The global nutraceuticals market was worth $591.1 billion in 2024 and is expected to reach $919.1 billion by 2030, growing at a compounded annual growth rate (CAGR) of 7.6%.1Nutraceuticals Market Size & Trends. Grand View Research. Retrieved January 23, 2025 from https://www.grandviewresearch.com/industry-analysis/nutraceuticals-market.
Given the sheer size and scope of this market, brands in today’s competitive landscape need to have a strong nutraceutical supply chain strategy. This article will cover key topics such as understanding the nutraceutical supply chain, why a strong strategy is essential for brand owners, how to build an effective strategy, the role of technology in supply chain management, important considerations for brand owners, and the importance of third-party logistics (3PL) providers in fulfillment.
Understanding the Nutraceutical Supply Chain
Let’s start the discussion by differentiating between the term “nutraceutical” from “pharmaceutical” or “dietary supplement”.
The term “nutraceutical” was coined in the 1990s by Dr. Stephen DeFelice, who defined it as “any substance that is a food or a part of a food and provides medical or health benefits, including the prevention and treatment of disease.”
Health Canada defines nutraceutical as “a product isolated or purified from foods and generally sold in medicinal forms not usually associated with food and demonstrated to have a physiological benefit or provide protection against chronic disease.”
Based upon these definitions, a nutraceutical is essentially the same thing as a “dietary ingredient” as defined by the FDA:
“A dietary ingredient is a vitamin; a mineral; an herb or other botanical; an amino acid; a dietary substance for use by man to supplement the diet by increasing total dietary intake; or a concentrate, metabolite, constituent, extract, or combination of any of the above dietary ingredients.”2New Dietary Ingredients in Dietary Supplements – Background for Industry. U.S. Food & Drug Administration. 02/09/2023. Retrieved January 21, 2025 from https://www.fda.gov/food/new-dietary-ingredient-ndi-notification-process/new-dietary-ingredients-dietary-supplements-background-industry.
Therefore, a nutraceutical is an ingredient that may be used in a dietary supplement but is not a dietary supplement in itself—whereas a dietary supplement is a finished product containing nutraceuticals and provided in a delivery form suitable for ingestion by the public.
By contrast, a pharmaceutical is a drug ingredient that treats diseases/medical conditions or symptoms of diseases/medical conditions. Nutraceuticals or dietary supplements may not be marketed to treat diseases/medical conditions or their symptoms.
Now let’s review the key stages of the nutraceutical supply chain, which include raw material sourcing, manufacturing, packaging, distribution, and retail.
- Raw Material Sourcing – What is your nutraceutical procurement strategy? Two key aspects of nutraceutical raw material sourcing that should be considered include geography and botanical vs. synthetic ingredients. Is the material being sourced from an area of the world where you can obtain a sufficient and ongoing supply? Is the ingredient from a botanical source versus a synthetic source? This is important because many consumers prefer natural, botanical ingredients instead of synthetic ones.
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- Organic Material Variation – Some natural/organic plant materials have differences in their color due to seasonal variations. An example of this is green barley grass. Even though the name says “green,” the color can vary seasonally from an intense, vibrant green to a duller green-grey appearance—even though it is the same plant from the same species, grown in the same place.
- Shelf Life – Raw materials don’t last indefinitely. Once manufactured and sent to a contract development and manufacturing organization (CDMO) like Vitaquest, it will have a specific shelf life (e.g., 24 months). Consequently, it is important to verify that the potency of the raw material used in your product has recently been tested so that, in turn, you can verify the shelf life of your product.
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- Manufacturing – When planning your nutraceutical supply chain, it’s important to consider production processes and quality control measures to ensure consistent product quality and safety. The production process may likewise be natural or synthetic in nature and may be time-consuming (potentially impacting delivery dates). Quality control measures are also important because you want to ensure the nutraceuticals meet heavy metal and microbiological standards.
- Packaging – Is the nutraceutical adequately packaged to protect it from light, oxygen, and microbiological contamination?
