How to Get Into the Nutraceutical Business in 2021

The future is looking good for nutraceuticals. Worth already $382.51 billion this year, it is expected to grow up to $722.49 billion by the end of 2025 with an annual compound rate of 8.3%. 

With the pandemic still ravaging around the world, the demand for dietary and nutritional supplement products and functional foods is expected to increase immensely over the next few months. 

With more people now realizing the value of their health and well-being, it would be a smart move to get into the nutraceutical business in 2021. But how do you get started?

Get to know the basics.

Nutraceuticals cover products that are made from natural sources and offer more health benefits than what you can get in food. These supplements and functional foods are aimed at promoting complete wellbeing and preventing the onset of chronic illnesses that affect a person’s quality of life.

Dietary supplements include products that contain herbs, minerals, enzymes, amino acids, and other natural ingredients. Aside from tablets, they also come in gummies, protein powders, energy bars, and drinks. Functional foods, on the other hand, are products that contain enhanced, fortified, and enriched dietary components.  

Study the competition.

With such a lucrative market, you can really expect some tough competition. But if you’re going to do better than the rest, you have to look at what they’re doing right first. 

By studying your competition, you can get some ideas in terms of pricing, safety, and efficiency so it’s easier to develop the right framework for your own business. 

Prepare your capital.

Although it doesn’t take millions to start a nutraceuticals business, you will need capital to get things rolling. Most experts say that you can start a business with just $5,000, but it would be a lot better if you have at least $10,000 or more to invest in your first batch of nutraceuticals products, good packaging, a website, insurance, and marketing campaigns. 

Find a good contract manufacturer.

As a startup, it would be extremely expensive for you to build your own manufacturing facility. So if you still don’t have the budget for that, you can find a good contract manufacturer to turn your formula into a product. This option will allow you to cut down on operational costs since you don’t need to buy equipment, hire and train people, manage a team, and deal with quality control. 

A reliable full-service contract manufacturer will take care of everything from manufacturing to shipping, so you can just focus on developing new ideas for your business. 

Just make sure that your manufacturer is FDA-registered and NSF and GMP-certified so you don’t have to procure these licenses yourself. Your manufacturer should also be able to provide a certificate of analysis for every batch made to ensure consistency within all your products. 

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If done right, your nutraceuticals business will definitely bring good returns for a long time. Just stick with your goals, be honest with your products, and always put your customer first. 

Speak with a qualified high risk merchant account provider about your online credit card payment options.