6 Trending Product Ideas for 2019
What products do your customers want more of? These days anything related to health and wellness seems to be a winner. From CBD infused products that help with pain relief to clean skin care products to Peloton bikes it looks like the heath and wellness trend is here to stay.
Another big trend is sustainability. There is some debate as to what sustainability means, but in essence it is about creating, manufacturing and selling merchandise that is less harmful to the environment. If you are looking for what is going to be the next big thing you can’t go wrong with focusing on these two major market segments. Now here’s a list of six related ideas that you can use for inspiration.
1. Clean beauty and skin care products. Consumers are becoming more knowledge about the ingredients in the products they use. Your deodorant has parabens? Maybe I should try something that is paraben free. While you may not know exactly what the side effects of ingredients like parabens and sulfates are, you may think twice about buying products with those ingredients in the future. More than 60% of women would be willing to splurge on a clean beauty product. What constitutes clean? There isn’t a standard definition but some of the ingredients to avoid include: parabens, fragrances, phthalates, sulfates, formaldehyde, refined petroleum and hydroquinone (an even longer list of harmful ingredients can be found here). How widespread is the use of these ingredients? Out of over 80,000 ingredients used in personal care products, nearly 14,000 are carcinogens, hormone disruptors and pesticides.
Capitalizing on the clean beauty trend, last year Sephora launched Clean at Sephora. The goal is to make Sephora the place to go to for non-toxic beauty products. Clean at Sephora brands do not include ingredients such as sulfates, parabens or formaldehyde. Sephora’s Chief Marketing Officer, Artemis Patrick, says that: "many [customers] are looking to shop brands and products that are 'free of' and Sephora is responding to help them do that." All brands within the program can be identified by a "Clean at Sephora" seal.
2. At home fitness equipment. The home fitness market is valued at $14 billion and it is growing. One of the reasons for the growth of this industry is convenience. Customers can easily workout from the comfort of their home either first thing in the morning or at night without having to travel to the gym. 54% of Americans surveyed that work out at least once per month said they would consider purchasing at-home fitness equipment.
One of the companies capitalizing on this trend is Peloton. If you want an upgrade to your at home workout regime and have the cash you can stream a high-end studio cycling class at home on your Peloton bike. Purchasing the bike will set you back $2,000 not to mention monthly subscription fees. Peloton has sold over 400,000 bikes but as more competition enters the market the cost of this type of at home fitness equipment will likely go down over time.
3. Sleep aids. When was the last time you had a good night’s sleep? If you said it has been a while then you are not alone. More than 33% of people say that they do not get a good night’s sleep. It is estimated that lost productivity due to a lack of sleep costs $63 billion annually in the US. It is a concerning issue since a lack of sleep can increase the risk of diseases such as diabetes and can trigger mental health problems like anxiety and depression. Ariana Huffington has called sleep deprivation “the new smoking.” Part of the increase in sleeplessness is due to rising levels of stress. 55% of adults in the United States describe themselves as feeling stressed. That is 20% greater than the global average and there is a direct link between stress and insomnia.
Some of the products that have emerged in the battle against sleep deprivation include weighted blankets, sleep trackers, and temperature-regulating duvets. At $63.5 billion, sleep aids is a big industry. The growth of this industry is not slowing down anytime soon and it is estimated that it will reach $101.9 billion by 2023. And not all of the sleep aids on the market are cheap. For example, The Bearaby weighted blanket costs $249.
4. CBD infused products. CBD is a non-psychoactive cannabinoid found in cannabis, which means it does not may you high. There are claims that it can treat many ailments ranging from: chronic pain to insomnia to anxiety. The perceived health benefits of CBD may be greater than actual benefits with the U.S. Food and Drug Administration recognizing that CBD only produces a very small number of benefits. The only FDA-approved CBD oil is Epidiolex, an oral solution which treats epilepsy.
But the lack of government certified health benefits won’t stop the growth of the industry. Close to 7% of the US population already use CBD products and it is estimated that the CBD market will grow like a rocket from $591 million in 2018 to reach $22 billion by 2022. Part of this growth is due to the passing of a bill in 2018 that allows for industrial production of hemp which is rich in CBD.
You don’t have to look far to find a CBD product as it they are popping up everywhere including in oils, skin care, pain creams, cosmetics, and bath bombs. The growth potential for CBD is especially high in the skin care and beauty industries. The drugstore, CVS recently announced that it is selling CBD infused products in 800 stores. Speaking about the launch CVS CEO Larry Merlo said: “we’re going to walk slowly, but this is something we think our customers will be looking for.”
5. Sustainable products. While not at a tipping point yet, more and more companies in the apparel and accessories industry are focusing on sustainability. There is some debate as to what sustainability means, but in essence it is about creating, manufacturing and selling merchandise that is less harmful to the environment. After the oil industry, the fashion industry is the world’s second largest polluter. Household staples like denim and leather are among the most toxic materials to produce because of the toxins contained in the dyes used on those materials. In general, companies focused on sustainability are trying to impact a number of areas including: water consumption, pollution, poor factory working conditions, textile waste and clothing waste (which ends up in landfills as consumers cycle through the latest fashion trends).
The growing focus on social causes is having an impact on the retail industry. According to Nielsen: “corporate responsibility and sustainability strategies may take different shapes around the world, but one thing is clear: consumers are using their spending power to effect the change they want to see.”
One of the companies that is focusing on this movement is MATT & NAT which stands for MAT(T)erial and NATure. While at a distance MATT & NAT’s signature bags look like they are made from animal products they are actually made using vegan leather. All of the linings of the bags it produces are made from 100% recycled bottles with approximately 21 bottles used in every bag it produces. According to MATT & NAT: “it’s important for us not to use leather. Simply put, we don’t like hurting animals and we care about the welfare of the planet”. MATT & NAT is also continually sourcing materials such as cork and rubber to make its products more sustainable in addition to cruelty-free.
6. Sustainable packaging. The focus on social responsibility extends past a brand’s product to the packaging as well. Socially conscious brands also focus on packaging as a way to show their commitment to social causes such as protecting the environment. On its own the global cosmetics industry generates 120 billion units of packaging annually. Millennial focused beauty company Glossier ran into trouble earlier this year when it launched a new line of makeup called Glossier Play. The makeup items were placed inside of foil wrappers within paper boxes which generated a lot of packaging waste. Since the uproar Glossier has decided to eliminate the foil packaging over a six-month period. Kayla Marci, a Market Analyst at Edited has said: "brands that will be able to remain relevant within the shifting landscape are those that can deliver products with sustainable packaging, refillable containers with clean and cruelty-free ingredients."
Sources
https://www.fastcompany.com/90283063/the-most-promising-health-and-wellness-trends-for-2019
https://www.harpersbazaar.com/beauty/skin-care/a28352553/clean-beauty/
https://www.businessinsider.com/cosmetics-industry-struggles-to-keep-up-in-age-of-glossier-2019-8
https://www.fastcompany.com/90340280/the-70-billion-quest-for-a-good-nights-sleep
https://www.rollingstone.com/culture/culture-news/new-study-cbd-market-22-billion-2022-722852/
https://venturebeat.com/2019/03/29/game-on-the-race-for-cbd-market-share/
https://www.fool.com/investing/2019/06/28/the-sizable-cbd-problem-that-most-investors-are-ov.aspx
https://www.nbcnews.com/health/health-news/cvs-sell-cbd-products-800-stores-8-states-n986016
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