- Distribution – Does the contract development and manufacturing organization (CDMO) to whom the nutraceuticals are being delivered follow appropriate warehouse management techniques such as inventory rotation? Are the nutraceuticals shipped using the right methods to maintain temperature control when necessary?
- Retail – While retail factors don’t apply to raw materials, they become crucial once the nutraceutical is manufactured into a dietary supplement. The distribution channel—whether direct-to-consumer or brick-and-mortar—impacts how finished products should be stored and shipped.
Another important consideration is the 4 Cs of supply chain management. These are Collaboration, Communication, Coordination, and Competence:
- Collaboration – Suppliers, manufacturers, distributors, and retailers must work seamlessly, sharing information and aligning efforts to achieve common goals.
- Communication – Clear, honest, and effective communication is essential to keep all parties aligned on inventory levels, delivery schedules, and potential challenges.
- Coordination –Effectively managing and aligning activities, processes, and the flow of raw materials and finished goods across the supply chain helps prevent disruptions.
- Competence – Every member of the supply chain must possess the necessary skills and expertise to perform their roles efficiently and effectively.
Why Brand Owners Need a Robust Supply Chain Strategy
Efficient supply chain management is essential for success in the nutraceutical industry. Brands must address nutraceutical supply chain risk factors that can disrupt operations, such as the impact of COVID-19, geopolitical events, climate-related challenges, regulatory changes, transportation delays, and quality control issues. A strong supply chain strategy helps mitigate these risks and ensures consistent product availability and compliance.
Impact of COVID-19
The COVID-19 pandemic significantly affected the dietary supplement industry, particularly in the nutraceutical supply chain. Packaging shortages made it difficult to source essential materials like tubs and lids, causing delays. While the situation has improved, lingering supply chain disruptions continued to affect manufacturing and costs. Additionally, borrowing money became more expensive for manufacturers, making it harder to expand operations to meet demand. This was largely due to banks tightening lending standards as the pandemic persisted.3See the April and July 2020 Senior Loan Officer Opinion Survey (SLOOS) conducted by the Federal Reserve. https://www.federalreserve.gov/data/sloos.htm.
Geopolitical Disruptions
Recent geopolitical events have had a profound impact on the nutraceutical supply chain. Economic downturns in China and Russia, coupled with weaker-than-anticipated consumer spending in the U.S., have led to a decline in global production. The pandemic-weakened economy faced further strain from rising inflation, leading to tighter financial conditions worldwide. Additionally, renewed COVID-19 outbreaks in China and the ongoing war in Ukraine exacerbated supply chain disruptions, driving up the costs of certain nutraceuticals.4World Economic Outlook Update: Gloomy and More Uncertain. International Monetary Fund. July 2022.
Climate Issues
Climate change has a direct impact on the supply chain. For example, erratic weather patterns have contributed to declines in global milk production, affecting dairy-based proteins like whey and casein. High temperatures and humidity have stressed dairy cows, leading to lower milk yields, with the most significant losses occurring in the summer months, particularly in hotter climates. In the U.S., these production losses have affected various industries that rely on milk, including the dietary supplement sector, though the impact has not been evenly distributed. This is one of many ways climate change disrupts the nutraceutical supply chain.
Regulatory Changes
The FDA has undergone a reorganization, including modifications to the reporting structure of the Office of Dietary Supplement Programs (ODSP). The long-term effects of these adjustments remain uncertain.5Moloughney S. State of the Nutraceuticals Industry 2024-2025. Nutraceuticals World. December 3, 2024. Retrieved January 21, 2025 from https://www.nutraceuticalsworld.com/state-of-the-nutraceuticals-industry-2024-2025/ Additionally, with a new presidential administration, future FDA leadership and federal department appointments could either support or create challenges for the dietary supplement industry.
Transportation Delays
Transportation delays can disrupt the nutraceutical supply chain, affecting delivery times, production schedules, and overall customer satisfaction. These delays may be caused by various factors, including extreme weather events (i.e., storms, snow, and floods linked to climate change), labor issues (i.e., strikes or staffing shortages), and infrastructure problems (i.e., poor road conditions, closures, or port congestion). Any of these disruptions can create bottlenecks, slowing down the movement of raw materials and finished products.
