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 multivitamin 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 Multivitamin supplements represent for you and your brand.
Multivitamins are the most commonly used supplements in the world, as consumers rely on them to meet daily recommended nutrient and mineral goals as well as to improve their overall health and prevent disease. The market for multivitamins is massive; more than one-third of all Americans take them, and they account for ⅙ of all purchases of dietary supplements. Multivitamins are widely available and come in a variety of different forms; tablets, powders, or gummies, making them accessible to nearly every consumer.
Search engine queries for multivitamins have surged in the last twelve months, especially during the last weeks of July 2020. This data indicates that it is within 5% of its all-time high in popularity according to Google Search data.
55% of Americans believe that their multivitamins truly make a difference in their health. There is a huge opportunity to profit greatly on online marketplaces such as Amazon since 42% of consumers say that they shop for supplements online. On Amazon, for instance, the highest sellers are moving tens of thousands of units a month in the U.S. alone which is something that is not necessarily true for the vast majority of supplement products out there. Sales volume at these levels is an indication of the massive scale of public awareness it currently has to offer supplement brand-owners. This number is expected to continue to increase as search queries continue to trend towards its previous all-time highs.
Countless Americans take multivitamins in an attempt to meet the recommended intake of vitamins and minerals each day. In addition to making sure that they’re hitting the optimal levels of nutrients, consumers are also looking to improve their overall health. 79% of consumers state that they take multivitamins to enhance their performance, and many often take them without a second thought, as they’re regarded as part of a healthy lifestyle and daily routine.
UPDATE: At the time of the writing of this article, we are in the midst of the coronavirus, COVID-19. During this time, numerous clinical trials involving the effects of certain vitamins, minerals, and herbal options in relation to the virus. For the general public, during this time of increased health awareness, taking a multivitamin regularly makes sense since it combines the benefits of many vitamins & nutrients all in one tablet.
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.
As mentioned, multivitamins vary greatly in their vitamin and mineral content and quantities. However, there are seven key nutrients that consumers and doctors look for in choosing a multivitamin. These include Vitamin D, Magnesium, Zinc, Iron, Folate, and Vitamin B-12. These nutrients are regarded as essential for healthy functioning. However, for those with chronic conditions or are pregnant, nutritional needs will vary.
As always, Please be sure to consult with your healthcare provider before introducing any new vitamin to your routine.
Private Label Express offers a wide selection of stock vitamin 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 complimentary label design, label printing, and label application 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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