Rise in Number of Health-conscious Consumers to Aid Market Growth
Evolving consumer trends, in terms of diet and consumption of various nutritional products, are one of the major factors expected to have a strong influence on the overall growth of the global clinical nutrition products market in the upcoming years. With growing penetration of Internet and increasing access to digital media, more number of consumer awareness pertaining to the benefits of clinical nutrition products is on the rise, which, in turn, is likely to have a positive impact on the growth of the global clinical nutrition products market during the forecast period. A number of established food brands and manufacturers, along with several small- to medium-scale startups, has entered the global clinical nutrition products market in recent years. Due to this, a wide array of clinical nutrition products are available at various price brackets.
While consumer awareness continue to move in the upward trajectory, market players are projected to comply with the stringent regulatory framework and focus on the product development strategies to attain the approval from the concerned authoritative body. Several players operating in the current clinical nutrition products market are leaning toward expanding product portfolio and manufacturing capabilities to cater to the swelling demand for clinical nutrition products, particularly in the developed region. The significant rise in the number of health-conscious consumers worldwide is another factor projected to augment the demand for clinical nutrition products during the assessment period.
Popularity of Probiotics and Functional Food Products to Boost Demand
The noteworthy rise in the number of health-conscious consumers coupled with the soaring demand for functional food & beverages is anticipated to have a strong impact on the overall growth of the global clinical nutrition products market in the upcoming decade. The Asia Pacific region is likely to be one of the most lucrative markets for players operating in the current clinical nutrition products market landscape, owing to sheer size of the market and consistent rise in the number of health-conscious consumers. Moreover, rise in geriatric and ageing population in nations, such as Japan, is another factor that is expected to accelerate the demand for clinical nutrition products in the foreseeable future.
A number of consumers from various age-categories is open to trying new products to improve quality of living due to which, market players should focus on curating effective and engaging marketing strategies. The booming eCommerce sector around the world is another major factor anticipated to fuel the growth of the global clinical nutrition products market during the forecast period.
Brands Eye Product Launches to Establish Strong Market Foothold
Companies operating in the clinical nutrition products market landscape are eyeing product launches to gain a competitive edge in the market. For instance, in April 2020, an Indian start-up Esperer Onco Nutrition announced the launch of a wide range of clinical nutrition products that are specifically developed for cancer patients. In August 2019, Nestle and Danone announced that the companies are increasingly focusing on expanding their product portfolio, and expanding their product portfolio by launching new clinical nutrition products.
High Demand for Optimum Nutritional Management amid COVID-19 Pandemic
The outbreak of the COVID-19 pandemic is expected to have a strong influence on the clinical nutrition products market in 2020, as the demand for nutritional management, particularly among children and older population, continues to witness consistent growth. The demand for clinical nutrition products amid the ongoing COVID-19 crisis is on the rise, as consumers are seeking various immunity-boosting alternatives to prevent being infected from the novel coronavirus. While offline sales are likely to take a hit in 2020, online sales are anticipated to witness sizeable growth in 2020 due to stringent lockdown and transportation restrictions imposed by governments of various countries in different regions.
This study by TMR is all-encompassing framework of the dynamics of the market. It mainly comprises critical assessment of consumers' or customers' journeys, current and emerging avenues, and strategic framework to enable CXOs take effective decisions.
Our key underpinning is the 4-Quadrant Framework EIRS that offers detailed visualization of four elements:
- Customer Experience Maps
- Insights and Tools based on data-driven research
- Actionable Results to meet all the business priorities
- Strategic Frameworks to boost the growth journey
The study strives to evaluate the current and future growth prospects, untapped avenues, factors shaping their revenue potential, and demand and consumption patterns in the global market by breaking it into region-wise assessment.
The following regional segments are covered comprehensively:
- North America
- Asia Pacific
- Latin America
- The Middle East and Africa
The EIRS quadrant framework in the report sums up our wide spectrum of data-driven research and advisory for CXOs to help them make better decisions for their businesses and stay as leaders.
Below is a snapshot of these quadrants.
1. Customer Experience Map
The study offers an in-depth assessment of various customers’ journeys pertinent to the market and its segments. It offers various customer impressions about the products and service use. The analysis takes a closer look at their pain points and fears across various customer touchpoints. The consultation and business intelligence solutions will help interested stakeholders, including CXOs, define customer experience maps tailored to their needs. This will help them aim at boosting customer engagement with their brands.
2. Insights and Tools
The various insights in the study are based on elaborate cycles of primary and secondary research the analysts engage with during the course of research. The analysts and expert advisors at TMR adopt industry-wide, quantitative customer insights tools and market projection methodologies to arrive at results, which makes them reliable. The study not just offers estimations and projections, but also an uncluttered evaluation of these figures on the market dynamics. These insights merge data-driven research framework with qualitative consultations for business owners, CXOs, policy makers, and investors. The insights will also help their customers overcome their fears.
3. Actionable Results
The findings presented in this study by TMR are an indispensable guide for meeting all business priorities, including mission-critical ones. The results when implemented have shown tangible benefits to business stakeholders and industry entities to boost their performance. The results are tailored to fit the individual strategic framework. The study also illustrates some of the recent case studies on solving various problems by companies they faced in their consolidation journey.
4. Strategic Frameworks
The study equips businesses and anyone interested in the market to frame broad strategic frameworks. This has become more important than ever, given the current uncertainty due to COVID-19. The study deliberates on consultations to overcome various such past disruptions and foresees new ones to boost the preparedness. The frameworks help businesses plan their strategic alignments for recovery from such disruptive trends. Further, analysts at TMR helps you break down the complex scenario and bring resiliency in uncertain times.
The report sheds light on various aspects and answers pertinent questions on the market. Some of the important ones are:
1. What can be the best investment choices for venturing into new product and service lines?
2. What value propositions should businesses aim at while making new research and development funding?
3. Which regulations will be most helpful for stakeholders to boost their supply chain network?
4. Which regions might see the demand maturing in certain segments in near future?
5. What are the some of the best cost optimization strategies with vendors that some well-entrenched players have gained success with?
6. Which are the key perspectives that the C-suite are leveraging to move businesses to new growth trajectory?
7. Which government regulations might challenge the status of key regional markets?
8. How will the emerging political and economic scenario affect opportunities in key growth areas?
9. What are some of the value-grab opportunities in various segments?
10. What will be the barrier to entry for new players in the market?
Note: Although care has been taken to maintain the highest levels of accuracy in TMR’s reports, recent market/vendor-specific changes may take time to reflect in the analysis.