Impact of COVID-19 on Nutraceutical Packaging in Healthcare Industry
The demand for the nutraceuticals has been increasing across the globe due to the changing lifestyle of the health conscious consumers. This increase in the demand for the nutraceuticals have positively affected on the nutraceutical packaging market.
AFTERMATH OF COVID-19 AND GOVERNMENTS INITIATIVE TO BOOST THE GROWTH OF THE MARKET
Also, with the growing awareness and growing social media nutritional trends influencing population all around the world will increase drive the demand for nutraceutical which will further boost the growth of global market.
Many governments have taken initiatives for the nutraceutical packaging as they have been focusing on ways to improve the consumer’s health and wellness. The government initiatives to support industries in order to manufacture innovative packaging products will boost the growth of the market.
· European Union (EU)- funded project NanoPack aims to develop packaging solutions that increase product life after packaging by using novel anti-microbial surface application on the food packaging product surface. The Nanopack antibacterial film extends the shelf life of the product by two days. This two day increase in shelf life increase product stability by 40%.
The COVID-19 had a terrible impact on the global economy. Many establishments have to remain shut while others scale down their operations or put on hold expansion plans as they survive the unprecedented crisis. The other impact of the COVID-19 pandemic outbreak is the delay or fluctuation of raw material supply for nutraceutical packaging manufacturing. This fluctuation has resulted in increase in price of raw material, which has impacted the prices of nutraceutical packaging products.
IMPACT ON DEMAND
There is a rapid increase in demand for the nutraceuticals increasing popularity for the nutraceutical packaging as well. Demand for the increased shelf life of food products across the globe is expected to increase the growth of the market in the COVID-19 period as well. There is an increasing consciousness about health and weight management is playing a crucial role in the demand for the global nutraceutical packaging market. On an average, the consumers have increased have increased their monthly spending on vitamins, minerals and supplements products by 10-15% since the COVID- 19 began.
The increase in the awareness among the consumers about the consumption of the nutraceuticals is that they can build the immunity that is highly required in the COVID- 19 pandemic period has positively affected on the nutraceutical packaging as well. With the rise in the consumption of the nutraceutical in order to maintain the good health and fitness, the demand for the nutraceutical packaging also increased.
Therefore, there has been a constant increase in the demand for the nutraceuticals which positively affected on the nutraceuticals packaging market as the packaging of the vitamins, minerals and other dietary supplements is the major factor that attracted the attention of the consumers.
IMPACT ON SUPPLY CHAIN
During the pandemic situation, the supply chain was majorly disrupted due to a lack of resources and transportation. Also, the governments across the world have implemented various restrictions and lockdowns to prevent the spread of the disease. In the same way, many governments have restricted the movement of goods across the countries and the entire supply chain was distorted. Owing to the disrupted supply chain, the transportation of raw materials has been interrupted and the production of nutraceutical packaging products was halted. Similarly, the manufacturers aren’t able to visit the customers such as nutraceutical companies to provide them with the packaging materials due to the implementation of lockdowns across the various parts of the world. Thus the demand for nutraceutical products has been tremendously increasing whereas the packaging materials production has been disrupted. As a result, the COVID- 19 pandemic has negatively impacted on the supply chain of the nutraceuticals packaging market.
STRATEGIC DECISIONS OF MANUFACTURERS AFTER COVID-19 TO GAIN COMPETITIVE MARKET SHARE
To deal with the COVID-19 outbreak challenges many nutraceutical packaging market players are creating new strategies. It is predicted that these strategies are providing high chances to escalate up company revenue and its growth in the forecast period.
Similarly, growing opportunities in innovative packaging solutions is attracting a larger consumer base for the nutraceutical packaged products. Increase in the demand for the nutraceuticals has made companies to launch the new products in spite of the COVID- 19 challenges and to gain a larger market share.
Despite of the COVID – 19 pandemic outbreak, the manufacturers have been creating new opportunities by themselves by participating in exhibitions in order to spread the awareness about the nutraceuticals and their nutritional benefits which helps in boosting the immunity of the consumers.
· In 2021, MJS packaging announced that they will exhibit for the first time since the start of COVID- 19 pandemic at the 2021 Cannabusiness international market place Michigan summit and expo in Michigan.
Therefore, such product launches, exhibition of the products at the expos and vents in order to increase their consumer base are the strategic decisions which are taken up the market players to gain larger market share.
COVID- 19 pandemic has taken a toll on the population and economy. A collaborative effort on governments, public health departments and hospital fraternity to fight corona virus has led to the economic slowdowns, lockdowns and extreme public safety measures. Due to the increasing health conscious ness among the consumers, the demand for the nutraceuticals has been increasing constantly in the COVID – 19 pandemic periods. This is mainly because of precautionary measures which are followed by the consumers for the COVID-19 which in involves the intake of nutraceuticals. However, the supply chain has disrupted during the outbreak scenario because the demand is more for these products. As unlocking of the lockdown being started in various regions of the world, it is expected that the supply chain became normalized for the market.