When life gives you lemons
When life gives you lemons, make lemonade. When life gives you a pandemic, remind everybody that lemonade is rich in vitamin C, a widely accepted immunity ingredient!
Making the best of the worst case has driven the dietary supplement industry into a historic year, in sales growth and consumer acceptance. With the coronavirus forcing much of the world into lockdown and pharmaceuticals offering few options or answers, supplements have become a go-to solution for consumers. Whether seeking immunity from ingredients like vitamin C or elderberry, boosting general wellness with multivitamins, or looking for relief from the anxiety and sleeplessness that goes hand-in-hand with all the pandemic stress, almost every supplement category has seen growth this year.
Will this pandemic-fueled rise in supplement sales translate to a long-term shift in buying behavior? To provide insight into the hard to predict future of supplement sales 6 to 12 months from now, the NEXT team partnered up with our friends at Nutrition Business Journal and devised a methodology that:
- Paints a picture of the future for consumers to consider
- Asks consumers to imagine this specific future when answering questions
- Bases scenarios in terms that consumers can relate to
- Ensures the scenarios we measure are relevant to businesses
- Generates a range of predictions based upon a range of scenarios
We asked consumers to consider opposing scenarios, one in which the virus is controlled and the economy recovers, and another that features a virus running unchecked and a dramatic economic downturn.
What we found…
- The percent of consumers who expect their supplement usage to increase ranges from 20% to 29%
- Those who expect “no change” in their supplement usage ranges from 66% to 78%
- And those who expect decreases range from only 2% to 5%
The result is net increases in consumers who expect to increase supplement usage ranging from 18% to 24% of U.S. adult consumers.
In a world full of lemons… or rather… in a world full of bad news, this is some pretty good news.
Looking for more trends insights to succeed in a “post-pandemic” world? NEXT is here to help, whether you’re looking for custom market research or affordable off-the-shelf solutions to guide your brand for today’s and tomorrow’s marketplace.
Plus, don’t miss our expert’s guide to the hottest trends in the natural products industry, with our brand new NEXT Trend Guidebook 2020, only $99!