Megatrends are long-term, consumer-driven trends that disrupt industries globally. We show you how to leverage megatrends to stay relevant and competitive in rapidly changing, consumer-centric markets.
The personalisation megatrend highlights the growth of me-centred consumer expectations, including highly customisable and personalised consumer products. This includes a rising visual culture that prioritises management of self-image to others online, with spillovers into expectations for brand offers and brand marketing. We now have an urgency to manage our personal "brands", which influences everything we do and consume.
Personalisation in vitamins and dietary supplements
The market for personalised vitamins and dietary supplements (VDS) has historically attracted only premium nutritional consumers. However, the emergence of widespread interest in products and services tailored to the individual consumer is being seen across cultures and consumer profiles. COVID-19 has heightened consumers’ attention to their health, driving demand for efficacious wellness solutions, especially through personalised options that meet their specific health needs, offer value for money and respond to growing interest from consumers for tailored solutions.
Businesses, especially larger companies, have recognised the opportunity, and enabled by technological advances are investing, driving innovation and lowering prices for personalised VDS.
Products “democratising personalisation” are leading the pack
Expanded interest from middle-income consumers has pushed interest in lower-cost options in personalised nutrition. By offering competitive prices, quick analytics and basic personalisation, they appeal to and are more accessible to a wider group of users than have patronised personalised nutrition services to this point.
The market for “precision” vitamins and dietary supplements to remain niche
At the higher-end, “precision” VDS will continue to offer innovative and sophisticated solutions, such as products built to a consumer’s individual biology, that will continue to attract only a narrow range of consumers due to their elevated price points and advanced level of personalisation and innovation.
Personalised nutrition to extend to a variety of “next markets” over the forecast period
The personalised nutrition marketplace is dominated by the US in 2021, but many factors suggest the near-term rise of this concept in half a dozen or more markets that have a strong base of active and engaged consumers of vitamins and dietary supplements, firstly being strong online marketplaces for VDS, as well as having high per capita spending on these products. “Next markets” include China, Australia, South Korea, the UK and the Nordic countries, among others.
To expand personalisation at a mass level, companies must develop outreach and frame solutions around the markets and consumer groups most likely to gravitate towards personalised offerings.
To learn more, this report, ‘Personalisation in Vitamins and Dietary Supplements’ explores consumer expectations for VDS personalisation and what it means for brands.