrition, and related conditions. According to data collected by consulting firm AlixPartners, the U.S. market for vitamins, minerals, and dietary supplements will reach $125 billion by 2025, and is projected to grow by 11% by 2027.
“With advancements in science, and frankly, consumers are increasingly health-conscious, leading to a shift in consumption patterns and focuses. They are starting to think, ‘What proactive steps can I take to manage my health in the future?’” Watts said.
In recent years, dietary supplements have become a popular gift category, generating significant consumer interest. This trend has created substantial opportunities for large retailers like Walmart, Target, and Amazon, consumer goods companies like Nestlé, and smaller brands like Thorne. This phenomenon also reflects a broader generational shift in the industry: previously dominated by older consumers focused on preventative healthcare, the dietary supplement market is now increasingly favored by younger consumers seeking efficacy, personalization, and the development of healthy daily habits.
“When I first started looking into this market 25 years ago, it was a Baby Boomer-dominated market; you basically had to focus on serving Baby Boomers to stand out. But the reality is, today’s market is Gen Z and Millennials,” Watts said. “A major trend among Gen Z and Millennials is that they don’t see nutritional supplements as preventative measures, but as performance-enhancing tools. For example, ‘I want to sleep better. I want to be more energetic. I want to reduce anxiety. I want to exercise better.’ These are issues they are very, very concerned about.”
Watts stated that about 60% of Thorne’s total revenue comes from consumers under 40, a group that spends about 1.5 times more on health than their parents. He also estimated that while some younger consumers have reservations about recurring subscription plans, about half of these consumers under 40 are subscribers to the brand.
“One of the reasons Gen Z hates subscription services is that they subscribe to something only to find it cheaper elsewhere, which frustrates them, and frankly, me,” Watts said. “We are very disciplined when it comes to pricing…we don’t advertise our brand with wildly fluctuating prices. Our prices are quite stable.”
To attract subscribers and offer them discounts, Thorne offers free shipping and a 10% discount on every refill order. Subscription frequency is flexible, ranging from once every two weeks to once every four months; a 20% discount is offered for subscriptions of three or more products.
As the health supplement industry continues to boom, people are paying more attention to product ingredients, efficacy claims, and manufacturing processes, especially younger consumers who often want to know how products are made. Because the safety and efficacy of health supplements are not regulated by the U.S. Food and Drug Administration (FDA), brands have to conduct their own testing and incorporate the results into their marketing campaigns to enhance consumer trust.
“We invest a lot of time ensuring we can demonstrate the scientific validity and effectiveness of our products. For example, we are one of the few brands that have worked with the Mayo Clinic for over 14 years,” Watts said. “We also work with many top sports teams. We are the official nutritional supplement for the UFC. We are working with multiple tennis associations…all of this forces us to constantly improve ourselves because these customers are more discerning than the average consumer.”
When asked if the company had plans to go public again, Watts said there was “no rush”. He noted that an initial public offering (IPO) was one possible future path, while another potential possibility was a strategic acquisition by a large company.
“I think, like any private equity firm, L Catterton will look for the right time to make the right exit,” Watts said. “Right now, as we look ahead to future directions, through physical retail, international expansion, and larger-scale expansion, there are many strategic companies in the market that might see a brand like Thorne as a very strong asset in their overall portfolio.”
