The buyout follows its recent acquisition of Pura Collagen and is part of a bigger move to "disrupt the global consumer collagen space", Matt Banks-Crompton, co-founder at Vector Consumer, told NutraIngredients,
“We feel that there are distinct shopper types when it comes to collagen, and as a brand owner and as a company owner, we want to go to retailers with a collagen solution, which is not just restricted to one brand,” he said.
Banks-Crompton explained that Vector’s strategy is to offer a "good, a better and a best" collagen, turning different demographics of shoppers into collagen consumers.
Collagen catalog
Dose & Co is now the third collagen brand to join Vector’s catalog. The New Zealand-based brand, launched in 2019 by nutritionist Libby Matthews, includes a range of collagen peptide products mixed with various vitamins, nutrients and antioxidants.
The brand focuses on female wellness, and as Banks-Crompton explained, it's the perfect brand to sit in the middle of the offering in terms of price, with an approximate cost of
£30/month. The newly acquired Pura Collagen is Vector’s top-range collagen, offering condition-specific skin, immunity, sports recovery, menopause and sleep solutions.
The two lines join Vector’s existing collagen supplement brand Solv, which includes collagen gummies, gels, and powders at an accessible price point targeting the grocery-store shopper. Vector aims to “democratize that side of the industry and try and create an entry into the market for people who have aspired to try collagen products”.
The obstacle for many consumers is the price point, Banks-Crompton noted, a hurdle he plans to overcome by "disrupting consumers' grocery spend." He explained that in countries such as New Zealand and Australia, the grocery market is significantly more advanced than in Europe.
He did however note that in the UK and Europe “it seems to be on the upward curve, so now is the time to go after that curious customer.”
Affordability
Speaking at a recent webinar, Mike Hughes, head of research and insight at market research firm FMCG Gurus, explained that although 31% of consumers do not purchase supplements due cost concerns, good value holds more influence when it comes to purchasing decisions.
“Ultimately, if the product truly aligns with the consumer's attributes, it's something that will increase their willingness to pay a premium,” he said. “We’ve certainly seen over the last 12 months, even at times of reduced financial confidence, there have been products that have had a premium price and done incredibly well.”
Collagen market
According to a recent report by data analysts Centric Market Intelligence, the term 'collagen' is leading in ingredients searches throughout the UK, showing a 51% year-on-year increase in searches for ‘collagen powder'.
‘Collagen tablets’ has seen a 20% rise in searches, which is influenced by widespread on-the-go trends where shoppers are seeking alternative ways to introduce collagen into their diet more conveniently, according to the report.
Holland & Barrett recently forecasted that collagen will continue to be a ‘hero ingredient’ this year, and according to the "Collagen Peptides Market Size Global 2022-2030" report by Polaris market research, the global collagen market is expected to grow at a compound annual growth rate of 5.8% to $1.03 billion in 2030.