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New Nordic in the supplement industry
The total value of the supplement industry 2018 was around SEK 1.200 billion (USD 145 billion)1. However, the market remains fragmented and divided between multi level and direct selling companies on one hand and companies selling and distributing through traditional pharmacy, health, grocery and online retailers. The top 3 multi level players have around 10% market share and the top 3 retail distribution players have a single-digit global market share when combined. In addition to market fragmentation, a few large players focus on specific regions rather than global presence. As a result, there are some brands that are widely known and well positioned in one part of the world, but have no or few points of sale in other regions.
Asia Pacific represents close to 50% of the global market value, North America represents around 28% and Europe
around 11%. Unites States and China are the two most important single markets.
The total global markets is expected to continue to grow by a compound annual growth rate, CAGR, of 9.7% up to 2024. Asia Pacific will be the biggest growth driver with a CAGR of 11.2% and Europe the slowest growth driver but anyway with an expected CAGR of 7.2%.
The various distribution channels that are most frequently used for purchasing dietary supplements can vary significantly from market to market. In most markets traditional retail distribution is most important, however, some players in the industry have great success with multi level and direct sales distribution. In North America and Europe, pharma- cies, health stores and groceries are the main sales channels; however, online retailing has almost doubled in five years, resulting in online retailers generating up to 30% share in these markets and the trend is expected to continue. In China where infrastructure and traditional western retail distribution is pure, consumers jump to online platforms to buy. In China the online
market place is the starting point for many international brands. This distribution trend is expected to follow in other emerging markets with poor retail infrastructure such as India and South American countries.
New Nordic in the beauty industry
New Nordic's introduction to the cosmetic skin and hair care industries happened in February 2020 with the introduction of Beauty In & Out™ by New Nordic. A new healthy and innovative approach to beauty. Beauty IN & Out explained: New Nordic specialises in herbal supplements and beauty pro-ducts based on extensive scientific proof resulting in effective and pure prod- ucts which work in harmony with your body. This healthy and innovative approach is what Beauty In & Out is all about. Using tablets and creams with the same active herbal ingredients is a great way to treat your skin from both the inside and out. It is a new beauty approach that provides exceptional benefits.
Beauty is a universal aspiration that will continue to feed sustainable growth in the cosmetics market. The main drivers in the market will be accelerated growth in the middle classes in emerging economies, who will aspire to consume more high-quality cosmetic products, as well as the expansion of categories with further untapped potential in mature economies. The increase in the number of seniors, urbanisation and the development of the men’s product market will be the main drivers of growth. Estimates project that the market will double by 2030. As digital and social networks explode around the world, evolving lifestyles will see the emergence of a new era to buoy growth: the era of “social beauty”, social, connected, shared beauty. Beauty will become even more essential, as appearance increasingly reflects people’s personality and is seen as vital both for their self-confidence and relations with others.
Consumer expectations have shifted dramatically in this new era: they want more individualised relations and ongoing dialogue with the brands they use in each country; they expect personalised advice on choosing and using products; and they want an immersive and unique purchasing experience, with direct access to brands, especially through online sales channels or in specialist shops.
Market Growth Drivers
Main factors that contribute to the growth of the health and beauty market
- The continued increase in online health and beauty spending
- The expansion of social networks
- Consumer interest in new, different and premium products
- The acceleration of urbanisation worldwide
- The increase in the number of senior citizens worldwide
- The growth of he upper middle class