In this issue focused on the financial outlook for the nutrition industry, we hear themes of reserve and caution from investors in the community. And not just from investors. Consumers aren’t likely to leap onto every new concept either. But does any of that suggest irrational reluctance? No, though it may suggest an overabundance of caution.

In the guest piece from Greg Horn (Resilience and recovery, page 20) the supplement industry veteran describes bear markets as a shopping district to acquire companies with potential. The supplement industry may or may not be recession-proof, and it bears noting that nobody has declared a recession just yet; but NBJ is still tracking growth. And predicting that growth will improve.

The upside of this perhaps over-indexed caution is that diligence has been ratcheted up. It may not be welcome news to brands on the hunt for investors, but across the broader market, fewer flameouts could be good news for the inevitable next round of IPOs and M&A (see Unicorn hunting season on hold, page 18).

We are willing to remind the investment community how easy it is to be late to the game. Every bull market ends, as we’ve learned in the wake of the pandemic, but every downturn turns around. All the caution learned in the last year breeds the call for diligence heard again and again in our reporting.