7 Health and Wellness Business Trends to Watch
With consumers becoming increasingly health conscious, it is no wonder that the wellness industry was valued at $4.5 trillion and has been rapidly growing since.
As people become more concerned about their lifestyle choices, it is important for brands in this industry to keep an eye at what’s the current need of the buyers to make the most out of the opportunity. To help you start, here are some health and wellness business trends that you need to watch out for going forward.
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1. Clean and Green Health is the Undisputed Future
One of the top FMCG brands in the world, Procter and Gamble has undertaken a green initiative, whose aim is to achieve net zero greenhouse gas (GHG) emissions by 2040. They have already begun making changes to their supply chain by partnering with a network of suppliers that can help them achieve their goal.
Why? Because that’s the undisputed future. Clean brands aren’t buzzwords anymore.
Businesses and consumers alike are increasingly realizing the need for transformational changes in the way we manage our consumption. As a result, sustainable solutions will continue to garner more importance in the unforeseeable future.
2. Your Wellness Business Needs to be Backed by Science
As consumers become more informed about their needs, they are gaining clarity on what their expectations are from the brands they deal with. One of the inarguable expectations is for all their health and wellness products to be backed by lab tests and expert analysis.
Consumers want evidence for all the claims brands make as well as certifications for the clinical tests conducted by manufacturers.
From the technology you use to the ingredients involved in developing the formulas, they want information on everything before they invest in your products. So, if you want to stay in business, you need to make sure that you can walk the talk.
View our client case studies here to see how Aventive Studio’s designs have helped wellness product brands make more sales and grow their customer base.
3. Wellness Companies with Subscription Models Fare Well
Moment, a brand started by Aisha Chottani and Faheem Kajee, is a wellness beverage that allows you to “drink your meditation.” The formula is developed with a “none of the bad” and “all of the good” mindset, which enables consumers to bring down their stress levels and curb their cravings.
As outrageous as the idea of drinking your meditation sounds, what’s even strange is that this brand has a subscription model. You can subscribe to a plan on their website and get 2-weeks’ worth of drinks delivered to your doorstep.
It has proven to be a success so far since Moment has already done $5 million in sales in a very short period!
SaaS or tech, for that matter, aren’t the only spaces where subscriptions are gaining popularity. We have already seen health and wellness brands like HelloFresh and BirchBox capture the market with subscriptions.
Given the revenue generated by these companies, it is apparent that subscriptions are the way to go – especially if you are selling products like protein powders and bath bombs that require repeat purchases.
4. Personalized Health Takes the Front Seat
The wave of personalization has hit the health and wellness industry, as well. During the last few years, consumers have increasingly begun to expect personalization of both products and services from wellness brands.
For instance, NuMilk allows customers to make fresh milk from the ingredients of their choice with the click of a button. Not just that but the brand is also a huge advocate of plant-based health, which is why the assortment of their ingredients is 100% vegan. They are clean, green, and zero waste.
This type of control over their eating habits is exactly what consumers are looking for at present and this trend is only set to rise over the next few years. Again, it isn’t just the health-tech industry that’s witnessing the demand for personalization; it is every market segment.
5. Influencers Must be Credible for Brand Partnerships
Influencer marketing is at the center of the health and wellness industry.
Because it involves the overall well-being of customers, the stakes are higher than they are in a low-risk industry, such as apparel or home décor. So, the impact of influencer marketing on the wellness industry continues to require your business’s attention.
It is not far-fetched to expect influencer marketing to become the bread and butter of this industry. Consumers need recommendations about their lifestyles from trustworthy sources, so businesses will have to make sure that they connect with the right kind of people to make the best impact going forward.
6. Trials and Samples are a Huge Market
After the pandemic, there has been a huge shift in consumers’ buying patterns. People are warier of spending their money and the failing economy doesn’t seem to help their case. Businesses can feel the effect.
Because even though there are about 50 brand launches a year, there are many businesses that shut down in the first 5 years of their existence. In such a market, expecting people to pay, especially a premium, for full-size products from brands that they have no experience with isn’t a reasonable business decision.
Trails and samples are the perfect way to get your foot in the door. The Product Sampling Study by Arbitron and Edison Media Research reported that 35% of customers who try a product end up buying it on the same day.
Not only can sampling allow you to increase your sales but it can also help you build trust among the customers without asking them to make a big investment in your brand.
It doesn’t matter if businesses offer trial-sized products at nominal price points or provide complimentary samples with purchases so long as the customers get their hands on new products to test out.
If you’re giving out samples, you only have a moment for your health & wellness logo and visual designs to make an impression on potential customers.
The goal is to get your target audience to remember your brand for the future! Our branding & design services will ensure you make an unforgettable first impression.
7. Dominate Retail Sales with Eye-Catching Packaging
More than 70% of consumers in the U.S. admit that product packaging influences their purchase decisions. And rightly so!
The health and wellness industry is swarming with new launches every day. As it becomes more and more difficult for people to keep up with them, businesses have to find ways to grab their attention.
Since visual identity is the first thing that buyers notice about their products, it is important to nail your packaging with the help of a professional packaging design agency.
And if that isn’t enough incentive for you, then you should know that brands that revamp their product packaging experience nearly a 30% increase in their revenue. Evidently, your wellness packaging design needs to be an absolute hit right from the start.
If you notice, these health and wellness business trends aren’t trends at all. These are the evergreen rules of successfully running and branding a business in the industry. Whether it is thinking about the future or making shopping more convenient for buyers, the fundamentals of doing business remain unchanged.
The branding & design experts at Aventive Studio can help your wellness company sell more products. Our clients have been featured on Shark Tank, Target, CVS, and more. Ready to be our next success story? Get in touch with our team to learn more.