The novel coronavirus and the resulting economic crisis may have an impact on the food supplement sector, but they will also bring forth a chance for agile brands to disrupt the market.
We are yet to understand the harshness of Coronavirus, but Euromonitor predicts the world economy will be struggling to get back on its feet for the coming two years.
Though the future is plagued with challenges, the food supplement sector may, perhaps, feel the least effect—thanks, in part, to the health-centric nature of the pandemic.
For many companies in the sector, the question is how to respond to present situation, the kinds of products to roll out and how to go about the marketing process.
History can confirm that economic crises can offer a chance for specific market disruptors who position themselves strategically.
After the 2008 recession, for instance, we saw brands that previously partnered with PharmaLinea steal the market.
As other brands were diffident about the next best move, others focused on developing, releasing and marketing their new-fangled products.
One case in point is a firm that rolled out an iron supplement after the 2008 recession and sold out a remarkable 115,000 units within year-one of the launches.
Elsewhere, a Europe-based firm also released their iron supplement which later earned it up to 50 percent of the market share by 2012 up from 2008’s 14 percent.
The ability to stand out from the crowd earned them significant market share. But that doesn’t mean a conformist, stagnant position is a wrong approach; because, sometimes it is the best way to go.
However, recent studies on customer habits show an increasing liking towards such products to, so rolling out a relevant product could lead to success.
Again, from the case studies listed above, apart from perfect targeting (by tackling the iron problem), the two brands focused on products that sought to improve the overall health.
Meanwhile, Trinity College Dublin of Ireland recently found that nations with high cases of Vitamin D scarcity suffered the highest Coronavirus death rates.
In response, a worried Health Department in Ireland are asking citizens to take doses of Vitamin D supplements every day to gain the deficit created by the stay-indoors regulations.
“An individual’s nutritional status determines how they respond if they get infected with Coronavirus,” stresses Professor Mairead Kiely from Cork Centre for Vitamin D Research. “A capable immune system powers a patient to fight the Coronavirus.”
And with everybody spending more time indoors, supplementation is an excellent way to cover for the deficit. After the news from the Health Department, brands in Ireland reported increase in Vitamin D supplement sales.
So maybe it’s true; forward-thinking Nutraceutical merchant account owners may disrupt market amid and post-crisis.
Author Bio: Blair Thomas has been a music producer, bouncer, screenwriter, and for over a decade has been the proud Co-Founder of eMerchantBroker, the highest-rated Nutraceutical merchant account provider in the country. He has climbed in the Himalayas, survived a hurricane, and lived on a gold mine in the Yukon. He currently calls Thailand his home with a lifetime collection of his favorite books.