The online sales of vitamins, minerals, and nutritional and herbal supplements (VMHS) is on the rise all around the globe.What are the driving factors for this? Where can you find a reliable, secure,and affordable vitamin supplement merchant account to grow your nutraceuticals business? You can find the answers below.
Vitamin Supplement Merchant Account & Market
Increasingly, more people worldwide are realizing the value of good health. The US, European, and Japanese people are aging, and the number of people interested in remedies to cure their health problems is growing.
Zion Market Research reports that the global dietary supplements market accounted for USD 132.8 billion in 2016 and is forecast to make up USD 220.3 billion in 2022. The market growth will be registered at a CAGRof 8.8% between 2017 and 2022. According to the Global Nutraceuticals Market report,the market will grow rapidly and reach about USD 317.3 billion by 2024.
The market size in 2016 accounted for USD 133.1billion. The growth in North America will be conditioned by the shift of interest among millennials and adults. The global demand in powdered form is expected to grow at a CAGR of 10.8% from 2016 to 2024.
Consumers of dietary supplements generally note the following primary reason: intention to enhance the intake of essential nutritional components in their body.
With all this being said, it’s crucial to find are putable merchant services provider to work with. With a respectable payment processor, you can open a secure and low cost vitamin supplement merchant account to fight the competition in the space. So,take the time to shop around and find the best merchant account provider that can help you with your specific business needs.
Nutraceuticals Industry: Present & Future
The VMHS sales are surging all over the world. Many new companies are entering the industry. Here’re several important factors that’re responsible for the current growth:
- Baby boomers are aging
- Consumer are becoming more interested in preventative healthcare
- Ingredient-focused messaging is being replaced by broader-brand positioning
- Consumers are more knowledgeable
- VMHS manufacturing companies are accessing new sales channels to enlarge their audience
- Consumers are more often using alternative channels for self-diagnosing purposes and determining their main health needs
Now, let’s see what you should expect in the years to come:
- Private label will appear as a catchy alternative to national, branded products
- Online sales will witness a significant increase
- Individual manufacturing companies should expect fluctuations brought about by easily-influenced consumers
- With personalities driving trends, manufacturers will need to think of new, creative ways to compete with influencers and attract more attention
- Mergers and acquisitions(M&A) will become more widespread
- Regulations in the field will become tighter
The global vitamin supplement market is growing with rapid advances. So, you need to be aware of what’s expected in the field and follow the right strategy to succeed. Do some research and find a true payment expert in your industry that can help you increase your sales and generate more revenue without challenges.
Author Bio: Electronic payments expert Blair Thomas is theco-founder of high risk payment processing company eMerchantBroker that provides unique merchant services,including a vitamin supplement merchant account. He’s just as passionate about his business as he is with traveling and spending time with his dog Cooper.