[TREND 25] The Importance of Self-Care
Self-care has taken on new meaning because of COVID-19, spanning across multiple industries. In healthcare, nutritional supplements sales reached an all-time high as consumers perceive them to be an effective and low-cost way to help strengthen their immune system. Sales of such products are forecast to exceed $10 billion by the end of 2020. Immune-enhancing supplements, especially vitamins C, B12, and D, have been on the rise since the onset of the COVID-19 pandemic. Sales of minerals such as iron, zinc, and magnesium, as well as herbal products like elderberry and echinacea, have also surged. Furthermore, as consumers are seeing doctors less frequently due to coronavirus, there has been a favorable environment fostering switches. Several Rx-to-OTC switch approvals took place in Europe, Japan, and the United States, with more expected to be approved.
In the beauty industry, consumers are becoming more conscious regarding the products they put on their bodies as well as the impact these have on the environment. Due to this, the demand for vegan beauty products is stronger than ever before, and several companies have launched new plant-based beauty products in 2020.
Self-care is also reflected in the food and nutrition industry, where products that claim to promote health or enhance immunity are in high demand. There is an increased interest in products that maintain healthy cholesterol levels, enhance immunity, and keep healthy blood glucose levels.