Opportunities for business expansion
Education, partnerships and collaboration to promote the health benefits of ingredients among consumers are pivotal for any business looking to expand operations. “Consumers are becoming more and more informed, researching the most effective ingredients to help them reach their health goals,” Reguant says. “Market data tells us that the more aware consumers are of an ingredient and its benefits, the more likely they will be to purchase products containing it. For example, approximately 15% of consumers have heard of native type II collagen in the mobility space. But of those aware of the ingredient, as many as a quarter actively seek it out because of its associated health benefits. When it comes to innovating with new and unfamiliar ingredients, generating awareness is an essential step that must take place before we can expect consumers to trust in the benefits of a product fully. The right partnerships can give brands the tools to communicate these benefits—from access to academics to provide essential scientific research, to commercial partners who can bolster a product’s reputation through co-branding and marketing support programmes.”
Jentis adds: “Healthcare professionals share our passion for helping keep ageing consumers healthy and active. Exercise and diet are two pillars to delivering on sustained wellness. We seek to partner with healthcare professionals to provide them with information and tools to assess potential nutritional gaps and solutions to meet individual consumers’ needs.”
According to Hughes, “This is a big area of opportunity, especially as validation of health claims is crucial. Indeed, consumers can be sceptical of claims made by health and wellness brands, often believing that these brands can make misleading claims to capitalise on consumer desperation for instant health solutions. Consumers are demanding branded ingredients and scientific evidence to validate claims. One way of maximising this trust is through working with health professionals to endorse claims.”
Understanding consumers’ needs and wants can also benefit companies looking at new product development. According to Mattern, “Consumer-targeted new product development plays a key role and is gravely neglected.” Digestive disorders, sensory impairments such as vision loss, cognitive decline, reduced motoric function, taste and smell are all characteristics of older consumers. Thus, companies would benefit from taking a consumer-centric approach to help prevent consumers’ anticipated problems.
Other promising areas to explore are personalised nutrition and wearable technologies to allow for quick, regular monitoring of nutrient levels. “Consumers want information in real-time, and they want that information to dictate their specific needs”, Hughes shares. “A high proportion of people say that they like the concept of chip-enabled skin patches that monitor health levels and provide information on what nutrients are needed.” Hughes further highlights that consumers from across all age groups are receptive to such technology. As such, the opportunity level for wearables is high. “The key is ensuring that these products are affordable and convenient.”
Jentis calls out one emerging area in healthy ageing for businesses to explore. “One emerging area in this space is the territory of ‘cellular nutrients’ specialised molecules that target deep inside cells to renew natural processes that can decline with age,” he says. Nutrition genetic testing is an area Hughes sees opportunities arising as it is expected to grow substantially in the next five years. “Consumers recognise that DNA and genes are something that influences health but currently, few have researched this area of wellbeing,” he says. “Nutrition genetic testing is where consumers exchange information around DNA in exchange for a health assessment and from this, personalised products to deal with their specific health goals.” Thus, proposing new ways for personalisation for consumers to reach optimal health following adequate nutritional approach—“although there are some issues that need to be considered, such as the safe handling of personal information such as DNA samples and the ethics of the information provided.
Consumers from across all age groups are receptive to wearable technology