Operation Sound Mind And Body
Whether they want to fight the aging process or get an energy boost, today's consumers are turning to vitamins and supplements more often.
When it comes to retail categories with strong growth prospects, few can beat vitamins and supplements. According to "Vitamins and Dietary Supplements in the US," a February 2011 report from Euromonitor International, Chicago, the category is expected to grow by 16 percent in constant value terms between 2010 and 2015.
Several factors will help drive this growth, the report notes. One of the most significant of these is the aging population. By 2015, 28 percent of the U.S. population will be 50 years old or older, adding to the number of heavy users of vitamins and dietary supplements geared toward age-related ailments. And low household penetration across many product categories means many consumers not currently taking vitamins and dietary supplements could benefit from doing so.
Trends with traction
Right now, baby boomers are driving demand in the vitamins and supplements segment, notes Kate Stueber, marketing manager for Sparta, Wis.-based Century Foods International.
"You'll continue to see a focus on bone and joint, heart and cognitive health," she adds.
In addition to health and wellness, the aging population also is interested in staying as young-looking as possible. In its Global New Products Database's "Quarter 4 2010-Quarter 1 2011 Category Insight: "Vitamins & Dietary Supplements," global market research firm Mintel International notes that longer working lives will create a need for consumers to maintain a "public face," creating lucrative potential for antioxidant products.
Supplements designed to help with weight loss by burning fat, increasing metabolism and suppressing appetite also are here to stay. According to Mintel, products with a weight control claim accounted for an 8 percent share of the global vitamins and supplements market during the two quarters.
Product "naturalness" will continue to have a strong impact on this market, the Mintel category insight notes, as consumers are looking for simple ingredients and pure formulations. But changes in the name of naturalness must not compromise product efficacy.
On the packaging front, the trend toward more informative labeling also is expected to continue to be an area of significant focus, Stueber says.
"The more information we provide on the label, the more the customer understands why [he or she] needs to buy the item," she says.
Trends on the horizon
Looking ahead, the Mintel category insight forecasts growth among women shoppers for supplements aimed at improving skin, hair and nails, as well as supplements that also provide energy.
To increase vitamin usage among men, brand owners could educate female shoppers about vitamin ranges targeted at men, Mintel adds, and provide discounts on men's vitamins when women purchase vitamins for themselves.
Product development opportunities also exist in the creation of supplements and vitamins for specific user groups, Mintel says, such as swimmers or weight lifting enthusiasts. Brand owners also could look at tailoring supplements to specialized diets such as lactose-free or vegan to meet the specific nutritional needs associated with these eating regimes.
Finally, Mintel points to the potential for developing "more green and convenient packaging options, appealing to busy consumers who may prefer to take supplements on the move."