So, as I was doing my Sunday Sprints today, I was ruminating on what to write to you.
As you know, the Sunday reset is a time of thought, pondering, random travels of mind and emotions.
I wanted to take a bit of a different course from the last few weeks, and get a bit back into our industry… well, let’s talk about Hemp.
The Farm Bill just passed, which is one of the most profound changes to the industry. As far as CBD is concerned, it legalized industrial hemp, including the plants used to produce CBD oil.
Honestly, its about time as we have been exporting this industry out of our country for way too long. I was first introduced to the wide array of benefits of Hemp, in 1994 when I read Jack Herrer’s Emperor Wears no Clothes.
Since then, hemp has been an industrial staple in my home; hemp clothes, hemp dog leashes and collars, I even have a couch made out of a hemp blend…most durable couch I have ever owned.
There’s still a gray area on how the Feds...
So I was thinking...
We are in a time of industry disruption. Industry disruptions are a consistent through history, although technology has sent them on the fast track model of the future.
It's not a bad thing...although for those resistant to change, it literally can be the final nail in the casket of a career which does not look the same, feel the same, or did not promise what they hoped for.
Let's look at some examples.
Pharmacy has been disrupted tremendously over the years- and has gone fast forward like a bat out of hell since the economic downfall in 2008.
2008 hit and there was a huge contraction in the market- and regardless IF it affected...
After a year or so of sinking trends, the supplement industry is looking bigger and brighter than it has in a while.According to NFM's Natural Retailer Market Overview, natural supplement sales have rebounded nicely as vitamin and dietary supplement sales grew 6.2 percent in 2015, reaching a market value of $14.3 billion.
Herbal and botanical remedies fared well, growing 7.8 percent to notch roughly $2.4 billion in sales.What should not be a surprise, according to Euromonitor International:·
The growing elderly population and the millennials are the core groups driving the market.
Older shoppers want to delay aging and reduce their risk of disease·
Millennials, having been raised by health-conscious baby boomers, are open to alternative care and nutritional supplements.
Both groups share a common desire to avoid expensive medical care, while looking to natural supplements for answers and sought out formulations tailored specifically to their needs.
Another trend found at...
Where this is “supermarket talk” its very relevant to our practices, because it represents what the consumer market wants.
What is often a benefit of a smaller business like an independent pharmacy, or even a small chain, is that they can change quickly to market demands.
This often leads the 2-ton gorillas in the market to do in depth assessments, and “wait and see” if is worth their while to step into a process which would literally alter their branding, identity and sometimes entire business structure.
Whole Foods was one of those 2-ton gorillas, and after many years of running much higher profits while a small percentage of total sales that Kroeger was posting, Kroeger realized the market wants clean whole foods, but at a greater value and price.
Over the past few years, since Kroeger decided to throw their hat in the ring, actually recreate the ring, and now sells over 11 billion dollars in natural foods, being led by the most successful private line of...