A category attracting the interest of young to senior consumers
According to the World Economic Forum, now is the time to invest in the healthy ageing market as life expectancy is continually increasing.1 The World Health Organization (WHO) expects 1.4 billion and 2.1 billion people to surpass 60 years old and live longer by 2030 and 2050, respectively.2 The ageing population is witnessing a growth spurt, which is predicted to accelerate in the decades ahead. Dominik Mattern, vice president marketing at Kappa Bioscience, notes that as the population continues to age, new opportunities arise, "fuelling growth in the health and nutrition market.”
As consumers become more aware of their quality of life and dietary habits today to help maintain a healthy lifestyle tomorrow, the nutraceutical and functional foods markets grow in strength. Research and Markets evaluated the nutraceutical ingredient market at US$31.4 billion in 2020, with an estimated compound annual growth rate (CAGR) of 6.8% between 2020 and 2025.3 Further, over autumn 2019, MarketPlace noted that more than half of consumers who already take supplements for health benefits increased their consumption—expedited by the COVID-19 pandemic.4 Indeed, the pandemic has led many older consumers to refocus and shift their attention to their current quality of life, dietary habits, and choices for improved short- and long-term health benefits.
According to Mike Hughes, head of research and insight at FMCG Gurus: “COVID-19 has fundamentally changed the way consumers evaluate their health. While initial concern about the virus was linked to its direct impact, over the last twelve months, consumers have taken a broader approach to wellbeing, questioning what other long-term health problems they are vulnerable to as a result of diet and lifestyle. Consumers are increasingly adopting the prevention over cure approach to wellbeing as they look to stay fit and active for as long as possible in life. This is something that will directly shape consumption habits as more focus is put on active ingredient and benefit claims on products.”
Looking ahead into a world post-COVID, Rick Jentis, global category head, Healthy Aging and Cellular Nutrition, Nestlé, says: "One of the lasting legacies of the pandemic will be an increased focus in overall self-care strategies. In addition to diet and exercise, consumers will likely seek out supplements that can reinforce ageing immune systems."
Jaume Reguant, healthcare director at Bioiberica, adds: “Consumers around the world appear to be taking a more unified approach to their health as they age, making all-round improvements to increase their chances of staying well in the future.” Thus, creating even greater target market potential for healthy ageing consumers.
Proactive younger consumers present an attractive opportunity to established healthy ageing brands looking to diversify their consumer base, or new brands seeking a specialised position in the overall market. According to Maggie McNamara, marketing director at Gencor: “Millennials represent a key opportunity for healthy ageing supplements, with half already agreeing they are more focused on their health than they were 10 years ago, compared to more than half of consumers aged 44-55, according to Mintel research on Marketing to Gen X.5 The notion of holistic health is rising across generations, and while Millennials may focus on other health concerns than Gen Z, Gen X or Baby Boomers, all seem to share a growing awareness of the benefits of balanced, holistic wellbeing. Seniors and younger adults are focused on preventative care, including supplementation before conditions become chronic or irreversible."
WATCH: COVID-19's impact on consumers approach healthy ageing
References 1. Officer, A., 2021. Time for the world to invest in healthy ageing populations. [online] World Economic Forum. Available at: https://www.weforum.org/agenda/2021/01/invest-un-decade-healthy-ageing 2. World Health Organization (WHO). 2021. Ageing. [online] Available at: https://www.who.int/health-topics/ageing#tab=tab_1 3. Research and Markets. 2020. Nutraceutical Ingredients Market - Forecast (2020 - 2025). [online] Available at: https://www.researchandmarkets.com/reports/3501559/nutraceutical-ingredients-market-forecast-2020#rela1-4827718 4. Hook, M., 2020. Consumer Insights For Building a Post-pandemic Supplement Brand. [online] MarketPlace. Available at: https://market-pl.com/consumer-insights-on-supplements-after-covid/ 5. Mattucci, S., 2020. Millennials need to think about healthy aging today. [online] Mintel. Available at: https://www.mintel.com/blog/personal-care-market-news/millennials-need-to-think-about-healthy-aging-today