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Investment in such technology means companies can minimise wage costs, and in turn support profit margins. Read more: The Medical Device Industry in 2020-2021: Key Trends & OutlookĬompanies are also benefiting from technological advances that contribute to more streamlined production lines.However Australia’s strict regulations and controls on the industry does cause a drag, and means innovation is relatively slow. The rise of 3D printing technology is also being tagged as another potential influence on the market, with its ability to create products or tools on site, rather than depending on supply lines. In Australia, there is the potential for healthcare companies to collate all available health data as they seek to provide more customised products for their local consumers. This trend has been exacerbated by the pandemic, during which consumers sought to gather information on health indicators, without needing to leave their homes or interact personally with medical professionals. The increasing sophistication of digital devices and tools is driving demand for products which integrate health data and provide personalised data points to the user. While there are high barriers to entry, pockets of the industry remain under-served and start-ups and smaller operators are innovating in these areas.Īccess to personalised data through wearables and other tech is driving a trend towards personalised health. The vitamin and supplement industry is evolving rapidly, with newcomers entering the market and challenging existing players. Technology trends in the vitamin and supplement industry The increase has been such that major companies have been on recruitment drives, despite the challenges of multiple lockdowns. While the pandemic has put pressure on revenue, it has also prompted a notable increase in demand for immunity-boosting products such as vitamins C and D. The industry in the UK, which has been hit hard by Covid-19, has also benefited from the increased interest in healthy living.Demand is in part led by the country’s reputation for ‘clean, green’ products, which is a major drawcard for consumers out of Asia. Sales of Australian products overseas are forecast to rise over the next few years, particularly to countries like China. Revenue over 2020 contracted due to the pandemic, but recovery is expected to be relatively fast. Sales have also been driven by an increasing number of outlets stocking the products, including day-to-day stores such as supermarkets. In Australia, rising interest in the fitness and wellbeing industries over recent years has helped support an increase in product sales.However the industry will continue to face headwinds, as a result of supply chains disrupted by the pandemic, increased competition and increased regulatory oversight.Beyond in-store shopping, online sales are also expected to grow, as the pandemic shifts purchasing habits and consumers seek out discounted prices or special deals.The Covid-19 pandemic has proved a double-edged sword for the industry, undercutting revenues while also boosting interest in health-related products, particularly immune system support. The vitamin and supplement industry is expected to grow over the next few years, following increasing interest globally in healthier lifestyles.The state of the vitamin and supplement industry – a quick snapshot Products manufactured include vitamin and mineral supplements, along with dietary products designed to support weight-loss and strength-building.
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Typical firms will use nutraceutical software to support their own manufacturing, or to manage the process via contract manufacturers – handling purchasing, distribution, and sales and marketing in-house. The vitamin and supplement industry manufactures and sells goods to support dietary requirements, including products to complement health and fitness regimes. Choosing Cloud Software Assessing and choosing Inventory Software.Manufacturing Productivity Guide Learn About Productivity in Manufacturing and How Gains Are Unlocked.Supply Chain Management Guide Learn about supply chain management for modern SMEs.The Modern Manufacturing Guide NEW Practical advice for small & medium enterprises.
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