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 fast-paced lifestyles that we are persistently living has made us afford a lot of things but at a terrible cost. One of the biggest things we lose out on is our own health. Due to busy schedules, many people don’t have the time to cook or eat holistic diet, hence they end up suffering with many health issues.
In spite of being a hot topic for debate among the scholars, the consumption of health supplements is on the rise. The increased number of fitness enthusiasts and the growing awareness about the healthcare are some of the major reasons why health supplements are in grave demand. Seeing the growth of the health supplement market, 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.
Health Supplement Market at a Glance
As per statistics, health supplement market is anticipated to grow at annual growth rate of 20% from 2015 to 2023. There are multiple factors that are giving a harder push to the health supplement market.
The increased awareness is one of the biggest factors that have escalated the demand for health supplements. People are willing to improve their health by diet and lifestyle changes but they don’t have the time to invest, and health supplements just offer them a perfect solution to keep up with their nutritional requirement without undergoing any major changes in lifestyle. Also, many brands are coming up with marketing strategies which highlight the low-quality of fruits and vegetables that we eat on a daily basis.
Another reason why health supplements are demanded heavily is the increased purchasing power of the consumers. As more and more consumers earn well and most of them are aware of the health supplements, they are willing to spend money to keep them healthier.
The increased health consciousness and rapid growth of the e-commerce market is also one of the biggest reasons for the growth of health supplements market. As availability of these products is increasing on the e-commerce websites, consumers can easily get an access to these products, and hence, drive the market.
Potential of Health Supplements Business
Health supplements market offers a wide range of products as there are varied types of supplements. Based on the usage, many consumers demand for health supplements for weight-loss and meal replacement. While vitamins and minerals occupies a larger share of the pie in the Indian health supplements market (40%), the herbal segment contributes 30%, proteins segment contributes 25% and other segments contributes around 5% of the total market, as per reports.
Offering such a variety of health supplements to the consumers, an aspiring entrepreneur has so many options to take up as a venture. For instance, starting a business in vitamins and mineral supplement could be beneficial as more consumers are seeking such supplements, while one can also opt for herbal supplement business as there is a wave of herbal and organic produce. Workout supplements are another market with vast potential, and there are tons of different types for use in all stages of exercise, from pre-workout to workout recovery. All-in-all, there are so many options for entrepreneurs who wish to enter this market. So, the potential is quite higher in this business.
When it comes to taking health supplements, many 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 fatal harm and can cause side effects too. So, starting with a fresh and independent business is not a great option for those who are trying to enter this segment. However, franchising creates so many lucrative opportunities for aspiring 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, those who wish to invest in the personalized sweets gifting market, buying a franchise of a renowned brand could be beneficial.