Quality Control Issues
Not all raw material suppliers meet the same quality standards, which can create challenges in the supply chain. While many suppliers follow strict quality control measures, others do not. When poor-quality raw materials arrive at a reputable CDMO, they undergo testing. If they fail to meet potency, microbiology, or heavy metal specifications, they must be rejected and returned, leading to delays. In rare cases, product recalls due to quality issues can cause even greater disruptions and may negatively impact future business relationships.
Strategies for Building a Nutraceutical Supply Chain Strategy
The reality is that supply chain risks are real. However, there are strategies for mitigating these risks. These include supplier selection and qualification, quality control measures, inventory management, transparency and traceability, expanded storage facilities, predictive analytics, and the role of insurance and risk assessment tools.
Supplier Selection & Qualification
Choosing the right suppliers is one of the most critical steps in building a strong nutraceutical supply chain. Proper supplier selection and qualification help prevent future disruptions and ensure consistent product quality. When evaluating suppliers, consider the following:
Track Record – What is the supplier’s track record of quality and regulatory compliance? A good resource is to check the FDA’s Inspection Classification Database. If there was an inspection, what were the results? Possibilities include:
- No Action Indicated (NAI) – Indicates that the facility is in an acceptable state of compliance.
- Voluntary Action Indicated (VAI) - Indicates the inspection found objectionable conditions or practices but the agency has determined the facility can voluntarily correct its deficiencies and will not recommend any action. This may include the issuance of a Form FDA- 483 or FDA-4056 after the inspection.
- Official Action Indicated (OAI) – Indicates a facility is in an unacceptable state of compliance. The facility would likely have been issued a Form FDA- 483 or FDA-4056 after the inspection.
The “No Action Indicated” classification is the best possible outcome and assurance of quality and regulatory compliance.
- Manufacturing Capabilities and Expertise – What are the supplier’s manufacturing capabilities and expertise with nutraceuticals? How many years have they been in business? Do they conduct any studies on the nutraceuticals they sell? These are important questions to answer.
- Financial Stability and Ability to Meet Demand – Speak with industry colleagues about their experiences with the supplier. Do they have a solid reputation for financial stability? Can they consistently meet demand, or do they frequently run out of stock? Partnering with an unreliable supplier can lead to major supply chain disruptions.
- Geographical Location – Is your supplier located in another country? If so, do they have a local distributor? These are important considerations, and you’ll need to factor this into your timeline for placing orders if you don’t want to have raw material shipment delays to impact your manufacturing timelines. You may also want to diversify by having a backup supplier for any given nutraceuticals if you should need it.
The most crucial step is partnering with a reliable CDMO that possesses expertise in all these key areas. An experienced CDMO will have well-established supplier qualification processes as part of their standard operating procedures, ensuring compliance, quality, and reliability throughout the supply chain.
Quality Control Measures
Raw material suppliers should always provide a Certificate of Analysis (COA) with data demonstrating compliance with potency, purity, and contaminants. While receiving a COA is great, it is important to verify the results provided. Proper quality control measures are essential for verifying product integrity throughout the supply chain. These measures are especially critical at three key stages:
- Raw Material Testing – Once the raw materials arrive at the CDMO, cGMP regulations require that they be quarantined and tested before being released into inventory. The type of required testing includes identity and potency, microbiological compliance, and heavy metal compliance.
- In-Process Controls During Manufacturing – To ensure products meet specifications, quality checks must occur throughout the manufacturing process. These include content uniformity testing (spot-checking tablet or capsule weight) and dissolution testing to confirm proper ingredient release.
- Finished Product Testing – After manufacturing, the final product is tested for the same parameters as raw materials, including potency and purity. Additional testing may include stability studies (both accelerated and real-time) to ensure the product maintains its quality over time.
- Documentation & Batch Records – At any time during the aforementioned processes, detailed documentation and batch records must be maintained. Without such documentation, there is no way to demonstrate adherence to all required and necessary quality control measures.
