Overall, dietary supplements is recording higher sales growth in 2020 owing to COVID-19. Finnish consumers have responded to the health crisis by purchasing, in particular, dietary supplements that boost the immune system amid concerns of contracting the virus.
Beauty from within appears to be a trend that is gaining traction in Finland, supported by beauty blogs, social media influencers and general media attention that all point to the results that can be obtained by feeding the skin and attaining healthy nails and hair through consuming various dietary supplements. This is boosting demand for supplements such as co-enzyme Q10 as beauty continues to gain ground within positioning, which is a similar trend witnessed in the niche of tonics.
Dietary supplements continues to be a highly fragmented competitive landscape dominated by local or regional companies, with the overall category being led by domestic player Midsona Finland Oy, followed by Orkla Care Oy and Verman Oy Ab. These players are managing to maintain or improve their share in 2020, specifically targeting Finnish consumers in their marketing, with a focus on the safety aspect of their products.
Although it is unlikely that overall sales growth in 2021 will be at the same level as in 2020, higher demand for dietary supplements is projected to remain a constant over the forecast period in light of the impact that COVID-19 has had on Finns’ health-consciousness. Combination herbal/traditional dietary supplements is poised to record the most volume and value growth, with consumers perceiving that these supplements offer added value and convenience compared with regular single-ingredient products.
Interest in herbal/traditional dietary supplements is set to keep growing over the forecast period, with this segment continuing to gain value share from the dominant standard products, leading to stable current value growth. However, due to its natural positioning the category also faces competition from outside of the market as some consumers look to incorporate certain herbs or spices that they perceive to be beneficial to their health through food and beverages, while others look to superfood powders full of antioxidants to add to smoothies.
Although it is losing some share in 2020 to specialist stores and e-commerce, modern grocery retailers made consistent gains over the review period within dietary supplements and this is likely to be the case over the forecast period as the products become more mainstream. The channel has a positive impact on the presence of private label, with both S Group’s Rainbow and Kesko’s Pirkka maintaining highly ranked positions in 2020.
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Understand the latest market trends and future growth opportunities for the Dietary supplements industry in Finland with research from Euromonitor International's team of in-country analysts – experts by industry and geographic specialisation.
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This report originates from Passport, our Dietary supplements research and analysis database.
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