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    Features

    State of the Industry: Inflation, Supply Chains, Quality Issues Top List of Concerns

    Our fifth annual survey indicates companies continue to adapt to a challenging business environment, as market confidence remains high.

    State of the Industry: Inflation, Supply Chains, Quality Issues Top List of Concerns
    By Sean Moloughney, Editor12.01.22
    To take the temperature of the nutraceuticals industry, and better understand critical issues affecting business today, we at Nutraceuticals World conducted our fifth annual audience survey in October and November 2022.

    We received responses from 124 qualified industry members working at companies that either manufacture, market, or distribute finished nutraceutical products—such as dietary supplements, functional foods, or nutritional beverages—supply raw materials, or provide services directly related to these markets and products. The charts and graphics below depict results.

    More than a third of people who completed this survey work with small businesses with less than 25 employees (34%), while another 30% work with large firms that employ more than 200 (Figure 1).

    Confidence & Concerns

    Companies are confident about the future of the nutraceuticals industry, albeit somewhat less so compared to last year’s survey. About 79% of respondents said they are “very” confident in future market growth (Figure 2), compared to 88% last year. Additionally, 55% said they are more confident about industry growth now compared to the same time last year (compared to 71% last year); 15% were less confident; and 30% said their confidence was unchanged (Figure 3).



    Asked about their perception of quality in today’s marketplace, more than half (55%) said “it’s a mix; you get what you pay for,”  while 29% said “overall, products are high quality with some exceptions” (Figure 4).


    More than a third (36%) said their company is having issues hiring and/or retaining staff, while 53% said they are not; 11% said they didn’t know (Figure 5). 


    Supply chain issues continue to present challenges for more than half of companies (53%) while about a third said they had issues due to COVID-19 that have since been resolved (32%) (Figure 6).


    Given legislative attempts to enact mandatory product listing (MPL) for dietary supplements this year, we asked survey participants: “In principle, do you support a form of mandatory product listing for finished dietary supplements in the U.S. at the federal level (that is not pre-market approval)?”

    A clear majority (62%) said yes, while a third (33%) said no, and the remainder either weren’t sure or indicated some nuance to their position (Figure 7).


    In terms of top concerns/issues of importance, the economy/inflation (63%) ranked highest, followed by supply chain disruption (60%) and quality issues (54%). More/tighter regulations (33%), political polarization (27%), hiring/retaining staff (23%), climate change (22%), and diversity/equity/inclusion (16%) rounded out the industry’s most pressing concerns (Figure 8).

    Initiatives & Expectations

    This year we asked people if their company participates in any programs that address certain issues or reflect their values. More than half cited local community engagement (53%) and/or industry transparency (51%); 42% noted diversity/equity/inclusion; 41% said environmental, social, and governance (ESG); and 33% said climate change (Figure 9).


    Asked which markets they think will see the most advancement over the next 5-10 years, the gut microbiome (32%) came out on top, followed by healthy aging (23%), immune health (18%), and precision/personalized nutrition (16%) (Figure 10).


    In terms of innovations or efforts companies have implemented or shown interest in pursuing, clinical research continued to lead the way this year with 44%, followed by third-party testing/analysis (43%), supply chain adaptations/technologies (41%), delivery/dosage technologies (40%), increased transparency (38%), and new incentives/benefits for employees (26%) (Figure 11).


    Unique Insights

    Prompted to offer their own thoughts about the state of the nutraceuticals industry, responses reflected concern about the economy/inflation, its potential impact on consumer spending, and a slowing of innovation.

    While most expressed optimism and confidence about the overall direction of the industry, there was also concern about quality, adulteration, transparency, and honesty in advertising. Here are a few examples of what people said in their own words:

    • “The nutritional industry has always been healthy in a strong or weak economy, but climate change, quality issues, bad actors, regulatory constraints, and other disruptors need to be managed and contained to support long-term positive growth.”
    • “Our industry feels strong. We’ve proven ourselves somewhat recession-proof multiple times. I’m pleased to see increased interest in self-governance to weed out bad actors rather than relying on more government oversight or regulation. Increased transparency and quality standards benefits companies/brands and consumers.”
    • “We are at a cross-roads: Some companies are passion-driven, some are profit-driven (‘any product, any raw material, just sell it’). Some favor better regulation, some want less ... I believe there are still too many products with over-sold benefits and this clouds the marketplace for better, evidence based supplements.”
    • “There’s a lot of great players in the industry leading the way in terms of science and transparency. I hope the rest of the industry follows their example. The industry has come a long way in the last 20+ years and I hope we continue on this path to deliver quality, scientifically valid solutions to consumer health issues.”
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