Inventory Management
Effective inventory management is critical as part of a well-planned strategy for optimizing inventory levels to minimize costs and ensure product availability in the nutraceutical supply chain. Strategies for effective inventory management, include:
- Demand Forecasting – This involves estimating future demand for a nutraceutical based on past and projected sales data, including seasonal trends. Accurate demand forecasting helps prevent out-of-stocks and overstocking, reduces supply chain disruptions, and ensures steady product flow.
- Implementing Just-in-Time (JIT) Inventory Practices – JIT is a management strategy that aims to reduce inventory waste and increase production efficiency to reduce storage costs. It involves producing goods only when they are needed and receiving them from suppliers as they are needed. JIT reduces the amount of money tied up in inventory.
- Setting Appropriate Safety Stock Levels – This refers to the extra inventory a business keeps on-hand to prevent an out-of-stock situation. The optimal level depends on demand variability, lead times, and service level goals. Setting appropriate safety stock levels is closely linked to demand forecasting and JIT inventory management, ensuring a balance between availability and efficiency.
Transparency and Traceability
Traceability and transparency are two important concepts in the nutraceutical supply chain that help businesses ensure the safety and quality of their products.
According to Purdue University, transparency is defined as disclosing information about the product’s production process, ingredients, and social and environmental impacts, enabling consumers to make informed choices.
Conversely, traceability is defined as tracking the product’s movement along the entire supply chain, identifying food safety risks, responding to illness outbreaks and ensuring compliance with regulations.6The Future of Traceability and Transparency in the Food System. Purdue University, Center for Food Demand, Analysis and Sustainability and Dial Ventures. June 2023. Retrieved January 22, 2025 from chrome-extension://efaidnbmnnnibpcajpcglclefindmkaj/https://ag.purdue.edu/cfdas/wp-content/uploads/2023/06/Traceability_CFDASWhitePaper_FINAL.pdf.
Consumers prioritize the information panel on product labels, including nutrition facts, supplement facts, ingredient lists, and expiration dates, as the most important features for finding the information they need.
Brands can build trust regarding traceability and transparency via:
- Utilizing technology for track-and-trace systems – An example is blockchain, a decentralized system that records every transaction and movement of goods throughout the supply chain. It provides real-time access to information about a product’s origin, quality, and location, enhancing trust and efficiency among all involved participants.7Using blockchain to drive supply chain transparency. Deloitte. Retrieved January 22, 2025 from https://www2.deloitte.com/us/en/pages/operations/articles/blockchain-supply-chain-innovation.html.
- Providing clear labeling and ingredient information on products – In terms of finished goods, the supplement facts panel and the other ingredients listing is generally the primary source of providing clear labeling and ingredient information. Providing detailed information, including any trademarked ingredients, makes the labeling more trustworthy.
- Implementing proactive communication strategies during product recalls – While no one wants a product recall, having proactive communication strategies in place is crucial if it occurs. These strategies should include setting clear goals and target audiences, ensuring transparency and timeliness, expressing empathy and accountability, emphasizing the value proposition and differentiation, providing clear, actionable instructions, and monitoring and evaluating the effectiveness of communications.
Expanded Storage Facilities
If your brand is growing and has further growth potential, it may make sense to expand your storage facilities. In this case, companies should prioritize strategic location selection, invest in flexible and scalable storage solutions, incorporate advanced technology for inventory management, consider climate-controlled options for sensitive products, and plan for future expansion needs either by acquiring land or partnering with third-party logistics providers (3PLs) to accommodate increasing inventory demands as the brand grows. Of course, the challenge in doing this is to concurrently maintain cost-efficiency and operational flexibility.
The Role of Insurance and Risk Assessment Tools
In the nutraceutical supply chain (or in almost any industry), you never know what small or large disasters may take place. Consequently, it makes sense to obtain insurance to help mitigate financial losses from supply chain disruptions. This may include business owner’s liability and property insurance, product liability insurance, cyber insurance, and even foreign package insurance for U.S.-based small businesses that conduct company-sponsored business overseas.
