The global nutraceuticals market was valued at USD 425.57 billion in 2022 and is expected to reach USD 693.06 billion by 2028, growing at a CAGR of 8.47% during the forecast period. If you are in the nutraceuticals business, this is probably not a big surprise for you. You are part of one of the fastest-growing industries, which can be both extremely exciting and extremely competitive.
According to Grandview Research, rising healthcare costs, coupled with the increasing geriatric population across the world, are anticipated to assist the global nutraceutical industry growth over the forecast period. The growth has been supported by factors such as the rising geriatric population, escalating healthcare costs, evolving lifestyles, advancements in food innovation, and consumer expectations for higher prices.
At ShipWizard, we are also no strangers to the growth and development of this exciting industry, as we fulfill and support e-commerce for some of the biggest names in the industry. From ashwagandha to zinc, our clients work hard to create the most effective formulations and support their customers in their quest for optimal wellness. In the world of e-commerce, we are the Omega-3 to your brand’s fish oil, the collagen to your skincare routine, and the probiotic to your gut health.
What’s New in Nutraceuticals?
The growth of the industry is not just due to more people catching on to the benefits of nutritional supplements; it’s also driven by new research and ingredients. Forbes Health Advisory Board members anticipate supplements will continue to increase in popularity in 2024, specifically noting the following:
- Creatine
- Ashwagandha
- Berberine
- Matcha
- Mushrooms and mushroom powders
- Marine collagen and sea moss
- NAD supplements
- Magnesium
- Vitamin D
- Supplements aimed at aging and brain health
- Astaxanthin
- Choline
Additionally, other areas of interest cited by experts as trends to watch in 2024 include:
- Nervous system regulation
- Stress management
- Sleep
- Emotional health
- Personalized wearable technology
These supplements are available in various formats, offering consumers a wide range of options to meet their preferences and lifestyle needs:
- Powders: Nutraceutical powders are versatile and easy to incorporate into beverages, smoothies, or food. They offer flexibility in dosing and can be customized to individual preferences.
- Liquid Supplements: Liquid nutraceuticals are convenient for individuals who have difficulty swallowing pills or prefer a more easily absorbed form. They can be consumed directly or mixed with water or juice.
- Gummies: Nutraceutical gummies are a popular choice, especially among children and adults who dislike swallowing pills. They offer a tasty and enjoyable way to consume supplements and often come in various flavors.
- Capsules: Capsules provide an alternative to traditional pills and can contain powders, liquids, or oils. They are usually easier to swallow than large tablets and offer precise dosing.
- Sublingual Drops/Sprays: Sublingual administration involves placing drops or sprays of liquid nutraceuticals under the tongue for rapid absorption into the bloodstream. This method bypasses the digestive system and may offer faster effects.
- Topical Products: Nutraceuticals can also be formulated into topical creams, lotions, or patches for targeted delivery to the skin or specific areas of the body. Examples include vitamin-infused skincare products or transdermal patches for pain relief.
- Functional Foods: Functional foods are ordinary foods that have been enriched with added nutrients or bioactive compounds to provide specific health benefits. Examples include fortified beverages, snacks, and cereals containing added vitamins, minerals, or probiotics.
How to Stand Out In Nutraceuticals
Being part of the bustling supplement scene is a thrill, but standing out in the sea of brands can be a challenge. So, how do you make a splash and shine amidst the crowd of competitors?
- Personalization: One Size Doesn’t Fit All: Engage customers with interactive health quizzes designed to assess their current health status, dietary habits, and wellness goals. Based on the quiz results, provide personalized recommendations for supplements and lifestyle changes to help them achieve their health objectives. By understanding your customers’ unique needs, preferences, and health goals, you can create personalized product recommendations, customized packaging, and targeted marketing campaigns that resonate on a deeper level. Whether it’s offering personalized vitamin regimens based on individual health profiles or providing personalized nutrition advice from certified experts, personalization shows your customers that you truly care about their well-being, fostering loyalty and trust in your brand. Utilize data from customer profiles, purchase history, and health assessments to recommend products tailored to each individual’s health goals and dietary needs. For example, a customer interested in joint health may receive recommendations for supplements containing glucosamine and chondroitin.
- Recurring Subscriptions and Auto-Replenishment: Imagine never running out of your favorite supplements again. With recurring subscriptions, customers can set up automatic deliveries of their preferred products at regular intervals, whether it’s monthly, quarterly, or customized to their specific needs. This hassle-free approach not only ensures a steady stream of revenue for your business but also provides convenience and peace of mind for your customers. No more last-minute trips to the store or worrying about running low on essential vitamins – it’s all taken care of automatically. Here at ShipWizard, we specialize in order fulfillment for subscriptions, making it easy for nutraceutical brands to implement recurring subscription and auto-replenishment programs. Our advanced fulfillment technology integrates with your e-commerce platform, allowing for automatic processing of subscription orders and accurate inventory management. From order processing and picking to packing and shipping, we handle it all, ensuring that your customers receive their supplements on time, every time.
- Going Above and Beyond: Consumers expect white-glove treatment, particularly if they are new to your brand. When it comes to customer service, speed and personalization are key. Respond promptly to customer inquiries and concerns, offering personalized assistance and solutions to address their needs. Whether it’s answering product questions, resolving issues with orders, or providing guidance on health and wellness, prioritize delivering a positive and memorable customer experience at every touchpoint. Once an order is placed, keep your customers informed every step of the way, from order confirmation to shipment tracking. Provide clear and transparent communication regarding order status, expected delivery dates, and any updates or delays that may arise. With ShipWizard as your fulfillment partner, you can offer fast shipment options to your customers, so they don’t have to wait long before starting their new supplements regimen. Our East Coast and West Coast warehouses and partnerships with shipping carriers enable us to fulfill orders with speed and precision, getting your products into the hands of customers in as little as 2 business days.
ShipWizard: Your Partner For Healthy Growth
With ShipWizard by your side, you’ll harness the power of innovation, quality, and exceptional service to leave your competitors in the dust. Our nutraceutical fulfillment operations take place in an FDA-registered warehouse facility. This means that our warehouse has met the rigorous standards set forth by the Food and Drug Administration for storing and handling dietary supplements and nutraceutical products. By operating in an FDA-registered facility, we ensure that all aspects of our fulfillment process, from receiving and storage to picking, packing, and shipping, comply with FDA regulations and guidelines. Together, we make the perfect blend of wellness and vitality!
Ready to rise above the rest in the world of nutraceuticals? It’s time to shine brighter, innovate bolder, and stand out from the competition! Let ShipWizard be your secret weapon in the battle for brand supremacy. Let’s team up and take your supplement game to the next level.
With our tailored fulfillment solutions, FDA-registered warehouse, and unwavering commitment to excellence, we’ll help you soar to new heights of success. Contact us today to get started.
