While there are many large brands and specialty chemical consumer producers, consumers are rapidly swaying their buying behaviors and prefer products which feature less ingredients, ingredients they recognize from social media influencers they follow and trust, and natural ingredients.
It is exceedingly challenging for the larger billion-dollar brands to suddenly pivot and create such products in a genuinely creative and refreshing package that consumers not only trust but are intrigued and compelled to purchase.
Here lies the problem for the consumer: simple products that are creative, genuinely unique, and highly effective, with minimal ingredients that they don’t want or recognize (especially with names that at least sound like a synthetic chemical), are in need.
On any given day, there are quite a large number of Americans looking to positively change their body. Survey data consistently shows that:
- 40% of people in the US say they are “on a diet”. People in America spend $2 billion on weight loss supplements alone every year. Personal Care Products make up $5 billion annually in sales in the US.
- Additionally, 60% of people admit, when surveyed, that they are influenced in the products they buy to affect their health and body by Instagram influencers and 39% say that YouTube has become their primary place to educate themselves on health and fitness specific goals and questions. (Mintell Market, 2019)
The market is under developed (BBC, 2018). An even more auspicious element of the opportunity is that interest premium health, wellness, and personal care product-related searched are increasing. From years 2007 to 2018, Google trends reported year over year increases in frequency of search terms “healthy food”. This is a key take home point to consider when reviewing the market size projection in Market Size Analysis.
Annually, $2 billion dollars is spent on premium health and wellness products in the US. (Mintel Market, 2019). If Kayak Butter Group were able to achieve a market share of 5%, the opportunity equals an annual revenue of $100 million.
Kayak Butter offers premium products designed using customer feedback as the primary factor in determining ingredients, formulas, styles, and overall design and couples that with a network of youtube and Instagram personalities that give the product an entirely new level.
A premium formula or design optimized for value in what consumers want from that particular type of product and the wellness related results it aims to deliver
2) Links to talented social media authorities such as youtube and instragram who vouch for the ingredients in the products, connect to, and educate people on how to use them, their benefits, etc… (much like the experience of using a peloton bike and connecting with other people and trainers doing the same routine and who have similar interests)