During my four years as associate editor with Nutraceuticals WorldI talked to enough people, read enough research and eventually connected enough dots to realize just how much business decisions made in this space impact society at large. Continuing the traditions established before me, my principal goal as editor is to offer compelling, timely, actionable information that you can apply to your business, with the hope that you’ll use it to offer consumers the best, safest, healthiest products technology can produce.
Currently, you have a valuable commodity in your corner: consumer confidence. According to the 2012 Annual Consumer Survey on Dietary Supplements from the Council for Responsible Nutrition (CRN), 85% of American adults said they are confident in the safety, quality and effectiveness of dietary supplements. This level of trust has stayed fairly consistent over the past several years.
In coming years, an emerging consumer base (Generation Y, or the Millennial Generation) will grow in terms of spending power, and influence will shift away from the faithful Baby Boomer. This shift will affect product formats, marketing strategies, distribution channels and much more. How will the industry adapt to meet the needs of these tech-savvy consumers?
Prop 37, if passed in California, and the debate about labeling genetically engineered products could also have far-reaching impact. What implications would a GMO label have on the value of natural and organic food or supplements?
Meanwhile, what separates “functional food” from, well, food? In his article (on page 32) Julian Mellentin, editor of New-Nutrition Business, said the term has outlived its usefulness. “Consumers don’t care whether foods have a special added ingredient that provides the health benefit. In fact, they’d prefer the health benefit to come from some ‘natural and intrinsic’ value of the food. People still want added benefits, provided they are clear and tangible.”
Perhaps the most apparent change happening in today’s business climate, mergers and acquisitions in the nutraceuticals space will affect the industry in profound ways. With pharmaceutical companies and consumer packaged goods giants eyeing market share, the roots of this industry are growing into something hard to identify just yet. By the way, have you had any correspondence with FDA about Good Manufacturing Practices? Have you filed any New Dietary Ingredient notifications?
Many of you have been or will be challenged to compete in a changing marketplace. I look forward to collaborating to create an even better, stronger industry.