Startup Costs and Potential Profits in the Supplement Business
The cost to start a supplement business varies but typically ranges from $5,000 to $10,000. Startup costs can increase if manufacturing is involved. Retailers enjoy a profit margin of 30-50%, making it potentially lucrative.
Market Demand and Growth in the Supplement Industry
The average revenue for supplement food is 19%, with the global market projected to reach USD 230.73 billion by 2027. The U.S. supplement industry alone is valued at over $37 billion, with an annual growth rate of 1.6% since 2017.
Steps to Starting a Supplement Company
Starting a supplement company can be challenging but rewarding. It involves finding a manufacturer, complying with regulations, and identifying your market niche. A well-developed business plan is crucial for success.
If you’re planning to start a supplement company, here are the 16 simple steps you need to get your business off the ground. Find Your Niche… As Americans have become more health-conscious, the Vitamin and Supplement Manufacturing industry has grown over the five years leading up to 2021.