In 2022, the functional food production in China reached 772,000 tons, but behind the rapid growth, most of the products are more of the same. Surprisingly, one product -Minayo’s iron-rich soft candy supplement – has grabbed consumers’ attention, and the product has been listed as the #1 in TikTok’s iron-rich soft candy category and #2 on the hot list of nutritious meals with a compound annual growth rate of 110%.
How did Minayo become so successful? Before we answer, let’s first take a look at the company.
Minayo was established in China in August 2020, and the brand’s sales exceeded 2 million RMB (~USD 310K) in just 1 month. The current monthly retention rate has exceeded 30%, and the current monthly sales have exceeded 20 million (~USD 3 million). The brand’s Founder, Mr. Hu Ran, was a VP in NetEase Koala and has rich experience in e-commerce operation and product selection. The name of the brand “Minayo” means “come on, young friends!”, and the brand’s trademark “smiling sunflower face” represents happiness, relaxation, health, and keep fighting for a better life.
Minayo’s target segment is the 260 million Gen Z, which accounts for 18.5% of China’s total population. Currently, the brand is focusing on women around 25 YO as the main segment that can influence their friends and family members.
What else did the brand do to create its strong position in the market?
The key lies in user insights and product innovation. Taking “Minayo lutein ester eyecare gummies” as an example; in preliminary market research, Minayo found that more and more young consumers are short-sighted, and have prolonged exposure to electronic screens. Though new consumer products for eye protection vary from eye drops and steam eye masks to eyewash and eye protection devices, there is no leading brand that offers eye care products such as gummies.
Minayo has its own independent R&D team and formula. The brand’s team has been deeply engaged in the food industry for more than 10 years. Minayo’s iron-rich soft gummies are made of Sodium iron tetraacetate, iron pyrophosphate, heme iron, ferrous glycinate quadruple iron supplement, and other four medicinal ingredients – Xinjiang Hetian Yuzao（新疆和田玉枣）, Xinjiang Jiashi Ximei (新疆伽师西梅), Qinghai black wolfberry（青海黑枸杞）, and New Zealand manuka honey supplement（新西兰麦卢卡蜂蜜）.
Exploring new ways of consuming traditional Chinese medicines will remain Minayo’s vision and goal.