9 Tips on Becoming a Leading Nutraceutical Products Manufacturer
The nutraceutical market in 2016 was valued at $198.7 billion and is expected to grow to $285.0 by 2021. As a nutraceutical products manufacturer, you want to be among the best of the best. But how do you rise to the top of such a lucrative market?
There are nine key points to keep in mind if you want to become an industry leader.
1. FIND A NICHE
What makes your nutraceutical product different from any other on the shelf? Once you find a differentiating factor from your competition, consumers have more of an inclination to buy your product.
If they can only get one specific benefit from your product alone, they will prefer to buy from your company.
2. UNDERSTAND YOUR CUSTOMERS’ NEEDS
As a nutraceutical products manufacturer, you need to understand that your product is not going to appeal to everyone. Different demographics look for very different functions from their nutraceutical products.
As such, you need to understand what your target audience is looking for and use this information to appeal to your ideal buyers. This will make the people you are trying to target that much more interested in your nutraceuticals.
3. AVOID SYNTHETIC INGREDIENTS
Many people who consume nutraceutical products are health-conscious. As such, synthetic ingredients are a major deterrent to these consumers when purchasing nutraceuticals. To appeal to the widest demographic, you should avoid synthetic ingredients and stick to a natural, chemical-free product. You are in the health business after all!
4. PERFECT YOUR PRODUCT ON A LAB SCALE MACHINE BEFORE MOVING TO COMMERCIAL PRODUCTION
Lab-scale testing is a smaller production process to ensure you are not wasting excess product in the development stages of manufacturing. For your product to be at its best before you move into commercial production, it’s essential to test it at a lab scale first to save yourself money.
5. BE COMPETITIVE
Innovation can make or break a nutraceutical products manufacturer. If you don’t stay ahead of your competition, your competitors will annihilate you. Beating your competitors requires you to be up to date on all the latest technological and industry trends that could improve your production process.
6. EMBRACE THE DIGITAL AGE
The digital age isn’t here to make your life more difficult; it’s here to help your business. As a nutraceutical products manufacturer, digital technology can help improve your company more than ever before.
Automatic machinery means faster production times and a larger output capacity. A successful nutraceutical products manufacturer is one that completely embraces all the benefits of digital and automatic equipment.
7. INVEST IN QUALITY MACHINERY
The quality of your equipment will directly impact the quality of your nutraceutical product. If you are using cheap, outdated equipment, don’t expect your product to compare to your competitors’ products. Investing in high-quality equipment is the best way to guarantee that your product is of a superior calibre.
8. NEVER OVERLOOK EMPLOYEE TRAINING
Your biggest mistake as a nutraceutical products manufacturer could be that you’re not preparing your employees for success. If they do not know how to operate your equipment, it could be catastrophic for your production process. Save yourself from costly mistakes by training your employeesto handle complex equipment and safety-related problems.
9. FOLLOW THE RULES
Every country has different regulations surrounding nutraceutical product manufacturing. It is essential that you strictly abide by the law to ensure you aren’t faced with a hefty fine.