When it’s time to introduce a new supplement product to your brand line up, experienced sellers understand the importance of doing proper market research before making the financial investment. Many dread choosing the “wrong product” to move forward with, making this part of the qualification process key to your continued success.
When considering your next product, the first key point to remember when making your selection is that different supplements represent different potential opportunities. For example, some nutritional supplements might have limited competition, so establishing your brand presence and gaining sales momentum may be easier in the beginning, but the potential sales upside may be limited as a result. Another supplement option may be massively popular worldwide, and by making early progress depending on your product launch strategy and chosen marketplace, the progress may be gradual, but the sales upside would be higher and well worth the extra time and effort. A third product opportunity may be what is considered an “industry staple” – they have displayed tried and true market resiliency over the years, making them a less volatile and more stable type of product to choose. Though it may not serve as the centerpiece of your product lineup, it could potentially be the perfect complementary option.
Another key factor to consider is which direction the product’s popularity seems to be trending in – does your research indicate an upward or downward trend?
Doing proper research is a vital step, but it is often an overlooked part of having a private label business by many first-timers. Your brand could have a great message, ethically-sourced raw materials, and effective supplements, but without the demand, it doesn’t stand much of a chance at gaining traction. No matter how good the marketing may be, if consumers don’t see a need for it, they won’t buy it. And convincing someone they need something is a lot harder than simply already giving them what they want.
We will examine the benefits and the business behind selling CoQ10 supplements so that you’re able to make an educated decision on whether or not it is the type of supplement that will work well with your brand’s product lineup.
As we mentioned earlier, each supplement will have its own market advantages and challenges, so let’s take the time to examine a few market indicators in more detail to determine what kind of opportunity CoQ10 supplements represent for you and your brand.
CoQ10 encompasses an average of 339,000 plus searches each month in the United States alone over the 12 month period ending in June 2020. The interest in this compound has remained strong and steady over the past five years.
While search performance during this time has been stable, seasonal spikes have been common during the first weeks of each year. Overall, in the span of 5 years, searched terms relating to “CoQ10” have increased in volume by as much as 21%. It’s always an encouraging indicator when you see search traffic for your selected supplement demonstrating consistent performance by volume year-round in addition to overall market growth over a sustained period of time.
Sales activity for this popular nutrient shows that there is an actively growing market for CoQ10 supplements of various sorts. In 2017, a reliable market report suggested that Coenzyme Q10 supplements would account for nearly $859 million of the $36.7 billion supplement industry by 2020. In 2018, the global market exceeded $470 million and another recent independent report projects that the worldwide market for Coenzyme Q10 could exceed $1 billion by 2026.
Sales data from online marketplaces such as Amazon indicate that the current CoQ10 market is able to comfortably sustain healthy sales volume across dozens of top brands. The top brands observed are providing thousands of units to consumers each month, on average – even well outside of the top 10. Statistics also suggest that up-and-coming brands or existing brands looking to expand into additional supplement markets can acquire a healthy market share of their own if they take the proper strategic approach.
Coenzyme Q10 or CoQ10 is a naturally produced antioxidant stored within every cell’s mitochondria in our anatomy. This nutrient is responsible for generating cell energy by helping the production of adenosine triphosphate (ATP) and providing protection against oxidative stress and damage. The highest concentration of CoQ10 is found within high energy organs such as the heart, lungs, liver, and kidneys. With age, the production of this nutrient decreases naturally. When production of vital nutrients such as CoQ10 within our bodies begin to decrease, and even before, it is natural to take a supplement.
When looking to determine effectiveness, keep in mind that dietary supplements are not intended to treat, cure, or prevent any diseases. Though nutraceuticals are routinely used to support certain health benefits, they are different from pharmaceuticals. Nutraceuticals are natural and work with the body’s chemistry to produce certain desired effects over time. Pharmaceuticals, on the other hand, are synthetically created to hack your body’s chemistry for a more immediate and dramatic effect. Understanding the difference between the two is key.
Private Label Express offers a wide selection of stock CoQ10 solutions for you to choose from allowing you to find the perfect product to suit your brand and set you apart from the competition.
Your purchase includes all printing and packaging in your name, ensuring the product is fully branded and ready to go when you receive it.
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When it comes to competing with brands around the world, we understand what it takes to help power you to the next level of your success. Make our team part of your team today and experience the difference in having an FDA-inspected, GMP Certified, nutritional supplement manufacturer on your side.
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