Can you make money in the dietary fiber supplement business?

Dietary fiber supplements market analysis and forecast

WESTFORD, United States, April 13, 2023 (GLOBE NEWSWIRE) -- SkyQuest expects the dietary fiber market to be worth $14.5 billion by 2030, growing at a CAGR of 8.9% over forecasts (2022-2030). Dietary fiber is expected to show a positive growth trend in the near future due to various factors, including growing consumer demand for natural food ingredients and rising consumer awareness about the importance of maintaining health. The use of dietary fiber in other industries and technological advancements in various manufacturing-related businesses are driving the market demand. As plant-based diets become increasingly popular in countries such as China, the UK, Italy, and the US, the demand for dietary fiber in the food and beverage industry is expected to rise.

According to SkyQuest, the key drivers for market expansion are rising demand for dietary supplements across all age groups and increasing disposable income across the globe. People around the world are paying close attention to the meals they eat and are increasingly concerned about changes in the quality of their lives. The dietary fiber market revenue is expected to show lucrative growth potential on account of increasing demand for fortified foods in emerging regions.

In 2021, the soluble fiber segment held the largest market share. Foods such as fruits, nuts, vegetables, cereals, whole grains and seeds are suitable sources of soluble foods. Both animals and humans can eat these foods. Pectin, found in fruits like pears and apples, helps treat acid reflux and enhances gut health. And fibers such as inulin and fructooligosaccharides (FOS) in vegetables help regulate intestinal function. Soluble dietary fiber is frequently used as a flavor-enhancing ingredient in a variety of foods and beverages, including baked goods, frozen dairy desserts, and candies. They are commonly used as fat and sugar substitutes in a range of food applications.

The insoluble fiber market is expected to expand due to increasing consumption of functional foods

The insoluble fiber segment is expected to expand rapidly at a CAGR during the forecast period. This is achieved by expanding consumer health awareness, increasing consumption of functional foods and changing consumer eating habits. Eating foods rich in insoluble dietary fiber, such as corn, rice, oats, wheat, potatoes, peas and beans, can also help you stay healthy by preventing conditions such as constipation, high cholesterol, obesity and high blood sugar. It does not dissolve and does not gel when passing through the intestines, improving intestinal function. The dietary fiber market is expected to grow faster in the coming years owing to growing consumer demand for functional foods and increasing health awareness.

In 2021, the Asia-Pacific region will account for the largest market share of global dietary fiber. The region is expected to experience the largest CAGR throughout the forecast period. Government initiatives to encourage a nutritious and balanced diet and growing consumer desire for an active lifestyle will drive demand for the business.

Therefore, whether it is soluble dietary fiber supplements or insoluble dietary fiber supplements, their market share is expanding, especially in Europe, America and Asia. The growth in demand in these regions exactly reflects the current popularity of dietary fiber supplements. Welcome.

The dietary fiber supplement business is sure to make money

There is no doubt that people’s definition of health is not just about getting sick, but about controlling their bodies to achieve optimal conditions. Such people will have more and more demands for supplements. This is a huge market with great potential. We can compare the market to a high-end cake. If we can get part of the cake to enjoy for ourselves, then we are definitely making money.

How to Start a Dietary Fiber Supplement Business

1. Identify your target audience

This is a critical step and a common oversight that most new entrepreneurs tend to make:

No target customers - who exactly are the people who want to buy your product? Target customers are vague (e.g. “health-conscious women” is not a viable target customer group)

Determine the target customers after making the product (big mistake)

Because the audience for dietary fiber supplements is also very broad, it is impossible for you to pay attention to all groups of people, so identifying the target audience worthy of your attention is the beginning of success.

2. Decide on your customer acquisition model

There's no right or wrong way to find customers, but there's a golden rule for choosing the method that works best for you and your product: Choose the method you can do/work with best.

A Zen-like approach (and more research) can be very effective when it comes to choosing what works best for you. Analyze required effort versus cost and profitability. Don’t hesitate to try multiple marketing tools and compare the results. It will help you choose the one that is best for you. What instinctively feels "right" may be your subconscious guiding you to hone your comparative advantage.

3. Comprehensive competitor analysis

Competitor analysis is an important piece of the puzzle. Simply put: even the best product won't sell if it doesn't stand out. Just being yourself is not enough. You need to copy your competitors' success and avoid their mistakes.

This is when supplement brand owners need a business plan that clearly outlines their goals, strategies, and financial projections. A business plan helps them identify potential obstacles and develop a plan to overcome them and secure funding from investors or lenders. It also serves as a roadmap for your company's growth and success. Additionally, it helps them stay organized and on track as they launch and grow their business. Overall, a well-designed business plan is a vital tool for any supplement brand owner looking to build and grow a successful business. Download this resource to learn how to create a great business plan for your supplement brand.

4. Make your own dietary fiber supplement

Once you understand what people are looking for, what they are willing to spend (market and customer analysis), and what already exists (completion analysis), you can easily begin the formulation process.

How to Make Your Own Supplements

Designing commercial formulations of nutraceuticals using the right raw ingredients in the right dosages.

Finding the best source—where a supplement company gets its ingredients from—is critical to product efficacy.

Prepare final offer.

Purchase order submission.

Procurement of raw materials for the supplement production process.

Raw materials are quarantined and tested upon arrival.

Prepare and evaluate research and development batches.

Run pilot batches on production equipment.

Run a production batch with additional tests.

A certificate of analysis is issued after the finished product is evaluated.

5. Identify the right supplement manufacturer

Finding the right manufacturer can often be a daunting task. However, having some kind of business plan and following the tips below should make the process of choosing the right supplement manufacturer relatively easy.

In addition, you should also pay attention to the manufacturing price of dietary fiber supplements in your detailed analysis. Factors that affect the price include:

Dosage form – Different dosage forms have their own pros and cons, for example tablets cost less to produce than capsules.

Raw Materials – The origin and seasonality of raw materials determine pricing.

Supplement Packaging – Your supplements are sensitive to light, air, and temperature and require sturdy packaging to protect them during shipping and storage.

Testing and Certification – Third-party ingredient testing and product certification (e.g., vegan, organic) tend to drive up product costs.

After determining the price, you can fully seek deeper cooperation with the supplement manufacturer, including adding subsequent product categories. The premise is that both parties want a win-win situation and both parties make a profit.

To sum up, to start a dietary fiber supplement business, you need to formulate a feasible plan, as well as set your goals within one year, goals within three years, or even longer-term goals. In this way, as long as the pros outweigh the cons, your business will be successful. Go further.