Are you a merchant involved in the health supplement, nutraceutical sector? Do you want to know more about the industry? Where can you get a secure and affordable nutraceutical merchant account? Just read below and you’ll know.
Global Nutraceutical Market: Nutraceutical Merchant Account
The global nutraceutical products market is forecast to account for reach $578.23 billion by 2025, as Grand View Research, Inc. reported last year. The global dietary supplements market was estimated to be USD 133.1 billion in 2016. During 2016 – 2024, it’s anticipated to grow at a CAGR of 9.6%.
The US, Japan, Israel, and Germany are the top markets for nutraceuticals. They boast high product adoption rate. China, India, and Brazil are projected to have above average growth over the mentioned period, which will be caused by increasing investments by manufacturers. As for North America, the latter is a mature market and in 2015, the market represented 27.5% of the global revenue share.
Are you running a nutraceutical business and need a reliable nutraceutical merchant account? The best way is to apply to a respectable payment processing company that can get you a secure merchant account at the lowest rates in the space. Importantly, look for a merchant account provider that’s ready to talk to you so to know the specifics of your business before offering merchant services.
Health Supplements and Nutraceutical Market in the US
The dietary supplements market in North America was accounted to be USD 37.37 billion in 2016. You can find a number of large, medium, and small size manufacturers operating in this market. The dietary supplements demand in North America is expected to be driven by the substantial growth of medicinal, additional, and sports nutrition supplements over the upcoming years.
When it comes to the online vitamin and supplement sales, they’re growing 12% faster as compared to the e-commerce average. By the way, Amazon accounts for 77% of vitamin and supplement sales, as Slice Intelligence reports.
Today, more nutraceutical brands are working on increasing online sales. This suggests that these companies can’t do without tackling the challenges stemming from e-commerce supply chain. Vitamins-based supplements are anticipated to make up 48.0% of global share by the end of 2024.
Sports athletes and working professionals are increasingly becoming more interested in nutritional supplements. So, the demand is expected to grow. As for the children segment, it’s projected to witness the fastest growth at a CAGR of 10.0% during 2016 – 2024.
On the other hand, easy access to nutritional products in the form of tablets in terms of the regional level is forecast to positively affect the industry. Amway, Abbott Laboratories, Glanbia, Archer Daniels Midland, GlaxoSmithKline, and DuPont are the key players in the market.
Major players depend on strategies like joint ventures mergers and acquisitions. The goal is to raise their market presence. The vendors found in today’s market compete on factor like quality, innovation, service, reputation, promotion, and strategic initiatives. Also, they are committed to growing their profitability with the help of R&D activities and product innovation.
Author Bio: Electronic payments expert Blair Thomas co-founded eMerchantBroker, serving both traditional and high-risk merchants by offering a nutraceutical merchant account and other merchant services. His passions include producing music and traveling.