Growing healthcare costs and ageing population has increased the emphasis on healthy living. Ever-increasing consumer interest in health and wellness has led to augmented usage of nutrition supplements. Growing participation in sports and fitness activities is increasing the demand for diet formulas and meal replacement products. Despite recent surveys and debates questioning the integrity and safety of vitamins and dietary supplements their demand remains high.
Consumers’ demand for cleaner, safer and more effective products are the underlying forces to redefine the market. Supplement industry is subjected to moderate barriers to entry. New entrants looking for a competitive advantage over established companies must introduce a product that is significantly different and more effective than products that are already in the market. Entry into herbal supplements production is highly regulated and extremely difficult, because manufacturers need to go through complicated tests before they are eligible for production.
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