The dietary supplements
industry is expected to experience changes in consumer activity and
more emphasis on manufacturing standards within the coming 18 to 24
These projections were recently put forward by panel experts attending
the "Future View from the Top: Industry Leaders Forum on the Supplement
annual conference on dietary supplements.
Here's what they predict:
Prevention will be profitable
The dietary supplements industry could gain momentum in consumer growth
as the emphasis by presidential candidates on preventative healthcare
continues till November. Also, a growth in the nutraceuticals
market over the next couple of years has a good probability, partly because of the high cost of pharmaceuticals.
At present dietary supplements to some extent are still looked upon as
"alternative," than mainstream. Experts believe that helping
consumers and the medical community recognize that dietary supplements
are mainstream carries with it the greatest opportunity. It's already
happening though, as medical professionals become more comfortable with
The number of companies would decline with the slumping economy
Dietary supplements business manufacturing is costly and entails
commitment of millions of dollars to maintain a laboratory to test the
product ingredients. The economic downturn depleting the availability
of financial capital, coupled with the new good manufacturing practices
(GMPs) and other financial pressures will render many companies unable to handle the stress, causing the industry as a whole
to shrink in size. Mergers, acquisition and other consolidation
measures will continue within the industry.
Quality will be a concern
Despite the efforts by the supplement industry to help ensure quality
throughout the supply chain (e.g final GMPs rule and for the new
adverse event reporting (AER) law) more needs to be done in the
direction. Often, simply because of an individual company's
irresponsible conduct, the image of the whole industry is tarnished.
Quality is still a challenge because some still think that you can
still get away with any stuff.
Communication will be the key
During the next 18 to 24 months there will be challenges and changes,
as all industries adjust to a newly elected Congress and President. At
the same time communicating the benefits of dietary supplements
products to consumers, media and healthcare industry
professionals, needs to continue.
Further, according to the results from the 2008 CRN Consumer Survey on
Dietary Supplements, about 81 percent of American adults indicated that
they were confident in the safety, quality and effectiveness of dietary
supplements compared to 80 percent last year. On the whole the dietary
supplement industry might do well if itcan adroitly meet the
challenges before it.