While the economy has suffered recently due to the ongoing COVID-19 pandemic, the supplement industry is just now starting to feel the impacts as unsold products sit in storage or manufacturers adapt to manufacture products that are in high demand. There is no denying that coronavirus has been a tragedy worldwide; however, it also creates a great opportunity for supplement manufacturers to adapt and take advantage of new trends. In this article, we will look at some of the ways supplement manufacturers should be adjusting to crisis and some tips to prepare similar events in the future.
Most experts estimate that the global economy will take around 2 years to fully recover. And, although the supplements industry Is understandably less impacted than others since the pandemic is a health-related issue, market drops may still occur without warning. One of the easiest ways to adapt to the ongoing situation is to find ways that you can leverage current laws or product trends to make an impact on both your facilities and the clients you serve. For instance, shift some resources to creating PPE equipment or hand sanitizer to stop the spread of COVID-19 and protect civilians and the medical workers that are treating them.
One huge trend the supplement industry has taken when adjusting to crisis as it relates to COVID-19 is to increase the production of immune-boosting supplements. However, products for overall health, stress or pain have also seen tremendous growth as society continues to deal with the constant threat of contracting the virus. Keeping up with modern issues that affect us both nationally and globally can help determine which route your supplement manufacturing facilities should take to better serve your customers.
It is important to also note that current inventory levels may be impacted, particularly for ingredients sourced from China. This is further compounded by the fact that many manufacturers began panic-buying ingredients and creating a shortage once the pandemic began. Finding alternative ingredients channels or preparing for inevitable delays will be critical going forward for every sector of the supplement industry.
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