What Venture Capitalists And Scientists Think About The Dietary Supplements Market

May 16, 2017

Zion Market Research shows the global dietary supplements market is projected to grow at a compound annual growth rate (CAGR) of 8.8% from 2017 to 2022. The market revenue accounted for 132.8 billion in 2016, and it’s expected to reach $220.3 billion by 2022.

Asia-Pacific was the biggest market for dietary supplements in 2016. It represented over 31% share of the total volume of dietary supplements market and is expected to go on serving as the largest market in the next years as well. Next came North America and Europe in 2016. These markets are anticipated to have moderate growth for dietary supplements in upcoming years.

$30 billion is spent annually in the US on dietary supplements. Supplement startups are gaining customers and revenue as venture capitalists give hundreds of millions of dollars in cash to not only apps and gadgets; they’re spreading lots of money to other profitable areas as well.

To start and grow your diet supplement business successfully, you’ll need to find a reputable payment processor like emerchantbroker.com. EMB offers a reliable and low-cost diet supplement merchant account to merchants of any type and size. EMB is voted nation’s #1 high risk payment processor and boasts an A+ rating with the BBB. EMB is rated A by Card Payment Options and is one of Inc. 500’s Fastest Growing Companies of 2016.

Ritual, Elysium and Nootrobox, dietary supplement startups, are led by tech veterans and get funds from venture capitalists. They’re offering multivitamins to be consumed on a daily basis and gels to boost energy. They’re grabbing attention thanks to the transparency and testing they offer. They’re showing studies that justify their choice of ingredients and even representing full lab test results.

It’s not necessary to have approval from the Food and Drug Administration to launch supplements. Such policy allows for selling billions of dollars of goods without authentication. Companies in the field state they’re using ingredients that are classified as safe by the FDA. The agency doesn’t test the combinations included in supplements.

According to Duffy MacKay, senior vice president of science and regulatory affairs at industry trade group Council for Responsible Nutrition, startups must apply a balanced enthusiasm about what they’re doing.

Michael Brandt, co-founder of Nootrobox notes if you can use something to boost your work performance, it’s better to start sooner than later.

 

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Having a merchant account allows an account holder to take advantage of merchant cash advances. When a merchant is approved for an advance, the business agrees to receive a lump sum of cash in exchange for an agreed-upon percentage of future credit card sales.

Pricing varies depending on the merchant’s industry, past credit card processing history, the type of business seeking the account, average ticket sales, and average transaction volumes.

Yes, EMB works with merchants who are building their credit, as well as those who have poor credit. EMB also approves merchants that have no credit card processing history and businesses that have lost their merchant accounts due to high chargebacks.

Several factors influence a merchant’s risk level. Though only one factor likely will not get a merchant classified as high risk, a combination of these may: business size, location, and industry, credit score, credit card processing history, a industry’s reputation for excessive chargebacks, a prior history of high chargeback ratios, and whether a merchant exclusively sells online.

Virtual terminals are stationed on a merchant’s website, making it easy for customers to make a payment or purchase online. Merchants or a payment processor can easily set up virtual terminals, so online businesses can accept credit and debit card and e-check transactions.

A merchant account is a business account with an acquiring bank. Without this business account, which actually works more like a line of credit, a merchant cannot accept and process credit and debit card transactions. Businesses need a merchant account to accept major credit cards via a static point-of-sale terminal, mobile card reader, or through a virtual payment gateway.

After filling out EMB’s simple online application and submitting any necessary, requested documents, many merchants get approved within 24 and 48 hours.

EMB specializes in working with high-risk merchants. EMB works with many merchants, including but not limited to businesses in these industries: gambling and gaming, adult entertainment, nutraceuticals, vaping and e-cigarettes, electronics, tech support, travel, high-end furniture, weight loss programs, calling cards, e-books and software, and telecommunications.

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