As we start to see light at the end of the tunnel, our founders share their thoughts on the challenges health supplement manufacturers and partners overcame.
There are some universal lessons from this pandemic, both personally and professionally. We at TSI Group LTD feel that two of the most valuable are the importance of adaptability and strong relationships.
In his conversation with Nutritional Outlook, Larry Kolb, Co-Founder and President of TSI Group LTD, gave this perspective:
“Globally, we feel the COVID-19 pandemic [negatively] impacted the sports category the most out of all consumer health categories. The category significantly impacted brands that were focused on gyms and specialty retail like GNC.”
Not only was consumer demand affected, the overall contraction of the supplement industry was also impacted by the stressed supply chain for nutraceutical manufacturing.
As our other Co-Founder and CEO, Joe Zhou, shared with Nutraceuticals World:
“Many of the raw material producers in China, where a majority of the industry’s raw materials are produced, experienced mandatory shut-downs ordered by the Chinese government. Then there was a huge demand for immune-related ingredients, such as vitamin C, which caused severe shortages of these materials for several months. At the same time, the transportation costs were much higher. The transportation situation is still ongoing and it will take some time to recover depending on how effective the pandemic is controlled globally.”
Throughout these challenges both Joe and Larry leaned into their entrepreneurial roots by continuing their ongoing commitment to their partners and customers as well as their ability to pivot with unforeseen market changes.
Visit Nutraceutical World to read more about Joe’s perspective. You can find the full article on Larry’s perspective by visiting Nutritional Outlook.