10 Reasons to Enter the Booming Supplement Industry
1:33 pm EDT 5/12/2021
Over the last few years, the sale of vitamins, herbal and nutritional supplements and minerals has grown. The supplements industry is a global industry worth billions of dollars. It is projected that this growth will continue to rise in the foreseeable future, as more and more people become proactive about staying healthy. According to research, it is predicted that the private label supplement industry will be worth $210 billion by 2026.
If you are interested in business and you are pondering which business to start, then here are 10 reasons why you should dip your feet into the billion dollar private label supplements industry.
- Increased Interest In Preventative Health
There is increased interest in healthy living. People have a huge appetite for preventative health. This is reflected in the information that is available online, in newspapers, magazines and even television and online shows. Manufacturers are also directly aggressively marketing to consumers, which has increased consumer awareness about wellness.
Healthcare professionals are also encouraging people to seek disease preventive measures rather than waiting to get sick and then going for disease treatment. Some of the preventive measures that people have embraced include taking supplements, exercising, and getting regular checkups. Therefore, more people are getting interested in buying supplements as a way of supporting healthier lifestyles.
- More People of Different Age Groups are Taking Supplements
The number of people taking private label supplements continues to increase over time. People take supplements for many reasons. For instance, people who are physically active or are into sports take supplements to help in bodybuilding and to help them with sports nutrition. Also, aging people use supplements to support wellness as they age.
Moreover, one of the growing healthcare trends is nutrient deficiency. According to the World Health Organization, at least 2 billion people around the world suffer from some form of nutrient deficiency. This is usually caused by environmental and lifestyle factors. For instance, vegans and vegetarians are often deficient in iron, calcium, vitamin B12 and vitamin D. Also, some mental health conditions can be caused by lack of enough vitamins.
As a result of all these issues, many people have reported to taking supplements daily, which has led to an increase in the demand for supplements.
- Independent Consumers
Consumers have become more self-directed. They are proactive and have taken their health issues into their own hands. Gone are the days where consumers just relied on doctors to get health advice.
Consumers can now use the internet to search for more information about products, brands and ingredients before making a decision on what to use. Also, with access to more information, people are now self-diagnosing and finding alternative ways to manage their health conditions.
This is mainly driven by the high cost of medical care, so people are taking steps to minimize chances of getting sick or to minimize their conditions from getting worse. Therefore, consumers are using the internet to get more information and make decisions through different phases of their health journey,
This is beneficial to people who sell supplements, as most buyers are people who have taken self-directed decisions to find alternative products that will support their wellness journey.
- Health Conscious Celebrities
Celebrities who are health conscious have helped to fuel the craze surrounding supplements. Celebrity physicians like Dr. Oz and Deepak Chopra regularly talk about diet and lifestyle choices, which have driven consumer purchase of supplements upwards.
The population buys into the endorsements made by celebrities and they do things that they believe will make them healthier. Celebrities have a lot of influence on people. So, people use supplements, on the recommendations of celebrities, as they believe that it will help enhance their overall health.
- Growth of Ecommerce
Ecommerce has grown over the last couple of years. The barriers to entry are low, since you can set up a website and start selling your products. What’s more, there are loose regulations by the FDA surrounding the sale of supplements, making it possible for you to freely market and sell your products online, as long as you do not make health claims.
You do not necessarily have to have your own website to sell supplements. You can take advantage of marketplaces, such as Amazon to list and sell your products. When you use services like Fulfilled by Amazon, you can have your supplier ship your products to Amazon, which Amazon will then send to your customers, whenever someone makes a purchase. So, you do not even have to store the products yourself.
In addition, you can market your products to people in your mailing list. If you do not have a mailing list, you can build one. So, even if you do not have your own site, there are several ways to still sell to people online.
- It’s Scalable
It is estimated that the supplement industry is growing by 10% every year. This means that there is a huge potential to grow in this industry and there is market for interested players to still get into the industry.
The demand for supplements is not going to go down anytime soon. Consequently, you can start small and then gradually grow your business. All you have to do is to identify your niche market and then focus on marketing aggressively to them and then branch out from there.
- You Can Run It From Your Home
You can start your own small supplement business from the comfort of your home. But, this will largely depend on the legislation of where you live. This will do away with the need to spend money on renting a premise for the business.
- To Complement An Already Existing Business
If you already run your own business, consider growing your business by selling supplements. This is in industries where supplements will complement your existing business model, for instance, in the case of gym owners and pharmacists. This will expand your product offering.
Pharmacists are perfectly positioned to recommend supplements to customers. This can increase the sales revenue for the pharmacy. The pharmacist can educate themselves about various supplements and identify the most in demand products within their community.
Weight loss companies and gym owners can also offer supplements as an add-on service. This will increase your average order value. This can help you attract new clients, especially if you introduce popular products that people are already interested in. It will also be an added revenue stream for your business.
- There Are Lots Of Suppliers
It is important that you find a reliable supplier with a good reputation. The good news is that there are lots of suppliers and you can find them online. An example is The Emerald Corp, which is a private label supplier of supplements. They manufacture and supply good quality products, like liquid supplements, edible supplements and topicals. You can purchase a wide variety of supplements from their online store in wholesale and then resell them.
When you are starting out, you do not have to reinvent the wheel and come up with your own supplement formulations. Just focus on finding a reliable supplier to partner with. Do not feel that you have to manufacture your own products to make a profit. It will be far more efficient to use private label products than trying to manufacture products on your own.
- You Don’t Have To Invest Much To Get Started
Getting started does not have to be complicated or costly. When you start selling private label supplements, like those offered by The Emerald Corp, then there will be less work for you. The Private label company will do most of the work, such as researching the ingredients, formulating and testing the supplements. In addition, they will label the products, based on how you want it done. This makes it easy for you to get up and started running your business within a short period of time.
In addition, there are low minimum order quantities, so you will not have to pay a lot for orders. This gives you a chance to try out new products and see how they perform in the market with minimum risk to you, as you do not have to worry about getting stuck with a large number of inventory items.
Starting your own supplement business can seem daunting. Finding the product to sell, getting capital, marketing, finding buyers and dealing with the legal side of things all adds up and can put you off. But this doesn’t have to be the case. There is no reason why you should miss out on profiting from this billion dollar industry. The answer can be as simple as partnering with a supplement company, where most of the work will be done for you. This will make starting your own business quick and inexpensive, while having a huge potential to rake in the profits. The Emerald Corp Shop has everything you need when it comes to supplements. They bottle and package everything for you and can even help you design your labels.