The Nutraceutical Industry is Coming to Jamaica

Apr 28, 2015

Jamaica is poised to invest big in the nutraceutical industry. Investment and Commerce Minister, Anthony Hylton, believes Jamaica will benefit from establishing a foothold in the nutraceutical industry. In a country desperate for job growth and new sources of income, a market with little regulations and unlimited potential is especially alluring to country leaders.

A nutraceutical product is a purified or isolated item that must have the ability to combat chronic diseases or have a physiological benefit. Nutraceuticals are divided into three distinctive categories: functional food (probiotics, nuts, tomato products, yogurt), functional beverages (sports drinks), and dietary supplements (vitamins, minerals, fatty acids, in the form of tablets and capsules).

The nutraceutical market is booming across the world. According to CNN, over half of U.S. adults use nutraceutical products. Currently, the nutraceutical and vitamin supplement market is worth over $60 billion in the United States. In India, the market is growing even faster than in the U.S. By 2019, the industry is projected to increase by 20 percent, reaching $6.1 billion.

The success of nutraceutical products around the world is encouraging to Jamaican leaders.  At the launch of the National Nutraceutical Industry last week, Hylton stated that the development of the industry would move Jamaica to a more prosperous Jamaica. The country is in desperate need for export diversification to become a bigger player in the international trading system. Nutraceutical professionals also think Jamaica will be a prime location for the industry. The country is home to more than 80 plants that are prominent ingredients in many nutraceutical products.

In addition to vitamins and other nutraceutical product production, Hylton hopes that the formation of the nutraceutical industry will not only induce vitamin production, but also the medical marijuana and industrial hemp industries.

The nutraceutical market is now a global phenomenon, and is ready for smart and independent merchants to establish a nutraceutical merchant account. If the market takes off in Jamaica as predicted, it could mean a wealth of opportunity for forward thinking investors who establish businesses to this area. Contact eMerchantBroker.com to learn how you can start your nutraceutical merchant account today and take advantage of this next step in the evolution of the nutraceutical industry.

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