Nutraceuticals is a broad umbrella term which is often used to describe products derived from food sources with added health benefits in addition to its existing nutritional value. It is generally considered to be a non-specific biological therapy used to enhance the overall well-being of its consumers. Nutraceutical products include dietary supplements and functional foods.
The global nutraceuticals manufacturing sector represents new growth opportunities for pharma and food and beverage companies to diversify and expand their portfolio. Moreover, owing to the regulatory, logistics, and technological challenges leading players in the food and beverage industry are increasingly focusing on taking advantage of the growth of the nutraceuticals manufacturing sector.
The two major segments of the global nutraceuticals market include:
- Dietary supplements
- Functional Food and Beverages
The Business Challenge
The client- A leading nutraceuticals manufacturer with several business units spread across the globe.
Objective- To collect and analyze actionable information about the nutraceuticals product manufacturing marketplace and to help the client form an effective business strategy.
The client, a leading player in the nutraceuticals industry, wanted to gain detailed insights into the competitive environment to make better strategic decisions. The client wanted to leverage the use of Infiniti’s competitive intelligence solution to better understand the market. Their primary intention was to anticipate and respond to challenges and problems before they arise. The nutraceuticals manufacturer also wanted a detailed report on the entry barriers, new opportunities, risks, and competition in the food and beverage market space.
Results- Offered detailed insights on the global nutraceuticals market scenario, which helped them make better business decisions.
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The Journey[spacer height=”20px”]
The competitive intelligence experts at Infiniti carried out extensive research comprising of interviews and discussions with leading stakeholders across the neutraceuticals market space to help the client improve business efficiency. The experts at Infiniti further compiled information from a wide array of secondary sources such as paid industry databases, company presentations, and industry forums to help the client understand the competitive scenario.
The Solution and the Business Impact[spacer height=”20px”]
With the help of Infiniti’s competitive intelligence solution, the client was able to enhance their organizational performance by discovering risks and opportunities prevalent in the neutraceuticals market space. This engagement also offered detailed insights on the economic, competitive, and political environment of the nutraceuticals firm. Implementing a competitive intelligence solution also helped the nutraceuticals firm to improve their overall organizational performance by enhancing their business strategies.
The Future[spacer height=”20px”]
The rise in disposable incomes and rising affluence of the middle-class populations will continue to drive the growth of the global nutraceuticals market in developing countries. Such factors also offer several growth opportunities for companies looking to gain a stronger foothold in this sector. Promoting neutraceutical products with gluten-free labels is one of the key strategies being adopted by food and beverage companies in an attempt to drive customers to make healthier lifestyle choices; thus, increasing sales.
Success in the neutraceuticals sector will depend on a few factors including:[spacer height=”20px”]
- Technology- Owing to the growing demand for personalized health care services, the nutraceuticals manufacturing sector will proliferate in the coming years. This compels companies to make the most of technological breakthroughs and achieve better results.
- Regulations- Most of the rules framed around nutraceuticals vary from one country to another. Manufacturers of nutraceutical products will have to work closely with government bodies to anticipate new market opportunities.
- Product strategy- The best product strategies are the ones that fetch maximum profits. Therefore, companies will have to develop a robust portfolio of technologies and brands to drive maximum value.
- Marketing- The tastes of consumers in the filed of neutraceuticals are likely to fickle based on their changing Also, to succeed companies will have to develop a highly nuanced global marketing campaign that can exploit economies of scale while adapting to global preferences.[spacer height=”20px”]
To successfully implement competitive intelligence in their business processes, nutraceutical companies need to understand that market intelligence is the foundation of collective intelligence. Moreover, it is essential to have a logical and structured action plan complete with KPIs and project success indicators that offer a clear direction and instill confidence when implementing competitive intelligence.