Summary of the Food Supplements Industry
Spurred by an aging population and heightened interest in sales of vitamins, minerals, and preventative health, the demand for nutritional and herbal food supplements have surged. Gone are the days where primary care doctors gave patients all the answers. However, today, consumers are increasingly relying on alternative channels to categorize targeted health needs and self-diagnose medical conditions. This is partially driven by the fact that insurers are increasing co-pays and incentivizing their customers to take preventative care measures.
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High Competition: Unlike drug manufacturers, food supplements manufacturers have fewer regulated review and approval processes to go through before they are released to the general population. Though governments aim to enforce stronger regulations on food supplements manufacturing and distribution in the future, the current regulation leniency means there is an abundance of supplements in the market. Therefore, new companies are entering the market at a rapid rate to take advantage of the industry’s fast growth.
Consumer Divide: Now that millennials have reached an age where they have access to additional disposable income, extra money from younger generations is going towards health products as well. Millennial purchasing patterns are focused more on preventative measures and holistic health benefits. While the millennials purchase food supplements for separate reasons, the sets of needs and demands must be addressed by food supplements retailers.
A leading food supplements retailer based out of the United States.
The retail sector client wanted to understand the customer buying habits in terms of cultural, personal, and social factors and the decision-making process to position their products effectively. Additionally, the client wanted to profile the target customers and differentiate their product offerings to provide superior product value to the customers.
Quantzig’s category planning engagement helped the food supplements retailer to address problems pertaining to the additional spends and gain up-to-date market insights in terms of the nature of players and the cost drivers. Additionally, the client was able to gain real-time insights into the opportunity analysis to drive value and increase stakeholder engagement. This subsequently helped them identify target commodities, opportunities, and enhance their ROI.
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Category Planning Solution Insights
With the help of Quantzig’s category planning solutions, food, and beverage industry players can identify the KPI’s and adequately allocate resources to meet the business and category requirements. Furthermore, food supplements retailers across the globe can comprehend the customer buying preferences and accordingly position their product offerings in the market.