Aging consumer market is 'a massive opportunity' for the industry: Mintel

11-Jun-2013 - Last updated on 28-Sep-2021 at 11:35 GMT

With the global population of 'senior' consumers set to grow by almost 150 million in the next two years, there are massive opportunities for the food industry to target the older consumer, says Laura Jones of Mintel

With the global population already booming, and set to grow even further, there is a massive opportunity for the food and drink industry to target aging consumers who will soon become the dominant force in the market, according to Laura Jones, Global Food Science Analyst at Mintel.

"Globally, the population of seniors is growing at a rapid rate," said Jones, speaking to NutraIngredients and FoodNavigator at Vitafoods in Geneva.

"In 2015 there is going to be 144 million more consumers than there are today - which obviously represents a massive opportunity for all industries, including the food and drink industry."

Not just health benefits?

Jones told us that while health, and proving the beneficial health effects of a product, is important - it is by no means the only important issue for the aging consumer.

"Also, simple things like how the products are marketed too consumers ... so it's important that these products aren't just directly targeted at the over 55 year olds," she added.

"It's also important that these products do simple things like easy to open packaging," suggested Jones. "Of all the launches in 2012 there was actually only 0.6% that has specifically easy to open packaging. Whereas when you look at UK consumers over the age of 55, 86% would like to see more easy to open packaging."