SpendEdge, a global procurement market intelligence firm, has announced the release of its Global Vitamins Market - Procurement Intelligence Report.
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The accelerating spend momentum of the vitamins market will be attributed to the exponential demand from buyers from the food processing industry. Concerns over the increasing onset of lifestyle-related ailments are pushing consumers towards food formulations with different types of vitamins and mineral premixes. However, this spend growth will not translate into a favorable procurement scenario for buyers as the vitamins price trends indicate a continual increase in the procurement expenditure in the vitamins market.
Download a free sample of the vitamins market procurement intelligence report to know more about the top regions, and vitamins price trends that will impact the procurement scenarios in these regions.
Some Insights into the Key Vitamins Price Trends
- Increase in price of raw materials such as fish liver oil, citrus fruits, and vegetable oils will result in a sharp rise in the vitamins market prices.
- Vitamins price trends reveal that suppliers will incur exponential energy expenditure for the energy-intensive manufacturing process of vitamins owing to the increasing utility cost.
Cost-benefit analysis of various market growth-promoting factors forms the podium of every procurement strategy. Stay a step ahead by requesting complimentary access to our procurement platform.
Insights into the Vitamins Procurement Best Practices to Contain Costs
“An unmonitored procurement spend in the vitamins market is compelling to make necessary adjustments in their strategies that will accommodate the dynamic vitamins price trends,” says SpendEdge procurement expert Tridib Bora.
- Suppliers who implement automation and lean manufacturing techniques in their manufacturing processes gain augmented plat productivity. This helps them achieve greater economies of scale and thus lower product prices for buyers. Engagement with such suppliers is considered as one of the critical vitamins procurement best practices in this market.
- The vitamins procurement best practices advise buyers to engage with suppliers that collaborate with local authorities or agencies, which conduct periodic inspection of vitamin suppliers’ manufacturing facilities and production processes. This reduces the chances of product recalls owing to the substandard quality and also limit the scopes of incurring compliance costs incurred by buyers.
Request for information to get real-time insights into cost drivers that are impacting the supplier cost structure in today’s markets.
Get the full vitamins market procurement intelligence report to know more about the vitamin procurement best practices that will help you to optimize your procurement spend in this market.
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