Many entrepreneurs are interested to take up this business as it seems lucrative. Let’s take a sneak peek into the health supplement market and how franchising could be a fruitful prospect in this market.
The forward-moving lifestyles that we are persistently living have made us afford the cost of a lot of things but at a terrible expense. One of the biggest things we lose out on is our own health. Due to busy schedules, numerous people don't have the time to cook or eat a holistic diet, hence they end up suffering from numerous health issues.
In spite of being a hot issue for debate among researchers, the consumption of health supplements is on the rise. The increased number of fitness enthusiasts and the growing awareness about healthcare are some of the significant reasons why health supplements are in grave demand. Seeing the growth of the health supplement market, numerous entrepreneurs are interested to take up this business as it seems lucrative. Let's take a sneak peek into the health supplement market and how franchising could be a fruitful prospect in this market.
1. Health Supplement Market at a Glance:
According to statistics, the health supplement market is anticipated to develop at an annual growth rate of 20% from 2015 to 2023. There are multiple elements that are giving a harder push to the health supplement market.
The increased awareness is one of the biggest components that have escalated the demand for health supplements. Individuals across the globe are willing to improve their health by diet and lifestyle changes yet they don't have the time to invest, and health supplements simply offer them a perfect answer for keeping up with their nutritional requirements without undergoing any significant changes in lifestyle. Also, numerous brands are coming up with marketing strategies that feature the low-quality of products of fruits and vegetables that we eat consistently. Another reason why health supplements are demanded heavily is the increased buying power of the consumers. As more and more consumers earn well and the majority of them are aware of the health supplements, they will spend money to keep them healthier.
The increased health consciousness and quick growth of the e-commerce markets are likewise some of the biggest reasons for the growth of the health supplements market. As the accessibility of these products is increasing on e-commerce websites, consumers can easily get access to these products, and hence, drive the market.
2. Potential of Health Supplements Business:
The health supplements market offers a wide range of products as there are varied types of supplements. Based on the usage, numerous consumers demand health supplements for weight loss and diet. While nutrients and minerals involve a larger share of the pie in the Indian health supplements market (40%), the herbal segment contributes 30%, the proteins segment contributes 25% and other segments contribute around 5% of the absolute market, according to reports.
Offering such a variety of health supplements to the consumers, a hopeful entrepreneur has countless choices to take up as a venture. For instance, beginning a business in nutrients and mineral supplements could be beneficial as more consumers are seeking such supplements, while one can likewise select a herbal supplement business as there is a wave of herbal and natural products. Exercise supplements are another market with immense potential, and there are huge loads of different types for use altogether stages of exercise, from pre-exercise to exercise recovery. With everything taken into account, there are countless choices for entrepreneurs who wish to enter this market. Along these lines, the potential is quite higher in this business.
3. Franchising Prospects:
When it comes to taking health supplements, numerous consumers prefer a renowned brand's products as they can't compromise on their health. It becomes more imperative to consider the brand name as cheap quality products can cause adverse effects and can cause side effects as well. Along these lines, beginning with a fresh and independent business is certifiably not a great choice for those who are attempting to enter this segment. However, franchising creates countless lucrative opportunities for hopeful entrepreneurs in the field of personalized gifting.
There are a number of players in the health supplement market that operate on a franchise model. With the franchise model of expansion, the franchisors get the chance to expand their business at lesser risk while franchisees can enjoy various benefits such as brand recognition, low-startup cost, higher ROI, and many more. In such a scenario, for those who wish to invest in the personalized sweets gifting market, buying a franchise of a renowned brand could be beneficial.