People are becoming more health-conscious every day. They’ve become avid readers of nutrition labels and are well versed in what to look for. Consumers want healthier options, naturally functional food-based ingredients, packaged in a way that is both better for them and easier to use.
Many are turning to nutraceuticals to get what they think they lack in their diets, and it’s become big business. So big that the nutraceutical market’s value is projected to reach $385 billion by 2020 — an increase of $135 billion over 2014’s total. It might be time to consider tapping into this ever-growing market.
Most people think of nutraceuticals as pills or powders and liquids they can buy over the counter, without a prescription that claims to fix countless health ailments. But there are many other types of nutraceuticals you can offer customers; from supplements to non-GMO foods, the offerings are almost endless.
And people are eating this stuff up, literally. There have been a number of studies that show consumers believe that some type of nutraceutical will help them achieve their nutritional goals.
- 51% of people surveyed say they need supplements to reach their goals.
- 49% believe they can achieve their goals with food alone.
- Whole food supplements are projected to reach $2.7 billion in sales by 2017.
- Consumers spent $117 million on fruit/vegetable supplement sales in 2014.
Helping people get healthy, eat right and stave off disease all sounds like a great business to get into, but it does have its drawbacks. Nutraceutical companies are considered high-risk because the supplements and other homeopathic remedies they sell aren’t regulated by the FDA and can become a liability if supplement claims can’t be substantiated. This can leave the company, and possibly the store itself, open to refund requests or worse.
There are issues when running a high-risk business, but finding a high-risk credit card processor shouldn’t be one of them. Humboldt Merchant Services specializes in high-risk merchant accounts and has been working with those in the nutraceutical industry for years. With that type of experience and our commitment to offer class-leading merchant services no matter the industry, Humboldt is a perfect match to your high-risk credit card processing needs.
For more information on how Humboldt Merchant Services can help with your nutraceutical business, or any other high-risk or hard to place business, contact us at 877-387-5642. If you’re ready to fill out an application, visit hbms.com and click the “Sign Up” button in the upper right corner.