In this context, a risk assessment tool is a software or system designed to identify and evaluate potential risks within a nutraceutical company’s supply chain. This may encompass factors like ingredient sourcing, manufacturing, storage, distribution, and compliance. This type of risk assessment allows businesses to prioritize and mitigate risks related to product quality, safety, and regulatory adherence across their entire supply network.8Fact Sheet: Department of Commerce Announces New Actions on Supply Chain Resilience. U.S. Department of Commerce. September 10, 2024. Retrieved January 22, 2025 from https://www.commerce.gov/news/fact-sheets/2024/09/fact-sheet-department-commerce-announces-new-actions-supply-chain. 9Supply Chain Risk Assessment and Management Toolkit. Alliance Bioversity & CIAT. Retrieved January 22, 2025 from https://alliancebioversityciat.org/tools-innovations/supply-chain-risk-assessment-management-toolkit#:~:text=This%20Supply%20Chain%20Risk%20Assessment,iv)%20Prioritization%20and%20Action%20Planning.
Technological Advancements in Supply Chain Management
Such technology can be utilized for real-time supply chain visibility and risk assessment. Examples of key technologies include:
- Enterprise Resource Planning (ERP) systems – ERP is a software application which assists businesses in managing and streamlining core processes across various departments. This includes finance, human resources, manufacturing, supply chain, sales, and order fulfillment. This takes place within a single, integrated platform with a shared database. In turn, it provides a unified view of company operations and helps ensure data consistency across the organization.
- Blockchain Technology – This was previously discussed in the section on “Transparency and Traceability”, so it won’t be reviewed again here.
- Artificial Intelligence (AI) – AI-based demand forecasting is often more accurate than traditional methods because it analyzes a wider range of data and uses machine learning to identify patterns. This approach is believed to reduce errors, minimize lost sales, and lower costs, leading to more efficient inventory management and planning.10AI in demand forecasting: Use cases, benefits, solution and implementation. LeewayHertz, A Hacket Group Company. Retrieved January 22, 2025 from https://www.leewayhertz.com/ai-in-demand-forecasting/
Considerations for Brand Owners
When building a supply chain strategy, brands should consider factors like cost vs. quality, scalability, sustainability, and staying informed.
Cost vs. Quality
Balancing cost-efficiency with high-quality standards can be challenging. For instance, decisions may need to be made between using premium branded ingredients or more cost-effective generic alternatives. Branded ingredients have various advantages. These may include high quality, consumer awareness, research and scientific validation for claims, and improved bioavailability. Conversely, the advantages of generic ingredients are that they are less expensive and less likely to have supply chain issues since they can be sourced from multiple suppliers. For more information on navigating these choices, see the blog article.
The following strategies can be used to achieve a balance between achieving cost-efficiency and maintaining high-quality standards:
- Negotiating supplier contracts effectively – This may involve obtaining better pricing via blanket purchase orders, whereby you qualify for better tiered pricing costs by committing to purchasing larger quantities for the year, rather than in a single order.
- Investing in long-term partnerships with reliable suppliers – When you have a reliable supplier, do your best to provide them with more business rather than spreading your business out with multiple suppliers. The reason for doing so is that the supplier will be more inclined to work with you and give you better prices,
- Utilizing efficient manufacturing processes to minimize waste – This requires working with an experienced CDMO whose standard operating procedures already incorporate minimizing waste.
Scalability
When you first introduce a dietary supplement to the market, how well will it sell?
The answer is you don’t know in advance. Of course, it will be disappointing if sales are poor. But what if sales are great and you need to significantly increase your next P.O. to meet demand? That’s all well and good as long as your CDMO can scale up the manufacturing of your PO to meet the larger number of bottles you’ve ordered.
Unfortunately, some CDMOs aren’t easily prepared to scale up production. That’s why it is important to work with a CDMO set up to scale up in the first instance for a successful transition to improved sales and fulfillment.
