Aging Populations – Consumer TrendSights Analysis, 2024

Aging Populations – Consumer TrendSights Report Overview

The aging population trend has significantly contributed to the shifting needs and consumers’ wants, providing innovation opportunities and challenges for brands., Meanwhile, most consumers seek solutions to address age-related concerns because of the rise in average age. These include vitamins and nutrients foods, fitness-related activities, products that promote optimal sleep, and personal care items such as creams with anti-aging properties and sun protection.

TrendSights: Aging Populations

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The “Aging Populations” consumer trendsights research report explores consumer demand for vitamins and nutrients rich food, fitness-related activities, products that promote optimal sleep, and personal care items such as creams with anti-aging properties and sun protection. The report focuses on how brands are experimenting with new added ingredients, innovative formulas, and immersive events to give buyers multi-sensory experiences.

Aging Populations Trendsights - Importance

The aging population trend falls under the Health & Wellness and Demographics mega-trends. Rising lifespans and declining birth rates in both industrialized and emerging economies are straining public services and government policies. FMCG brands are forced to re-think strategies to cater to the needs and habits of the growing “silver segment”, which refers to the 55-plus age group. Further, economic growth and development gives rise to increased purchasing power and disposable income, allowing consumers to afford quality healthcare and nutritious diets, resulting in longer lifespans.

Aging Populations - Key Trend Drivers

The aging population trend is being impacted by a range of drivers such as longevity, influence of younger generations, social media, age-related concerns in younger consumers, and others.

Consumers have been increasingly drawn to proactive approaches toward healthy aging because of the increase in lifespans. For instance, consumers concerned with their health may reduce tobacco and alcohol intake, exercise more, and increase their consumption of healthy foods and beverages.

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Aging Populations Trends Sector-Wise Outlook

The aging population megatrend is relevant across different industries including food, non-alcoholic drinks, alcoholic drinks, beauty and grooming products, household care products, and others.

Aging Populations Relevance in the Food Sector: Improved education globally and the proliferation of health information online have resulted in healthier diets and lifestyle choices. Owing to this,  consumers are better informed of the impact on health and wellness, resulting in choices that support longevity, such as vitamin- and nutrient-rich foods.

Around a third of global consumers are often influenced by how their food and drink choices impact health and well-being. Significantly, millennials are the most influenced by the health impact of foods that promote healthy aging thereby supporting FMCG brands to meet consumer desires and expectations clearly.

Global: Consumers Who are “Always” or “Often” Influenced by How Food and Drinks Choices Impact Health and Wellbeing, by Generation and Region, 2023
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Aging Populations – Innovations by Brands

Brands across sectors are addressing the challenges and seizing the opportunities presented by the aging population. Sectors with high relevancy like beauty and grooming are making notable changes, while even sectors with low relevancy, like tobacco, are making informed changes to product development and operations.

Tata Simply Better, India: The Tata Simply Better biryani was launched in a plant-based mutton variant, providing obvious appeal for vegan and vegetarian consumers. The “ready-to-cook” format provides convenience for elderly consumers who may struggle with many ingredients and steps to create the dish from scratch. Meanwhile, the additional claims of the brand such as high protein, free from cholesterol, added preservatives, and trans fat,  will help them maintain a healthy diet.

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Aging Populations – Future Outlook

Most sectors are recognizing the aging population trend with their available resources and capabities. However, the categories that innovate to provide solutions for all age groups will experience the strongest growth.

Key Highlights

• Consumers are addressing age-related concerns by choosing foods that have a positive impact on health and well-being.
• Younger generations are breaking down traditional norms around drinking cultures in pursuit of healthier lifestyles.
• Functional ingredients, which are generally viewed by consumers as health-enhancing, are common in non-alcoholic beverages.
• Age-related concerns are shifting to younger consumers, who are spending more on make-up and skincare.
• Household care brands are aligning with the needs of aging consumers by improving convenience and accessibility features.
• Despite the habitual nature of smoking having no clear link to age, younger consumers are generally smoking les
• Accessibility improvements in restaurants can help to increase the number of elderly consumers dining out.
• Retailers are leveraging AI to improve accessibility as well as shifting production priorities to align with aging populations.
• Simple, non-flashy branding is more likely to resonate with older consumers, who also value sustainable and ethical credentials.

Reasons to Buy

• Understand the relevant consumer trends and attitudes that drive and support innovation success so you can tap into what is impacting the industry.
• Gain a broader appreciation of the fast-moving consumer goods industry by gaining insights from both within and outside of your sector.
• Access valuable strategic take-outs to help direct future decision-making and inform new product development.