Both the dietary supplement and functional food markets continue to expand rapidly, with sales already valued at 18 billion dollars for supplements alone. Yet people across all age groups use supplements and functional foods, so there is not one single factor driving this growth. Two recent reports on NutraIngredients-USA and Natural Products Insider help untangle the causes behind these growth trends. Following are some key insights from the reports into consumer behavior:
There are important generational differences when it comes to supplement use. Older consumers spend the most money on supplements, and they tend to look for products with proven efficacy to help with specific health conditions.
However, millennials, who are between the ages of 18 and 25, comprise the biggest area of growth. Convenience is key with this generation, although they tend to avoid pills and instead gravitate towards new forms of supplements, such as gummies.
The Gen X group, which includes those between the ages of 34 and 49, look to supplements and functional foods to help support an already healthy lifestyle and maintain it into older age.
When it comes to the functional food market specifically, there are several other drivers of growth, including a desire to eat healthily, especially snacks, without sacrificing taste or price; eating a nutritious yet convenient breakfast; exploring new physical or cultural experiences; using functional ingredients for skin care and other anti-aging goals; and an inclination towards buying products based on the values and sustainability of the company.
Source: NutraIngredients-USA and Natural Products Insider