Definition and Growth of Supplements Industry
A supplement refers to a product added to something to improve it. The supplement industry is growing rapidly and will reach $15 billion by 2023. Online sales grow rapidly. These businesses generate major revenue and employ many people. So the industry is highly profitable.
Understanding and Selling Supplements
The law defines dietary supplements as products taken by mouth to supplement the diet. Supplement companies create products to naturally treat ailments. Their business plans explain their strategies for becoming successful companies.
Profit Margins and Legal Responsibilities
Profit margins for direct supplement sales are 10-40%. Sales through distributors see 5-15% margins. Many companies raise profits by developing more products. Starting with unique supplements boosts sales.
FAQ: What is a supplement product?
A supplement is a product that complements a diet by providing additional nutrients. Supplements come in forms like pills, powders, and liquids. They contain ingredients such as vitamins, minerals, herbs, and amino acids extracted from foods or made synthetically. Supplements aim to enhance health but aren’t meant to replace meals.