(MENAFN- EIN) Future Opportunities & Growth Drivers in VMS
LONDON, UNITED KINGDOM, September 24, 2019 / EINPresswire.com / --VMSOFFERS GROWTH OPPORTUNITIES
Global: Adding $1.7bn to the total OTC market in 2018 in net value gained, VMS sales continue to post impressive growth (+4.3%). Sales are forecast to increase at roughly the same rate in the next decade, with most dynamism still coming from developing regions like Asia and LatAm. Probiotics and single vitamins will post the strongest growth of the top categories, with impressive gains also for hair & beauty supplements, pregnancy vitamins, immune supplements and herbal memory & brain health.
A new report from Nicholas Hall examines various positive factors that will drive the VMS market, including: ageing populations; raised awareness of the myriad benefits of supplements (backed by targeted consumer promotion); a global trend towards herbal & natural products (in an age of safety concerns around medicines); increasing desire for preventative / wellness products. It also identifies negative factors that may impede supplements, such as: studies that discredit existing ingredients (or misrepresentation of findings in the media); oversaturation of the market, with consumers suffering fatigue from the vast array of non-differentiated SKUs.
Comment from Ian Crook, Managing Editor, Nicholas Hall's Reports: 'Healthy ageing' offers a significant opportunity for supplements marketers, as the expanding elderly population means strong sales for health areas such as joint health, menopause, memory and eye health. Personalisation is arguably the next step in VMS segmentation, with a growing number of vitamin ranges offering personalisation services where consumers submit information and receive recommendations for a unique blend of supplements. New ingredients will be a growth driver, with the current focus of launch activity on those that offer improved bioavailability.
Scientific backing is a key marketing strategy for certain VMS brands, with effective consumer communication key. CBD supplements offer huge growth potential, particularly as they become more mainstream; regulators' narrow view of the category is the main hurdle, but the gradually building body of evidence supporting CBD's health benefits will strengthen the case. Meanwhile, e-Commerce will remain a vital sales channel, forecast to outstrip growth rates via brick-and-mortar stores; yet VMS players will need to forge the kind of strong emotional connection with consumers that many direct-to-consumer brands enjoy.
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