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Industry experts share their perspective on the nutraceuticals marketplace.
December 4, 2017
By: Sean Moloughney
Macrotrends continue to signal a bright and profitable future for functional nutrition products and the overall health and wellness industry. With so much uncertainty about healthcare in the U.S., consumers of all ages and demographics are focused on prevention and healthy living. Baby boomers are intent on maintaining their activity levels as they age, and millennials are driving many wellness trends in general. From middle-age consumers to the elderly, people continue to embrace condition-specific products backed by sound scientific evidence. Consumer usage of dietary supplements remains strong, with about 76% of U.S. adults; confidence is high as well (87% feel assured about the safety, quality, and effectiveness of products). Clear commitments to quality remain crucial to long-term integrity of the industry. Companies that fail to comply with basic regulatory requirements like good manufacturing practices (GMPs), or choose not to oversee their own supply chains, have given industry critics fresh material to circulate in the mainstream media. Sketchy science and questionable marketing tactics don’t help either. Transparency and accountability may help dispel some of the criticism. The Supplement OWL (Online Wellness Library), a dietary supplement product registry, is designed to offer a more complete picture of the marketplace for regulators, retailers, and industry, as long as it’s widely adopted. Uncertainty persists regarding FDA’s guidance on New Dietary Ingredient Notifications. Despite some efforts from the agency and industry, there’s no definitive list of old dietary ingredients marketed and sold prior to Oct. 15, 1994 (the implementation date for the Dietary Supplement Health and Education Act). Sustainability will also continue to be an important theme. Whether it relates to the broad and pressing reality of climate change, wasted food, plastic in oceans, deforestation, or a host of other issues, there are plenty of opportunities—and there’s an absolute need—to do business better. —Sean Moloughney, Editor, Nutraceuticals World
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