No matter what people are looking to achieve in regards to their health and well-being, there is a supplement out there for them. From natural/herbal to man-made supplements, the supplement industry is one that is raking in billions of dollars per year. But if you’re looking to enter the industry, just how much do supplement companies make, and how can you start to bring in that kind of revenue? Let’s take a look at what some of the largest companies are earning and how you can begin to adjust your course to aim for those profits as well.
What do supplement companies make?
No two supplement companies are the same, which means that their profits will vary widely depending upon demand, marketing, the quality and type of their product, their customer service, and other important factors that make up their business. That said, we can still gain some insight into just how profitable selling supplements can be. Some of the most popular supplement manufacturers and their earnings include:
- Pharmavite (Nature Made): Approx. $284.13 million
- The Nature’s Bounty Co.: Approx. $896.07 million
- Glanbia Performance Nutrition: Approx. $4.6 billion
Although these are a few examples, you can see just how much a large company in the supplement industry can make when they produce the right products and aim to scale over time. Seeing the above will then prompt prospective businesses or small business owners currently operating to ask, how can I begin boosting my revenue?
Increasing Your Company’s Revenue
Change the way that your business operates.
Business operations have the most potential to impact your revenue, especially when it takes a considerable amount of money and resources to reach your final product. Whether you’re launching your own vitamin brand or developing workout supplements, chances are that you have run into the brick wall that is figuring out how to create and distribute your own products. Rather than attempting to go through the process of setting up the tools needed to develop, maintain, and distribute supplements, one great to work around high production costs is to find a company that can take care of your supplement needs.
One of the top companies on the vitamin manufacturers list for this specific need is Makers Nutrition. For those who wish to make their own vitamin supplements, for example, Makers Nutrition offers a host of benefits that streamline your business processes, such as:
- Offering vitamin options like prebiotics, probiotics, weight loss supplements, bodybuilding supplements, multivitamins, and children’s vitamins.
- Conducting testing to ensure that all aspects of your product are at peak quality.
- Providing comprehensive customer service to guide you through every step of the production process.
- Rapid turnaround times, with initial orders taking eight to ten weeks and subsequent orders taking approximately six weeks.
- Multiple product formats, such as capsules, tablets, powders, softgels, vitamin packs, and gummies.
Makers Nutrition also makes sure that you are covered with marketing and fulfillment, offering private label brand design services and distribution directly to your customers when they make orders on your website. If you are looking to increase your revenue, consider letting a company take care of the product while you handle the front end of your business!
Expand your current line to include new products that will bring in customers.
When you first break into the market, you will need to focus on a niche product that you can market on and build your audience around. As you grow, however, you will find that you have the resources and the reputation you need to bring in new customers. The next step in the scaling process begins with finding new products to offer that will draw in more people looking to test out supplements for their own. You can do this by seeing what types of supplements are trending at the time of research or even by trying to come up with a new formula that has yet to be seen on the market!
Get the news of your company out there.
No one will come to buy your high-quality products if they don’t know about your store. Make sure to put a greater emphasis on marketing your business so that people will trust you as an authority in the supplement industry. This can include taking steps like reaching out to influencers, running online ads, and even ramping up your content strategy to produce more blog posts and to get your products reviewed or featured on other high-authority sites. The greater a (positive) presence you have, the more business you will bring in.
Supplement companies can make millions and billions of dollars, but each one started out from humble beginnings. If you are looking to start your own supplement company and wish to grow your business to such a size, use the guide above to learn more about how you can get started on your path to greatness!