Nutraceutical Market Insights
The nutraceutical market is hot and expected to have considerable growth in the near future. Globally, the nutraceutical market was valued at $382.51 billion in 2019 and is projected to grow 8.3% annually by 2027, according to the Global Nutraceutical Market Growth Analysis Report by Grand View Research. These projections are essential in shaping your business and hiring strategy in the short term, to stay ahead of your competitors. Check out these nutraceutical market insights:
● Projected Growth and Usage
The usage of dietary supplements is at an all-time high with 77% of American adults consuming them, according to the latest statistics from Council of Responsible Nutrition (CRN) 2019 Consumer Survey on Dietary Supplements. The increase in healthcare costs and an emphasized priority on preventive health care is likely to be a catalyst for the continued growth in the nutraceutical industry. Dietary supplements are projected to continue to experience high growth, especially as people turn to them to help with the necessary nutritional lifestyle change needed to help combat heart disease, high blood pressure, and obesity.
● In-Demand Positions
There are a wide variety of essential positions necessary for nutraceutical companies to remain efficient and able to keep up with consumer demand. There is the manufacturing area, in which packers, machine operators, quality control technicians, will be crucial positions in order to produce and distribute supplements and other functional food ingredients. From the operations standpoint, planners, purchasers, accountants, and administrative assistants are needed to keep the business itself running smoothly. Finally, to stay on top of industry trends and ahead of competitors, research and development (R&D) talent will be the tool for long-term success.
● Potential Challenges
Hiring top talent for available positions may be a potential challenge for the nutraceutical industry. Working with a staffing firm can allow you to get the employees with the right qualifications in a quick turnaround to get your production and order fulfillment on track. If you have large orders or projects that arise suddenly, a staffing firm can provide you with temporary employees, so your current team doesn't have to work significant overtime and risk burnout.
Build a team of top nutraceutical talent by working with Nesco Resource. We are among the leading employment agencies in the nation and can use our recruiting expertise to attract candidates for temporary employment and direct hire. Contact us today to learn more about the employment services Nesco Resource can provide.