Policy2050 report infographics

supplements infographics

The global dietary supplements industry has undergone significant innovations and transformations in recent years.

SAN FRANCISCO, CALIFORNIA, USA, April 6, 2023/EINPresswire.com/ -- The global supplements industry is technologically evolving, as a new report from Policy2050 has documented. Investments in R&D, personalization, strategic acquisitions, and athletic partnerships are meant to establish credibility, often in new or niche categories, so that brands can acquire and retain customers through digital business models. Health/wellness consumer trends are also driving change.

The new Policy2050 report, titled “Innovations in Dietary Supplements: Brand Tactics and Consumer Trends (2023-2025),” found that established health/wellness brands and new, often data-driven startups are investing heavily in research and development to create innovative products that address sometimes abrupt, social media-driven category shifts. Disruptors have formed scientific committees to ensure the safety and efficacy of their products and to achieve a higher degree of personalization. With this investment and research front-loaded, e-commerce domain expertise can enable them to scale quickly, though customer acquisition costs can run higher than anticipated.

Supplements and CPG industry experts contributed their views to this comprehensive industry report. Mission Field^® LLC founder and CEO Jonathan Tofel developed models for rapid CPG innovation by reflecting on professional experiences at Proctor and Gamble, Clorox, and OxiClean. Tofel told Policy2050 that brands in dietary supplement categories need to use methods that can objectively and reliably verify where consumer demands exists, or where it doesn’t, especially if they’re anticipating high price points. Real live selling tests are generally preferable. Considering the baseline of consumer behaviors and identifying any contradictions could be helpful for the brand.

Tofel explained, “Health and wellness companies should think about who they can partner with in a small-scale way to test their new innovations all at the same time, and learn which one has the best traction and should be their next big launch moving forward.”

Dr. Andrew Brandeis, co-founder and CEO of OK Capsule, told Policy2050 that supplements can act as a helpful tool for restoring health to an individual baseline, moving beyond that, or extending life expectancies. To achieve such results, “you have to change the inputs to the system, or add to the system,” he commented. Readily accessible online health information, or “Doctor Google,” helps to surface more options for consumers to consider, including preventive healthcare and lifestyle changes, but this is only the first step in the direction of AI-driven healthcare consultations, telehealth, and more personalized health data.

OK Capsule plays a B2B role in the current landscape. As the company website states: “Whether you’re a startup or enterprise, OK Capsule makes it safe and easy to drop-ship private label supplements in custom branded, eco-friendly, daily vitamin packs. Work with us to create personalized or curated packs that fit your company’s needs.”

Dr. Brandeis emphasized that these packets are personalized, as opposed to bottles of standard vitamins that can be rebranded with a simple label change. That personalization is necessarily enabled by technology and is a natural fit for a one-to-one model in e-commerce, as opposed to the one-size-fits-most models that dominate brick-and-mortar retail.

The Policy2050 dietary supplements report also includes perspectives from other segments and aggregates over 50 quantitative insights within its strategically-oriented, highly qualitative structure. This includes data visualizations that illuminate the disruptions, opportunities, and trends in the global supplements industry.

Dietary supplements category growth taps into trends of self-improvement, health/wellness, and even the digital health phenomenon of “the quantified self,” in defiance of some consumer and regulatory skepticism. Investors are taking notice. Cuure, a French provider of personalized supplements, raised €11.8M in total funding. Momentous, a supplements brand emphasizing “best-in-class human performance,” raised $11.5M. Bellway, a natural fiber supplement brand, emerged out of a VC incubator.

ABOUT POLICY2050.COM

Policy2050.com provides business news and analysis. We seek to influence the future of tech policy and business strategy in order to bring about a sustainable, fair, and vibrant economy.

David Pring-Mill
Policy2050.com
david.pringmill@policy2050.com