It’s official: one of the biggest industries in the world is health and wellness. According to the 2017 data from Global Wellness Institute, this market has a value of a whopping $4.2 trillion!
Even better, you can capitalize on that by working with dietary supplement manufacturers. It saves you from the tedious process of licensing and passing FDA approvals and from high costs associated with research and product development. You can get to work with companies with years of experience in the field and have available, marketable, and safe products ready for your private label.
Marketing, however, is another story, and doing it right is your ticket to finding real success in this highly competitive industry. What you need is better information on the latest industry trends, including emerging niches and target audiences.
What Sells the Most?
Health and wellness is broad and covers many sub-segments, such as food, drugs, tourism, and dietary supplements. This discussion will focus on the last one.
Dietary supplements already reached a value of $132.8 billion in 2016, according to Zion Market Research. But it will achieve a compound annual growth rate (CAGR) of 8.8% until 2022. By the end of the forecast period, this segment will earn $220 billion. Fact.MR research, meanwhile, forecasts that over-the-counter vitamins and dietary supplements will reach a 6.6% growth in 2019.
When you break it down according to the different specific products, some may sell more than the others. Take, for example, omega-3 supplements. According to Hexa Research, supplements with omega-3, which is a type of fatty acid, can achieve a market value of $57 billion by 2025. Within 2018 until that year, the CAGR can be as high as 6%.
Weight loss supplements will also have the same CAGR by 2022, according to Technavio. By the end of the forecast period, its revenues will increase by $1.27 billion.
Regions for Growth
One of the significant advantages of having a supplements business is the broad market. It is in demand in almost all regions. These are North America, Asia Pacific, Europe, Latin America, and the Middle East and Africa.
The growth, though, won’t be the same among the countries that make up each region. Some of them might also want more of these supplements than the others.
In North America, the United States will still be the biggest market; but the Asia-Pacific region will achieve higher growth, especially in China, Japan, and India Two factors will fuel the demand in these places: population volume and capacity to spend.
In China alone, the dietary supplements sales reached more than $16 billion in 2016 or a 9.3% growth from the previous year. Around the same period, global sales had only a 5.7% increase. Supplement growth in the country outpaced that of its gross domestic product (GDP) increase.
Supplements enjoy a significant demand for a variety of reasons. More people are becoming aware of their health and want to be proactive about it. A considerable population is getting older. In other countries, the middle class is growing.
Competition is fierce, however, so being strategic with marketing can help you add value to your products and even reduce your business costs.