Sustainability
The nutraceutical industry is increasingly influenced by consumer demand for sustainable ingredients. Environmental sustainability begins with sourcing from suppliers committed to environmental stewardship, sustainable harvesting, and fair trade. It extends to manufacturing practices that minimize waste and reduce environmental impact. For example, using corrugated packaging made from recycled materials and implementing waste recycling programs can significantly improve sustainability. Additionally, energy-efficient lighting with motion detector switches in facilities can help save hundreds of thousands of kilowatt-hours, further reducing the industry’s carbon footprint.
Ethical sourcing is defined as “a responsible and sustainable method to organize a supply chain and its sources of raw materials. Ultimately, it is the responsibility of entities in the public sector to monitor the products they are acquiring have been ethically sourced—in addition to ensuring that the health and safety of employees is protected in the process.”11Safdi S. Ethical Sourcing: Definition, Goals and Keys for Implementation. Greenly. Mar 22, 2023. Retrieved February 8, 2024 from https://greenly.earth/en-us/blog/company-guide/ethical-sourcing-definition-goals-and-keys-for-implementation.
Staying Informed
To stay competitive in the nutraceutical industry, it’s essential to keep up with regulatory changes and industry trends. This can be done through industry publications, trade organizations, and trade shows. Subscribing to reputable industry publications—many of which offer free access—ensures you stay informed about the latest developments. Some noteworthy publications include:
- Vitamin Retailer
- Nutrition Industry Executive
- Nutritional Outlook
- Nutraceuticals World
- Whole Foods Magazine
- SupplySide Supplement Journal
Membership in any of the following trade organizations that are worth considering:
- UNPA – United Natural Products Alliance
- NPA – Natural Products Association
- CRN – Council for Responsible Nutrition
- AHPA – American Herbal Products Association
- ABC – American Botanical Council
You should also consider attending any or all of the following industry trade shows:
Fulfillment and the Role of Third-Party Logistics (3PL) Providers
What is nutraceutical fulfillment? The simple answer is that fulfillment is the process of packing and shipping orders, while third-party logistics (3PL) is a company that handles fulfillment for other businesses. If you are set up for it, you may certainly take care of fulfillment for your brand. If that is not practical or desirable for you, consider a 3PL which will manage the storage, picking and packing, and shipping of your product orders. This generally includes inbound freight, inventory management, and returns processing.
There are a few advantages of using a 3PL. To begin with, you’ll spend less time fulfilling orders internally, and more time on other aspects of your business. You may also be able to reduce storage, shipping and other operating costs associated with internal fulfillment. Another advantage is scalability. If you need more space, 3PLs can accommodate and even hire additional workers as needed. Also, 3PLs may offer storage for temperature-sensitive products, like probiotics.
Nevertheless, it is important to evaluate the pricing structure of 3PLs since some of them may have hidden fees and costs if you need additional services.
Looking for a Contract Development and Manufacturing Organization? We Can Help!
Choosing the right CDMO is crucial for ensuring quality, efficiency, and compliance in your nutraceutical business. With over four decades of expertise in formulation, manufacturing, nutraceutical supply chain management, and regulatory compliance, it’s no wonder why so many start-up and established brand owners trust Vitaquest.
Another reason to choose Vitaquest over brokers and other CDMOs is our deep expertise in domestic and international regulatory standards and commitment to sustainability practices. Our FDA cGMP compliance, along with third-party GMP certifications from NSF, USP, and others, ensures that we meet the highest industry standards. Additionally, our certifications for Kosher, Halal, organic products, and FSSC 22000 for food safety further reinforce our dedication to manufacturing excellence and regulatory compliance.
Conclusion
This article highlighted key challenges and considerations in developing a robust nutraceutical supply chain strategy.
Are you ready to create a robust strategy with an experienced CDMO? Are you interested in considering a seamless, turnkey supplement manufacturing, fulfillment, and warehousing solution?
If so, call 800-526-9095 to speak with one of our knowledgeable sales executives or request a nutraceutical manufacturing price quote if you’ve already finalized your project requirements!
Frequently Asked Questions About Building a Robust Nutraceutical Supply Chain Strategy
Q: What is the value chain of nutraceuticals?
