A new report by Research and Markets projects that the U.S. nutraceutical market will reach $75.3 billion in 2017. This major projection is justified by a growing number of consumers investing in dietary supplements and functional food and beverages. In addition, mergers and acquisitions by pharmaceutical companies and retailers is also causing the industry to swell. For entrepreneurs looking for a growing and profitable new market to explore, the nutraceutical market may be the perfect opportunity for long term success.
A nutraceutical product is an isolated or purified item that effectively fights chronic diseases or benefits a person physiologically. Nutraceuticals are divided into three categories: dietary supplements (vitamins, minerals, fatty acids, in the form of tablets and capsules), functional food (probiotics, nuts, tomato products, yogurt), and functional beverages (sports drinks).
Recently, Americans took a United Soybean Board study that revealed the top three most important health issues to them: increasing consumption of healthy foods like fruits and vegetables (67%, up 10% from 2013), stopping childhood obesity (71%, up 12% from 2013), teaching healthy eating habits (73%, up 10% from 2013). In addition, 91% of consumers said that nutrition is the most important issue.
The nutraceutical market is not only thriving in the United States, it is growing around the world. In India and Jamaica, the industry is making a huge impact on the market. In India, the market is projected to increase by 20 percent, reaching $6.1 billion. Jamaica is getting the country ready to export nutraceuticals. Desperate for more exports, Jamaican leaders are making deals with supplement companies that will make the country a potential powerhouse for the nutraceutical industry. Currently Jamaica is home to more than 80 plants that manufacture prominent ingredients found in many nutraceutical products.
The nutraceutical market is set to take off in the next few years. The industry is ripe for business savvy and independent merchants to create a nutraceutical merchant account. Entrepreneurs have their pick of new markets to invest in. Contact eMerchantBroker.com to learn how you can safely start a nutraceutical merchant account today and take advantage of this booming industry.