ProFound continues to tailor its products to the real needs of the natural ingredients sector. With our market potential tool, now expanded to the US market, we can do a quick assessment of natural ingredients’ potential on the European or American markets. The tool covers cosmetics, food, food supplements, pharmaceuticals and herbal medicine.
The development of this tool stems from ProFound’s tradition to provide Market Analysis solutions to natural ingredient companies. With more than 25 years of expertise, we have access to numerous sources and contacts which enable us to base our conclusions on market realities.
“ProFound identified which of our products had most potential in Europe, which helped us to fine-tune our export, marketing and communication strategies, and prepare for our exhibition at the Vitafoods 2017 trade fair.” – Steve Hurt, KP Botanicals, South Africa
For the South African company KP Botanicals, we used this tool to select products ready for the European market. Based on this selection, we found interesting European buyers.
How it works
To identify a product’s potential we start by determining its conservation status. Next, we find out what the allowed use is in Europe and the United States. Product authorisations are among the main bottlenecks for natural ingredients to enter international markets.
Then we assess the products’ current use and popularity by identifying products already on the market. Even if a natural ingredient is allowed in a market for a particular segment, it does not mean that it is actually used in such products. Finally, we discuss our outcomes with industry experts and give a final assessment and recommendations on the products’ potential.
The Market Potential tool helps companies to focus on those products with the most potential on international markets. This way, suppliers can make the most of their investments and activities. The tool also serves as a solid basis for a more in-depth analysis into a product’s market system. By working with local partners, we can identify products and stakeholders to develop a sustainable value chain.