The market for senior products continues to grow with the increase in this population worldwide and the projected increased incidence of age-related diseases. However, some attempts at targeting products to this demographic group have failed due to a lack of understanding. This report assesses the opportunities and the winning strategies for targeting this high growth market effectively. rbcn0007
Features and benefits
- Understand the impact of specific ingredients on senior nutrition and their future potential in NPD.
- Evaluate whether you should be looking beyond your current product portfolio for future opportunities within the senior nutrition market.
- Set goals and objectives for your company’s new product development pipeline.
- Benchmark your strategies against leading players in senior nutrition using our competitive analysis of ingredients and food and drinks companies.
- Review current and impending regulation and gain insight into the effect of these regulations on the industry in the near future.
The entire packaged food and drink category is set to grow at a rate of 3% per year on average. Older consumers account for over a fifth of global consumption of packaged food and drink sales. Low growth and intense competition has increased the amount of R&D put into new products. An effective regulatory system will enhance consumer trust.
Gastrointestinal products are among the top functional products worldwide though there is significant room for growth in this category in the US and this category is wide open for future growth from the senior segment of the market.
The top three most popular ingredients that also have potential dietary benefits for seniors are lactobacillus, omega-3 and bifidobacterium. These three ingredients took a 23.5%, 20.9% and 14.6% share of product launches in 2008, respectively.
Your key questions answered
- What strategies should companies use to
better understand the senior market and how can companies accurately market their products to seniors?
- What factors make senior consumers choose a functional food?
- Is there any overlap between functional foods and pharmaceutical drugs targeted at seniors?
- Which countries are best positioned for future product growth?
- What is the forecast growth for product launches targeted to seniors in the next five years?