More good news for the nutraceutical business from a press release from Transparency Market Research. The global nutraceuticals market will continue to grow at a CAGR of 7.3% through 2021. The sector was last valued at $182.6 billion in 2015 and, given these projections, will reach $278.95 billion within the next four years.
The global nutraceuticals market is primarily growing due to rise in demand for dietary supplements, as well as the health conscious consumer’s demand for functional foods and beverages, and personal care.
In the wake of nutraceutical market growth rides the implementation of provisions stemming from the Food Safety Modernization Act (FSMA). To meet these regulations, nutraceutical companies will face various manufacturing challenges. In the near term, they can adjust to the burdens of these regulatory changes to capitalize on the opportunity presented by growing market demand.
In addition to regulatory challenges, growing consumer demand for clean label products, responsibly sourced ingredients, sustainable packaging and pressures to extend shelf life are factors that can pile on to the supply chain challenges of nutraceutical manufacturers. However, these companies can lean on suppliers to guide them in making the right packaging equipment and material selections to satisfy evolving consumer desires and keep their manufacturing operations efficient and profitable.
Clean Labels and Corporate Social Responsibility Work in Tandem The consumer demand for clean label products continues to rise. In fact, 37% of U.S. consumers search for recognizable ingredients when making a purchase and reject ingredients that are unrecognizable. However, there is also a growing concern for corporate social responsibility (CSR), specifically how and where to procure ingredients for different nutraceutical products and functional foods. No nutraceutical manufacturer wants to source ingredients through means that consumers will find unpalatable. For example, when palm oil extraction accidents impacted wildlife and the environment, widespread coverage created an unfavorable image for brands that went against the wholesome, good-for-your product promises they offered. With nutraceuticals being a key industry for consumers seeking health-giving and medicinally beneficial ingredients, nutraceutical manufacturers have to consider the source of these ingredients. If at all possible, sourcing non-GMO, gluten-free, natural and organic ingredients locally can also be an asset to a brand looking to entice health-driven consumers.
At Makers Nutrition we are here to guide you through the entire supplement manufacting Our expert customer service representatives are on top of all the latest trends and regulations in the industry. For more information, call 844-231-7271.