People worldwide realize the importance of good health, fueling a surge in interest in everything that promotes it. As the population ages, more people seek remedies to cure their ailments and to keep them healthy into their golden years. Furthermore, health is more than a goal. It’s both a way of life and a thriving consumer market for print on demand supplements.
SUPPLEMENTS MARKET GROWTH
According to Grand View Research, the global dietary supplements market was valued at USD 151.9 billion in 2021. It is expected to grow at an 8.9 percent compound annual growth rate (CAGR) from 2022 to 2030. Over the forecast period, rising consumer awareness of personal health and well-being is expected to be a key driving factor for dietary supplements. However, due to hectic work schedules and changing lifestyles, the world’s working population struggles to meet daily nutrient requirements. As a result, increased reliance on supplements to meet nutrient requirements due to their convenience is expected to drive the market over the forecast period.
FUTURE TRENDS THAT WILL SHAPE THE PRINT ON DEMAND SUPPLEMENTS MARKET
1. White label health products are an appealing alternative to national and branded products.
Consumers’ comfort with white label substitutes grows as branded product recalls continue and more purchase decisions on specific needs. Retailers are expanding their own white label nutraceuticals offerings with new branding, formulations, and packaging to fuel the trend. Moreover, many retailers also position their store brands as “lifestyle brands” to differentiate themselves and build customer loyalty. The attractive margins and consumer loyalty that white label supplement brands can generate is enormous. As a result, retailers will likely continue investing in them, fueling their growth.
2. Volatility will persist as health trends come and go.
Since consumers trust their advice, health-conscious media celebrities have always had a significant impact on print on demand supplement sales. In addition, they are in charge of driving specific product fads, and there is no reason to believe that their influence will diminish in the future. While aggregate industry revenues will remain stable, individual manufacturers must anticipate the ebbs and flows of easily influenced consumers. This is due to the diversity of products in the print on demand supplements category. Furthermore, as celebrities drive trends, manufacturers finds new creative ways to capture consumers’ attention to compete.
3. E-commerce advancement
Although print on demand nutraceuticals are a difficult category for consumers to shop for online without prior product knowledge, online sales have increased dramatically over the last five years. Retailers’ concentrated efforts to improve the online shopping experience through better online education and targeted marketing are its primary drivers. It increased consumer confidence in purchasing this category online.
As the alternative medicine trend continuously grow, demand for print on demand products will increase, particularly among younger consumers. Companies can capitalize on this growth opportunity if these products are easily accessible online.
4. Regulatory burdens will continue to rise.
Increased oversight and tightening regulations governing manufacturing, product safety, and efficacy claims accompanies the continued expansion of the print on demand supplements category. There’s a noticeable increase in FDA enforcement actions involving food and dietary supplement labeling violations over the last year. Manufacturers needs to become more cautious about the language they use on labels. This is to avoid making implied nutrient content claims or efficacy/health benefit claims. In recent recalls, the government will apply stricter regulations to manufacturing processes and practices to help ensure quality and safety.
Tighter regulations will increase the complexity for manufacturers. However, they will also provide an opportunity for good actors to shape the market. Major players should work with regulatory bodies to help set a higher standard for supplements. Such regulatory changes and industry-government collaboration will increase consumer trust in safety and efficacy of print on demand products. As a result, benefiting the overall market.
PROFITING FROM THE BRISK MARKET FOR PRINT ON DEMAND SUPPLEMENTS
Strong category growth is expected to continue as consumers’ interest in health grows, and retailers work to position themselves as one-stop health and wellness destinations. To avoid consumer backlash or supply disruption due to product quality concerns, manufacturers must closely monitor regulatory shifts and adjust accordingly. Taking on these challenges, however, is well worth it. The expansion of the print on demand supplements space over the next decade presents a once-in-a-lifetime opportunity for retailers and manufacturers to capitalize on a thriving growth sector.
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