A Booming Nutraceutical Market Awaits You!
Why are so many new entrants scrambling to find a niche in the nutraceutical industry
? For one thing, nutraceutical sales are booming! Not only that, but its proven itself to be a recession-resistant industry that can withstand the pressures of an economic downslide.
If youre considering a startup business in the nutraceutical industry, heres why you, too, should hurry to find a high-quality nutraceutical supplement manufacturer to successfully launch your product line!
A Brief History of Nutraceuticals
The word nutraceutical was coined in 1989. At that time, biomedical research was growing exponentially and a word was needed to describe substances in foods or parts of foods that are capable of imparting significant health benefits to the user. Since these substances were mainly nutrients derived from foods and because they possessed health value, Dr. Stephen DeFelice put together the words nutrition and pharmaceutical and came up with nutraceutical.
The term nutraceutical has a broad meaning. It may be used for isolated nutrients such as omega-3 fatty acids, dietary supplements, herbs and botanicals to genetically engineered designer foods. Nutraceuticals are believed to provide health benefits that go beyond basic nutrition.1
Why are more people turning to nutraceuticals?
Nutrition is considered to be a powerful tool against the prevention of disease and any doctor would recommend a healthy diet and lifestyle to maintain optimal health. But with busy lives, hectic schedules, and stressful factors, men and women today have very little time to cook up a balanced meal. Dietary supplements and nutraceuticals can help fill the nutrition gap.
The recession has actually prompted more people to turn to nutraceuticals. Some reasons include:Consumers consider nutraceuticals a safe and inexpensive option to stay healthy and cope with the daily pressures of life. Nutraceuticals give consumers the freedom of choosing for themselves the supplements they need to fulfill their personal health needs. Many are convinced that taking supplements is one of the best ways to keep the doctor away and avoid expensive healthcare costs.
Research Paving the Way for More Growth
Research on nutraceuticals is continually developing. Scientists have found that some nutrients, more than others, can confer condition-specific benefits on the user. For example, beta-sitosterol found in saw palmetto has been found to alleviate symptoms of an enlarged prostate. Proanthocyanidins found in cranberries may help prevent urinary tract infections. Omega-3 fatty acids have several health benefits ranging from promoting heart health and cognitive health to keeping joints healthy and flexible.2-4
Up, up and up!
In 2008, the nutraceutical market was valued at $3.824 million. The demand for more nutraceutical ingredients is expected to rise to $4.890 million by 2013. The United States is slated to be one of the largest consumers of nutraceuticals in the next five years, according to a report from The Freedonia Group, an international industrial market research company based in Cleveland, Ohio.5
There are several factors that will continue to drive the growth of this industry. Several market research groups reported that a growing aging population will be one of the major drivers of the nutraceutical market. By 2030, one in five residents in the United States will be aged 65 and older.6Growing consumer preference for natural and nutritional options that work with the bodys natural system for health and wellbeing. They are preferred against pharmaceuticals that are considered to have more side effects and often work in a way that disturbs the bodys natural functions. Consumer awareness of nutraceuticals and their role in the preservation of health is on the rise. More credible research on nutraceuticals is fueling the growth of the industry.According to the "U.S. Nutraceuticals Market Analysis", reported by RNCOS, an industry intelligence and creative solutions company based in India, an 8% CAGR growth is expected for the nutraceutical market from 2011-2015.7
What to Expect
As with any industry, new entrants will have to position themselves uniquely in order to stand out in a competitive marketplace. Some issues to consider are:Too many products with the same ingredients and formulations.Too much time between the concept of a product and its launching.Too many manufacturers advertising false product claims resulting in a negative impact amongst consumers.Too little promotional efforts in educating consumers about nutraceuticals.
Are you planning to start your own supplement business? Maybe youre already a supplement business owner thats looking to change manufacturers? Below are some of the factors you should consider when selecting a nutraceutical manufacturer:One that offers fast quote and product turnaround times and individualized customer service. The last thing you want to do is get stuck in a voicemail maze, searching for the last person you spoke with.The supplement industry is heavily regulated. Youll want to partner with firm that manufacturers your products in a GMP certified facility.Find one that offers a variety of in-house services such as label and packaging design, order fulfillment and drop shipping. Using one company to handle all of these tasks, as opposed to sourcing it out to multiple vendors, will help you save time and money and may help you get your product to market faster.A manufacturer that is well-spoken of by industry trade associations and one that holds a high reputation for quality manufacturing can help you produce superior products. Look for awards and recognitions the manufacturer may have received.
Your products will stand out in the marketplace if they are priced right, contain safe and efficacious ingredients, are well-formulated, have attractive packaging, and are available in convenient delivery formats. Turn to an experienced nutraceutical company to help you manufacture high-quality products that meet the health needs of your target market.
Resources:Nutraceuticals: a piece of history, present status and outlook, Food Research International, Volume 35, Issues 23, 2002, Pages 171176. sciencedirect.com/science/article/pii/S096399690100179XBeta-sitosterols for benign prostatic hyperplasia, Cochrane Database Syst Rev. 2000;(2):CD001043. PMID: 10796740. ncbi.nlm.nih.gov/pubmed/10796740 Cranberry proanthocyanidins and the maintenance of urinary tract health, Crit Rev Food Sci Nutr. 2002;42(3 Suppl):273-8. PMID: 12058985. ncbi.nlm.nih.gov/pubmed/12058985 Omega3 Fatty Acids, University of Maryland Medical Center, umm.edu/altmed/articles/omega-3-000316.htm World Nutraceutical Ingredients to 2013, Nov-2009, The Freedonia Group. freedoniagroup.com/DocumentDetails.aspx?DocumentId=474691 Global Nutraceutical Industry, July 2012, Global Industry Analysts Inc. reportlinker.com/p080430/World-Nutraceuticals-Market.html#utm_source=prnewswire&utm_medium=pr&utm_campaign=Nutraceutical The U.S. Nutraceuticals Market Analysis, RNCOS. rncos.com/Report/IM350.htm
by: Kevin A
The Herbal Supplement Market Experiencing Phenomenal Growth! Hajj The Pilgrimage Of Equality Want To Know A Great Brand Of Reliable Toner Cartridges Sunday; The Day Of Rest? Cash Till Payday- Get The Benefit Of Payday Loan Unilink Inc. Offering Comprehensive Range Of Canon Check Scanner Options Why It Is Necessary To Use A Hidden Cam What Is A Convection Microwave Oven Amazing Safari Experience To South Africa Can Sodium Lauryl Sulphate Be Used Safely In Our Products? Canap Dangle, Canap Convertible, Ou Les Deux? Various Sizes Of Erie Office Trailers The Way To Analyze Forex Using Technical Measures