Products with enriched nutrition, extra health benefits and easy to consume are expected to see strong opportunities for growth among the ageing population in Asia Pacific. In this article, Euromonitor defines the key target segments expected to boost sales of active ageing products in Asia Pacific as ‘the healthy, wealthy and ready to spend’. Developed countries including Japan, Singapore and Hong Kong have higher disposable incomes to spend on active ageing food and beverages, plus a relatively higher healthy life expectancy to enjoy such products.
Today’s consumers are willing to pay for products to reduce the signs of ageing and address health concerns. Furthermore, this is an age-neutral category because it appeals not only to Asia Pacific’s ageing population but also to younger people concerned about ageing.
According to Euromonitor, two specific ingredients stand out in the Asia Pacific market: antioxidants; and collagen. The claimed health benefits of these ingredients are particularly well known in the region, and continue to attract high interest amongst those concerned about active ageing.
Packaged food and beverages containing high levels of antioxidants continue to see an increase in retail value sales. Ready-to-drink green tea in Asia Pacific saw value sales reach US$11.0 billion in 2013, which translates into 7% year-on-year growth between 2008 and 2013, based on Euromonitor International’s statistics.
Products with collagen have an opportunity to catch on in Asia Pacific where consumers are willing to try the latest products and innovations.
I would add that F&B products delivering high doses of protein and other ingredients to combat the loss of muscle-mass (sarcopenia) also have huge potential – and several major players already have such products in development.
It’s worth remembering that while product development in pivotal, a truly Age-Friendly brand must consider the entire customer journey.