Nutrinovate, the startup revamping the supplement industry
By Katerina Mansour - 03 February 2020
Many of us grew up being told to take multivitamins to prevent the flu and other ailments. Over the past years, the dietary supplement market has also experienced increased growth, resulting in marketing campaigns encouraging consumers to increase their vitamin and mineral intake to boost their health. Indeed, according to Reports and Data, the global dietary supplements market was worth $124 billion in 2018 and is predicted to reach $210 billion by 2026.
At the same time, scepticism regarding dietary supplements and their efficacy is commonplace. Do multivitamins truly improve our health? Are dietary supplements really necessary? Can they be dangerous if you don’t actually need them?
Key drivers in the health supplement market
Several factors have contributed to the rising use of dietary supplements. Most importantly, consumers have become increasingly health-conscious over the past years. The boom of the health and fitness sector has largely been influenced by the rise in lifestyle-related illnesses and the influence of social media. Indeed, Instagram, Snapchat and Facebook have become the favoured marketing channels for companies offering wellness products such as supplements. Furthermore, preventative medicine has gained momentum in countries such as the United States, where the cost of healthcare is incredibly high for many individuals.
Looking at global healthcare trends, nutrient deficiency is clearly a widespread issue: the WHO estimates that about 2 billion people suffer from some sort of nutrient deficiency, lack of iron being the most common. Environmental and lifestyle factors are mostly to blame. For instance, vegetarians and vegans commonly experience deficiencies in iron, vitamin B12 and vitamin D. Residents of Nordic countries such as Norway or Finland often experience a deficiency in vitamin D due to the lack of sunlight during certain periods of the year. Beyond the physical repercussions, studies have also shown our mental health can be affected by insufficient vitamin intake. For example, studies have shown a link between vitamin D deficiency and depression.
An innovative response to pill fatigue
Pill fatigue has become a prevalent issue and is linked to the rise in medication being consumed. We take a pill for headaches, a pill for stomach aches, a pill for a cold, and the list goes on. Depending on how many deficiencies you might have, you might also end up with numerous supplement pills to take each day. This can quickly become frustrating and decrease peoples’ desire to continue treatment. Innovative solutions have therefore been developed as a response to pill fatigue, including vitamin gummies and films.
Nutrinovate has entered the market with numerous health-driven products, including vitamin films, to address these challenges. The Swedish startup develops, produces and sells food supplements and beauty products via an edible film developed by Functional Film Technology. The small film is placed inside the mouth to transfer substances into the body, offering an uptake four times better than standard tablets and capsules. Nutrinovate has developed a range of 10 products (food supplements, skin serums…) and distributes one externally sourced product (Medistus AntiVirus). The goal is to leverage the latest research and technology on the market to help improve individuals’ health.
What’s next in the supplement space?
The startup underwent Early Metrics’ rating process and ranked in the top 30% of rated startups. We reached out to Nutrinovate’s CEO, Magnus Nilsson-Vall, for some insights:
What type of innovation you feel will be necessary for the coming years, within the dietary supplements market?
“We think all innovations in the field of bioavailability will be crucial. Also, more studies on different ingredients claims will be needed to make supplements more generally accepted. A field under development is the personalized nutrition projects with customized products for individual needs.”
How will innovation continue to impact this market in the future?
“Innovation will be the major factor for survival in the supplement market. It’s a clear trend that basic products shift more and more to low priced high private labels. To attract consumers the companies need to present smarter, better and superior offerings. It must be a seamless transit between digital and classic marketplaces. For us, it is still most important to develop and launch relevant products with disruptive technology.”
Magnus also shared that his startup already has new innovative products in the works and is looking into the longevity field, as biohacking is a rising trend. We wish Nutrinovate the best of luck and are excited to see what products the company will release next!