Every day, more consumers take a long pause in the grocery aisle or online to carefully examine products’ health and wellness attributes before putting them in their shopping cart. According to Walker Sands and NielsenIQ, consumers look for these specific attributes for various reasons, including lifestyle choices and medical necessities. No matter what, they’re interested in the impact their purchases will have on their health and their family’s.
With the health and wellness segment projected to hit $203 billion in sales in the U.S. by 2023, these changes in consumer preferences represent a golden opportunity for small CPG manufacturers.
How, exactly, though?
Data pulled from NielsenIQ’s 2021 Harnessing Total Wellness to Grow Revenue and Byzzer NielsenIQ Total Wellness product insights reports.
How NielsenIQ Total Wellness helps small CPG manufacturers make smarter business decisions
There’s no doubt that there will continue to be a demand for health and wellness products, giving CPG brands a chance to capture new revenue and delight consumers along the way. Using NielsenIQ Total Wellness, you can access attribute insights relevant to your brand’s products and use these insights to make informed decisions about your business. You can also put these insights into action on your packaging and in your product descriptions, making it easier for consumers to find the products they want in-store and online. This, coupled with the latest and emerging market data, positions your brand to succeed today and in the future.
NielsenIQ Total Wellness also helps keep your business informed by allowing you:
- To better understand consumer intent, which helps you see why consumer are buying one brand over another
- To evaluate the opportunity of cost, which tells you what your risks vs rewards are
- To identity the emerging trends that are winning in your category, which gives you a snapshot of your marketplace or where to invest next
- To ensure that customers are able to find your products, which allows you to be set up for success and meet your goals
Using all this data, you can identify which product attributes will provide the biggest significant boost to revenue. You can also optimize over time and get in front of the over 40% of consumers that seek products and services aligned with their health and wellness values — either existing or emerging.
Reporting on specific sustainable attributes
One of the most powerful features of NielsenIQ Total Wellness that can help a CPG manufacturer quickly boost revenue is the ability to identify trending attributes across all CPG categories. For example, based on Q2 2021 search and attribute data pulled from the solution, different sustainable attributes are picking up steam.
Specific data reveals:
- Beauty consumers are looking for long-term sustainable solutions and products that do no harm.
- Most consumers with specialty diets (including those based on their values, like veganism and vegetarians) are willing to spend more on products with their desired attributes.
- 33% of consumers are more concerned than ever about their impact on the environment.
- The attribute “plant-based” in all food and beverage categories rose 36.9% from two years ago, with $312 million in sales in the last 52-week period.
- Sustainability claims like social responsibility, sustainable forestry, and animal welfare experienced double-digit growth across the board compared to pre-COVID periods.
Keeping up with current and trending attributes and everything in between may seem like an impossible task, but it doesn’t have to be. CPG brands simply need a central source of the most up-to-date data relevant to their consumers and products. Without it, you can’t gain the competitive advantage needed to win market share from your competitors.
Luckily, the right attribute insight tool is well within reach with NielsenIQ Total Wellness. The solution offers five different product insight reports to help you unlock growth opportunities based on performance, pricing, and marketing & promotion trends. Most importantly, you’ll know what attributes matter most to your shoppers so you can efficiently deliver on them.