The nutraceuticals industry continues to grow and is expected to have a bright future. According to Euromonitor International, a global market intelligence publisher that provides market research reports, statistics and online information systems on industries, countries, and consumers, the US vitamin and dietary supplement market is projected to grow by 53% to $28.7 billion by 2021.
Each year, over 2/3 of American adults take dietary supplements. The dietary supplement industry generates $121.6 billion to the US economy (about 0.68% of GDP). This is based on an economic impact report funded by the Council for Responsible Nutrition (CRN), a trade association advocating science-based information concerning the importance of various minerals and vitamins in consumers’ diet. The report was produced by John Dunham and Associates on behalf of CRN.
Also, thanks to the industry, 754.645 jobs are created nationwide, and $38.4 billion is paid in wages. Moreover, the industry generates almost $15 billion in business taxes (federal and state), not including taxes coming from product sales.
Consumers are becoming more concerned about their wellness, focusing on a diet full of natural, whole foods. What they’re trying to use functional, value-added products like nutritional beverages and dietary supplements more often.
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Let’s take the example of one of the companies in the industry, New Horizon Nutraceuticals. The company researches and manufactures a wide range of supplements and offers custom blending and packaging services utilizing the most advanced machinery and ingredients of the highest quality.
New Horizon Nutraceuticals launched 5 years ago. Since then, the company has grown its business by trying to find ways to improve their products and practices. This is a private-label contract manufacturer that aims to establish customer loyalty by offering nutritional supplements that taste great and guarantee results.
The company does its best to make their products safe and pure, that’s why it has installed a metal detector called Signature Touch.
According to Rob Wiscount, owner of Kennett Square, PA-based New Horizon, the nutraceutical industry is a too large and there is lots of competition in the field. Manufacturers’ duty should be to produce quality products and guarantee safety for food to maintain success. Their metal detector helps them fulfill the mentioned purposes.
Wiscount further adds they do everything in their power to make their private-label customers successful, and they depend on their suppliers to help them since it’s a team work and effort.