Dietary Supplements Market: Peculiarities and Future Prospects
The dietary supplements market is among the fastest-growing ones in the world. But what are the peculiarities of the Nutra niche? Find out in this article.
At all times, people want to be healthy and live a long and happy life, and the dietary supplements industry caters exactly to these desires, which makes it so profitable and prosperous. But what is the dietary supplements market size, how it works, and what are the prospects of the Nutra industry? Let’s try to figure this out together.
The Dietary Supplements Industry
The global dietary supplements market is worth billions of dollars, and it’s constantly growing. Such high popularity is caused by fewer FDA (and other similar organizations) restrictions for supplements as well as people’s desire to cure and/or avoid diseases by means of a so-called “magic pill.” Of course, the popularity of dietary supplements and the people’s desire to explore more about their health contribute to the prosperity of the Nutra industry.
With all of that in mind, an entrepreneur would likely think that launching a dietary supplements business is a good idea, and they would be right. Believe it or not, but to succeed, you don’t even have to produce any supplements, which requires licensing and huge start-up capital. In fact, you can just resell the products within subscriptions, specialize in sports nutrition retail, launch a network marketing company, or use any other business model that will work for you.
In general, the industry can be divided into three main groups, which are:
- Additional Supplements
- Medicinal Supplements
- Sports Nutrition
Every one of these groups is perfect for various Nutra business models since each group has a decent number of potential customers. All in all, the dietary supplements market is large and diverse, so you will no doubt find your niche.
What Are Dietary Supplements Industry’s Main Problems?
Therefore, the main problems of the dietary supplements industry are marketing, website operation, payment gateways, subscription management, etc. Luckily, most of these problems can be easily solved by means of a good CRM like Germius, so consider getting it. Of course, if you are going to produce supplements, you will have to deal with way more issues, including FDA certifications, but reselling the best dietary supplements that have been already approved by the FDA is a less risky business that quickly starts bringing decent profits.
Dietary Supplements Industry Statistics and Prospects
We can talk for hours about how great the Nutra industry is doing, but nothing speaks better than pure numbers, so let’s take a brief look at some dietary supplements industry statistics:
- The industry is expected to grow by 8.5% and reach 240 billion by 2028
- In 2024, the revenue in the vitamins and minerals market is estimated to reach $30.55 billion
- Most revenue from the vitamins and minerals market is generated in China (approximately $5,325 million)
In 2022, the vitamin supplements market size was $45.52 billion
Additionally, most of the revenue of the industry was collected by such key market players as:
- Amway Corp.
- FullWell
- American Health Formulations (AHF)
- Garden of Life, LLC
- Healthy Life Pharma (P) Limited
- Good Health New Zealand
- Klean Athlete
- NOW Foods
- Llama Naturals
- Nordic Naturals
The nutritional supplements industry statistics demonstrate that the industry is prospecting and expected to grow regardless of the circumstances in the world, which makes the vertical worth investing in.
Germius for Dietary Supplements Services
The dietary supplements industry growth in recent years has probably made you interested in this field, and to be honest, selling supplement subscriptions is perhaps the best way to start. Of course, to launch a Nutra business, you need a website with the ability to smoothly accept and process payments and a CRM to keep track of your customers and their subscriptions. Well, that’s exactly what Germius can offer you.
We provide first-class payment orchestration services that include chargeback prevention alerts, as well as offer a reliable and highly-customizable CRM system for arranging various types of subscriptions, newsletters, and just keeping track of your clients. So, why don’t you launch your business with Germius?
Final Thoughts
The nutritional supplements industry is large and diverse, which means it offers many opportunities for both new and experienced entrepreneurs. Though there will be some challenges on your way to success, they can be easily solved, and after all, the profits will make up for all your struggles. So, if you always wanted to try yourself in the dietary supplements industry, do not hesitate and give it a shot.
