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A Strategic Analysis for New Product Entry Into the Nutracueticals, Functional Foods, and Vitamins and Supplements Markets

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A Strategic Analysis for New Product Entry Into the Nutracueticals, Functional Foods, and Vitamins and Supplements Markets A STRATEGIC ANALYSIS FOR NEW PRODUCT ENTRY INTO THE NUTRACUETICALS, FUNCTIONAL FOODS, AND VITAMINS AND SUPPLEMENTS MARKETS Katherine Ray Bachelors of Science, University of Victoria, 1992 PROJECT SUBMITTED IN PARTIAL FULFILLMENT OF THE REQUIREMENTS FOR THE DEGREE OF MASTER OF Business Administration In the Faculty of Business Administration 0 Katherine Ray 2004 SIMON FRASER UNIVERSITY August 2004 All rights reserved. This work may not be reproduced in whole or in part, by photocopy or other means, without permission of the author. APPROVAL Name: Katherine Ray Degree: Master of Business Administration Title of Project: A Strategic Analysis for New Product Entry into the Nutraceuticals, Functional Foods, and Vitamins and Supplements Markets Examining Committee: Jill S%epherd Assistant Professor,--, MO,T MBA Elicia Maine Assistant Professor, MOT MBA Date Approved: PARTIAL COPYRIGHT LICENCE I hereby grant to Simon Fraser University the right to lend my thesis, project or extended essay (the title of which is shown below) to users of the Simon Fraser University Library, and to make partial or single copies only for such users or in response to a request from the library of any other university, or other educational institution, on its own behalf or for one of its users. I further agree that permission for multiple copying of this work for schoiarly purposes may be granted by me or the Dean of Graduate Studies. It is understood that copying or publication of this work for financial gain shall not be allowed without my written permission. Title of Project: A Strategic Analysis for New Product Entry into the Nutraceuticals, Functional Foods, and Vitamins and Supplements Markets Author: Katherine Ray ABSTRACT Forbes Medi-Tech operates a biopharmaceutical company which is involved in research and development for the nutraceuticals and pharma industries. They have had some success in the nutraceutical industry. A supplement has been formulated and they are considering entering into the vitamins and supplements industry to target cardiovascular disease since it is vast. Billions of dollars are spent every year combating this disease. The nutraceutical and functional foods industry is growing and has evolved over the last few decades. It is estimated to be over $70 billion. Distribution for functional foods is mainly through grocery outlets. The competition is fierce with food, pharma, agriculture, and nutraceutical companies involved in creating products such as Benecol and Nutrisoy. The market is driven by an aging population which wants to live longer, consumers who want convenient foods, and companies looking for new areas to pursue. Entrance barriers consist of legislation, high cost of R&D, sceptical consumers, misunderstandings of scientific claims, and the increased cost of adding these ingredients into foods. Vitamins and supplements is a maturing market; however, supplements such as omega-3s are experiencing growth. The over the counter (OTC) market was worth -$85 billion in 2002, vitamins and dietary supplements (VDS) accounted for 40.2% of this market, and is occupied by companies such as pharma, supplement, natural foods and agriculture companies. Distribution is through chemists and pharmacies in most countries. The driving forces are consumers willing to self-medicate, alternatives to prescription drugs, and the aging population around world. Barriers to entry include the cost of R&D, quality control problems, and negative publicity with such supplements as ephedra, and legislation. Forbes' plant sterols are their core technology which has sustained them since the early 1990s. They have a number of experienced employees in pharma and nutraceuticals. Forbes' strategy is to build both of these businesses in order to succeed using their core competencies in R&D and discovery. Critical success factors have been being part of a biotech cluster, and partnering with strong companies. It is recommended that Forbes enter the vitamins and supplement market with the ReducoVomega-3 fatty acid combination and then move into functional foods. However, they have a few barriers to overcome both externally and internally in order to launch successfully. ACKNOWLEDGEMENTS I would like to thank everyone at Forbes for their time and patience as well as opening their doors and providing an opportunity to complete this project. Jeff and Paul were instrumental in allowing the flexibility and providing any information that was required. I would also like to thank Jill for her guidance and direction during this process. TABLE OF CONTENTS .. Approval ................................................................................................................................... 11 ... Abstract ..................................................................................................................................... ~II Acknowledgements....................................................................................................................... iv Table of Contents............................................................................................................................ v List of Figures .............................................................................................................................vlii ... List of Tables.............................................................................................................................. ix List of Abbreviations and Acronyms ............................................................................................x 1 Introduction and Scope ..............................................................................................................1 1.1 Forbes MedGTech. Inc ........................................................................................... 1 1.2 Reducol ................................................................................................................ -2 1.3 The New Product .................................................................................................. -3 1.4 Aim and Scope of Project ....................................................................................... 5 2 Nutraceuticals and Functional Foods .......................................................................................7 Introduction .......................................................................................................... -7 What are Nutraceuticals and Functional Foods? ...................................................... 7 The Market ............................................................................................................ 8 Canada's Role ..................................................................................................... 12 Areas of Interest for Nutraceuticals and Functional Foods .................................... 12 Cardiovascular Health and Cardiovascular Disease.............................................. 13 Cholesterol .......................................................................................................... 14 Distribution of Nutraceuticals and Functional Foods ............................................. 15 Unsuccessful Functional Foods ........................................................................... 16 Successful Products............................................................................................. 16 Competition ...................................................................................................... 18 BenecolTM........................................................................................................... 18 Diminocol63 ........................................................................................................-20 Cargill Health & Food Technologies ....................................................................20 NutriSo* and Novasoy@................................................................................... 21 Abacoa ..............................................................................................................21 Market Drivers ....................................................................................................-22 Youth Market ...................................................................................................26 Over 35 ............................................................................................................26 Women ............................................................................................................26 Company Strategies .............................................................................................26 Barriers to Nutraceuticals .....................................................................................28 Legislation ..........................................................................................................-30 Codex ..............................................................................................................30 The European Union ........................................................................................31 The United States .............................................................................................33 Canada ............................................................................................................ 35 Japan ............................................................................................................ 36 2.13.6 Product Life Cycle .....................................................................................
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