Tuesday, April 11, 2017

Market Dynamics of Wheatgrass Products

Wheatgrass products market is expected to witness a sustained growth in the coming years. The demand of wheatgrass product is supported by population growth, recovered GDP, increased disposable income, and growing emphasis of preventive health care practices among consumers to lead healthy life. Some of the factors such as rise in ageing population, increasing health consciousness among consumers, new product developments, and the improved supply chain for strengthen the distribution network, are driving the growth of global wheatgrass products market. Middle aged and elderly consumers readily invest in wheatgrass products to support their immunity system. On the other hand, younger consumers have started taking interest in wheatgrass products owing to the presence of natural ingredients in it and various health benefits. This has led the manufactures to extend their research activities for bringing new formulations or for expanding the range of wheatgrass products to cater various consumers’ needs and preferences. 

Wheatgrass products market is segmented on the basis of nature, form, application, and distribution channel. On the basis of nature, wheatgrass products are segmented as natural/original and organic. Increasing demand for organic food worldwide is expected to increase the organic wheatgrass products segment over the forecast period. On the basis of form, wheatgrass product market is segmented into liquid form, and powdered form. With growing preference of convenience food, it is expected that the demand of wheatgrass products in liquid form will grow at highest rate during the reviewed period.

Wheatgrass products market, on the basis of application, is segmented into food & beverages, pharmaceuticals and cosmetics/personal care. Owing to the high health benefits and medicinal value of wheatgrass products, it has found major application in the pharmaceutical industry. On the basis of distribution channel, wheatgrass products market is segmented into supermarket/hyper market, convenience stores, drug stores, and others such as direct selling, mass merchandisers etc.

On the basis of geography, wheatgrass products market is segmented into seven different regions namely North America, Latin America, Eastern Europe, Western Europe, Asia-Pacific region, Japan and Middle East and Africa. Asia-Pacific region is expected to have a growth potential for wheatgrass products, propelled by growing ageing population, rising disposable income, increased health consciousness. Majority of leading manufacturers in the wheatgrass products market target the opportunities posed by emerging economies like China and India to expand their revenue base. However, North America and Europe witnessed the highest number of new product launches that contained wheatgrass products.

You need to go through all the same marketing planning steps that any other new product would go through, and you can't focus on YOUR objective of selling lots of WheatGrass until you've done your homework.

Start by identifying your prime consumer prospects and find out some basic information about them: What are their core beliefs, their habits and practices today, what do they like and dislike about current products in the category, where do they prefer to shop, what is their ideal product, where do they live, what lifestyle choices have they made, what are the demographics, etc., etc.

Then go to the distribution channel experts and ask them which brands/products have been most successful and why. Which have failed after showing a lot of promise initially, and why do they think they failed?

Once you've done all of that, you need to find the right positioning for your product among the target audience. It needs to be unique, competitive, benefit-oriented, compelling, relevant, and focused single mindedly on the most important benefit. It's not a laundry list of all the features and benefits you would want to list on the package.

Then you're ready to develop a strategic marketing plan -- one that takes the positioning statement and extends/expands it into all areas of the marketing mix -- product, package, promotion, price, advertising, publicity, sales/distribution, etc.

It would be nice if there were a reliable "quick start" manual for all of this, but there isn't. You have to go through all the steps if you want a successful introduction. I'm doing a project on this now for a client, and I think it's finally becoming clear (to the client) that it was worth the time, effort, and expense to do it right. At least they won't have to do it over later when there's far more at risk. Come up with a great name, proper packaging, quality ingredients and a fair market price where the producer, bottler, wholesaler and retailer can all make a decent return on investment, and you can sell the hell out of it.

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