Trust the packaging experts at Mold-Rite Plastics to help you create a package that will grow your business in this ever-changing market.
The onset of the global COVID-19 pandemic has created increased demand for many of the products that we produce at Mold-Rite, particularly for the pharmaceutical and nutraceutical markets. Prior to the onset of this pandemic, the Pharmaceutical and Nutraceutical markets were expected to grow more than 6.0% annually through 2020, (EvaluatePharma & Nutritional Business Journal), increasing demand for packaging that is eye-catching, safe, convenient to use and easy to ship. Now, amidst this pandemic, demand has increased beyond these projections as consumers look to support their health should they be exposed to the virus, and pharmaceutical makers boost production of medicines to relieve symptoms and treat those with the virus. The need for trusted and tested packaging is greater now than ever.
COVID-19 Impact on Pharma/Nutra Market
Growing Preference for Telemedicine
As patients fear contracting COVID-19, many have chosen to avoid healthcare facilities for routine and less-than urgent care. However, this has exponentially increased the acceptance of telemedicine. Virtual visits are helping the pharmaceutical industry as patients gain access to professionals who can prescribe needed medications, easing some of the potential negative effects on the pharmaceutical market.
Social Media Fuels Sales
According to a recent study by L.E.K. Research and Analysis, social media engagement regarding vitamins, minerals and supplements (VMS) has increased along with cases of COVID-19. Analysis of Reddit, Twitter and blog posts related to VMS reflects increasing engagement as cautious customers look to boost their overall wellness. Posts promoting immune health, boosting overall wellness, and reducing stress/anxiety through the use of vitamins, minerals and supplements are all influencing purchase behaviors.
Vitamins See Triple Digit Growth
Consumers are looking to vitamins and supplements to help boost their immune systems. Among the most popular during COVID lockdown have been vitamin C and vitamin D. More time spent indoors means less exposure to sunshine, and less opportunity absorb vitamin D from natural sunlight. Additionally, zinc, echinacea, pre- and probiotics, and elderberry are experiencing rapid sales gains.
Private Label Poised for Additional Growth
Prolonged shelter in place orders and business shutdowns have left many consumers without jobs. Predictions of an upcoming recession could become reality. While the vitamins and supplements market experienced some declines during the last recession, a shift rather than a reduction in vitamin consumption could occur should a recession hit. Consumers may turn to private label brands to maintain health and boost immunity while reducing costs.
Count on the packaging experts at MRP to help you deliver the best possible package for your Pharma/Nutra product.
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