Commenting on lockdown restrictions impacting the “Global dietary supplement industry”.
“We see Covid 19 as having accelerated significant growth in the global nutraceutical and wellness market as consumers’ appetite for the health benefits of these, increases. This is particularly the case for supplements that boost the immune system and provide perceived protection against the virus which has created issues for supply to keep up with demand. These gaps in the supply chain create opportunities for fraudsters to capitalise with the adulteration of products forcing manufacturers to closely scrutinise their options and look at alternative suppliers.
“The real challenges that lie ahead will be maintaining this growth as initial spikes in demand at the start of lockdowns can be difficult to sustain leading to a plateau or even dips as consumers turn to other growth areas for comfort. Slightly further out with a domestic as well as a global recession looking increasingly imminent, a key issue could become ensuring that consumers prioritise health supplements in a more challenging economic environment.”
By Mark Lynch, Partner at Oghma Partners.