The needs of ageing baby boomers will shape the nutraceutical agenda over the next decade, research undertaken ahead of Vitafoods Europe suggests.
The survey shows that the industry is responding to the needs of millennials and Generation Z. However, baby boomers are expected to reign as the most important consumer group, even in ten years’ time.
The organisers of Vitafoods Europe (15-17 May 2018 at Palexpo, Geneva) asked 196 nutrition industry professionals to identify the two age groups that are currently most important to their business. Nearly three quarters (72%) chose baby boomers – people currently aged between 49 and 72, with Generation X (ages 36 to 48) close behind on 70%.One in three (35%) chose millennials (ages 25 to 35) and a quarter chose the “silent generation” – people currently over the age of 72.
With baby boomers approaching old age – and expecting to live longer – their needs are prominent on the nutraceutical industry’s agenda. Nearly a quarter (23%) of survey respondents say healthy ageing is the most important health benefit area for their company.“Ageing boomers will indeed be an important target group,” said Dr Steffi Dudek, Senior Scientific Consultant at analyze & realize GmbH. “Their increased life expectancy and lifestyle require investment in health, wellbeing and performance. The optimization of physical and mental performance will also be a strong need for this group.”
When asked which groups would be most important to their companies in ten years’ time, boomers still came top on 55%, but half of respondents (50%) chose millennials. Reflecting that, some experts are advising nutrition companies to focus on the needs of younger “digital native” consumers.
Jeff Hilton Co-Founder and Chief Marketing Officer at Brand Hive is speaking at a Business & Marketing Forum within the Vitafoods Europe Education Programme, titled ‘Consumer 2.0: It's a digital world.’ “Increasingly supplements are an online vendor purchase, particularly among millennials” he said. “They prefer to use their smartphones for everyday purchases. It will become essential to have a marketing presence in all distribution channels. The watchword will be ‘meet your customers where they are’, and increasingly that means online and social media through web forums, blogs and influencers. This vast and explosive digital landscape is the new marketplace opportunity for nutrition products.”
Many companies are also starting to focus on the needs of Generation Z. One in five (19%) companies said this group (currently aged 22 and under) is already a key market, with one in four (23%) saying it will be in ten years’ time. Strategies to understand and target Generation Z will be explored in a Business and Marketing Forum in the Vitafoods Europe Education Programme titled ‘Identifying the future consumers: who are they?’
But whichever demographic is most important to nutraceutical companies, Vitafoods Europe will offer valuable insights . The Vitafoods Life Stages Theatre will include expert sessions on nutrition requirements from infancy to later life, exploring issues such as fertility, prenatal and neonatal nutrition, obesity, and supplements for healthy ageing.
Vitafoods Europe takes place between the 15th and 17th of May in Palexpo, Geneva.For more information visit www.vitafoods.eu.com
About Vitafoods Europe
Vitafoods Europe is the global nutraceutical event, featuring exhibitors from all over the world in four key market areas: ingredients & raw materials; branded finished products; contract manufacturing & private label; and services & equipment. The event offers a range of visitor attractions, including an industry-leading Education Programme.
Vitafoods Europe is part of Informa Exhibitions’ Global Health & Nutrition Network (GHNN), which brings together a portfolio of events, digital media and publishing for marketers, manufacturers and formulators of nutrition and dietary supplements, healthy foods/beverages and personal care products. GHNN’s events include Vitafoods Europe, Vitafoods Asia, SupplySide West, SupplySide East and SupplySide China.
Natural Products INSIDER is the global media brand covering healthy ingredients and finished applications. Vitafoods Insights offers expert online content and a series of topic-specific digital magazines that bring highlights of the Vitafoods events to a global audience. SupplySide Connect is the always-on directory of ingredients, products and services that provides in-depth information about the companies that supply to the market. For more information, visit www.informaglobalhealth.com.
Informa’s Global Exhibitions Division organises transaction-oriented exhibitions and trade shows, which provide buyers and sellers across different industries and communities with a powerful platform to meet face-to-face, build relationships and conduct business. Informa has a portfolio of more than 150 exhibitions, serving a number of core verticals, including Health & Nutrition, Beauty, Property & Construction and Pop Culture.