Competitive Intelligence Study on the Nutraceuticals Market: Understanding and Identifying the Key Buying Parameters of Consumers
In the wake of regulatory challenges, the nutraceuticals market is poised to witness a change in the way companies manufacture neutraceuticals and respond to changing consumer trends. Nutraceuticals are naturally bioactive compounds that are well-known for their health benefits. They are expected to gain massive popularity among the health-conscious consumers due to the shift towards […]READ MORE >>
In the wake of regulatory challenges, the nutraceuticals market is poised to witness a change in the way companies manufacture neutraceuticals and respond to changing consumer trends.
Nutraceuticals are naturally bioactive compounds that are well-known for their health benefits. They are expected to gain massive popularity among the health-conscious consumers due to the shift towards functional foods and dietary supplements. Though recent research shows that the nutraceuticals market will witness impressive growth, regulations stemming from the implementation of the Food Safety Modernization Act will play an important role in changing the way companies manufacture such chemical compounds.
Up until a few years ago, companies in the neutraceuticals market catered to the demands of a very niche customer base. However, changing consumer trends have forced nutraceutical companies to expand their horizon and explore uncharted territories – areas generally occupied by mainstream pharma. The manufacturers of nutraceuticals are now considering targeting regions/markets with high unmet clinical need. Moreover, the recent exit of a major pharmaceutical company from the nutraceuticals market has opened new avenues for growth. Though the strategic decision to leave the nutraceuticals market was understandable in the wake of new regulatory challenges, achieving sustained growth shouldn’t be an uphill task for companies looking to adapt to rapid diversification and medicalization.
- The client: A nutraceuticals manufacturer
With an objective to build a better brand presence, the client – a leading nutraceuticals company – approached Infiniti to engage in a competitive intelligence study that would help them analyze what the competitors offer to attract customers besides, intangibles, perks, and benefits. The primary objective of this competitive intelligence study was to assess the overall brand perception and gauge numerous factors such as the strength of marketing outreach, brand awareness, and customer value proposition.
How Can Competitive Intelligence Help Companies in the Nutraceuticals Market?
Competitive intelligence solutions help companies to gain insights into what the general consumers are saying about competitors and their products, and what they like and dislike about them – including possible customer service issues. These solutions also help companies exploit competitors’ weaknesses and reinforce their marketing strategies.
Summary of our competitive intelligence engagement?
To help the client gauge numerous factors influencing their growth in the nutraceuticals market and assess the overall brand perception, the competitive intelligence experts at Infiniti followed a strategic research approach. The approach included primary and secondary research methodology coupled with qualitative and quantitative data collection procedures. The experts also reached out to various stakeholders and stakeholders in the nutraceuticals market.
Solution Benefits and the Business Impact
With the aid of Infiniti’s competitive intelligence engagement, the nutraceuticals manufacturer gained insights into the key parameters, which are considered important by the consumers before buying nutraceuticals. The client also gained insights into how the competitor’s proposition differs from theirs and what makes consumers choose competitors’ brands.
The current trend is for people to focus on prevention rather than reacting to problems after they have developed. This has led to a surge in the popularity of nutraceuticals among health-conscious people. The market will continue expanding over the next few years, presenting a good opportunity for individuals who plan to offer their own private-label supplements.
A must-read case study for strategy specialists and decision makers looking to develop an understanding of the food industry