The value chain of nutraceuticals encompasses the entire journey from sourcing raw materials to manufacturing, packaging, and distribution to consumers. This process includes cultivation, harvesting, processing, quality control, formulation, marketing, and retail sales. Each stage plays a critical role in enhancing product quality and value, ensuring that consumers receive safe, effective, and high-quality nutraceutical products.
Q: What are the five major supply strategy areas?
The five major supply strategy areas are 1) planning, 2) sourcing, 3) manufacturing/production, 4) logistics/distribution, and 5) returns. This includes the entire cycle of obtaining raw materials, producing goods, delivering them to customers, and managing returned products.
Q: What is an example of a stable supply chain strategy?
An example of a stable supply chain strategy includes a comprehensive plan to maintain a consistent flow of goods and services within the supply chain. This would be the case even during disruptions or volatile market conditions, by proactively identifying risks, diversifying suppliers, building buffer stock, and fostering strong relationships with partners, effectively ensuring operational resilience and minimizing disruptions to production and delivery.
Q: What is the future of the nutraceutical market?
The future of the nutraceutical market is strong. In 2024, the global nutraceuticals market was estimated at an amazing $591.1 billion! It is projected to grow to $919.1 billion by 2030. How’s that for a strong future?
References
- 1Nutraceuticals Market Size & Trends. Grand View Research. Retrieved January 23, 2025 from https://www.grandviewresearch.com/industry-analysis/nutraceuticals-market.
- 2New Dietary Ingredients in Dietary Supplements – Background for Industry. U.S. Food & Drug Administration. 02/09/2023. Retrieved January 21, 2025 from https://www.fda.gov/food/new-dietary-ingredient-ndi-notification-process/new-dietary-ingredients-dietary-supplements-background-industry.
- 3See the April and July 2020 Senior Loan Officer Opinion Survey (SLOOS) conducted by the Federal Reserve. https://www.federalreserve.gov/data/sloos.htm.
- 4World Economic Outlook Update: Gloomy and More Uncertain. International Monetary Fund. July 2022.
- 5Moloughney S. State of the Nutraceuticals Industry 2024-2025. Nutraceuticals World. December 3, 2024. Retrieved January 21, 2025 from https://www.nutraceuticalsworld.com/state-of-the-nutraceuticals-industry-2024-2025/
- 6The Future of Traceability and Transparency in the Food System. Purdue University, Center for Food Demand, Analysis and Sustainability and Dial Ventures. June 2023. Retrieved January 22, 2025 from chrome-extension://efaidnbmnnnibpcajpcglclefindmkaj/https://ag.purdue.edu/cfdas/wp-content/uploads/2023/06/Traceability_CFDASWhitePaper_FINAL.pdf.
- 7Using blockchain to drive supply chain transparency. Deloitte. Retrieved January 22, 2025 from https://www2.deloitte.com/us/en/pages/operations/articles/blockchain-supply-chain-innovation.html.
- 8Fact Sheet: Department of Commerce Announces New Actions on Supply Chain Resilience. U.S. Department of Commerce. September 10, 2024. Retrieved January 22, 2025 from https://www.commerce.gov/news/fact-sheets/2024/09/fact-sheet-department-commerce-announces-new-actions-supply-chain.
- 9Supply Chain Risk Assessment and Management Toolkit. Alliance Bioversity & CIAT. Retrieved January 22, 2025 from https://alliancebioversityciat.org/tools-innovations/supply-chain-risk-assessment-management-toolkit#:~:text=This%20Supply%20Chain%20Risk%20Assessment,iv)%20Prioritization%20and%20Action%20Planning.
- 10AI in demand forecasting: Use cases, benefits, solution and implementation. LeewayHertz, A Hacket Group Company. Retrieved January 22, 2025 from https://www.leewayhertz.com/ai-in-demand-forecasting/
- 11Safdi S. Ethical Sourcing: Definition, Goals and Keys for Implementation. Greenly. Mar 22, 2023. Retrieved February 8, 2024 from https://greenly.earth/en-us/blog/company-guide/ethical-sourcing-definition-goals-and-keys-for-implementation.