Opportunities in the Vitamin and Supplement Industry 9/24/2015
Contrary to popular perception, interest in products for healthy aging isn’t exclusive to Baby Boomers and older consumers. In the U.S., younger generations—including Millennials—are taking a proactive interest in their health and are increasingly driving sales in the health and wellness industry, boosting sales in the supplements, vitamins, and preventive care categories.
While they do trail Boomers in overall supplement use, Millennials are catching up fast: In fact, according to Mintel research, an amazing 73% of adults aged 25-34 regularly take vitamin or mineral supplements, compared to about 88% of adults aged 65+. And when it comes to specific product usage, that margin holds, with 53% of Millennials taking single letter vitamins, compared to 67% of adults aged 65+.
This healthy living mindset and proactive approach to health and wellness offers rich opportunities for brands in the vitamin and supplement industry. Women’s Marketing identified three key areas of opportunity for brands to tap into millennial buying power and attract this health conscious consumer.
Women prefer natural options.
In a culture focused on youth, maintaining physical and cognitive vitality is of paramount importance across generations. Both Nielsen and NMI research shows that consumers of all ages are increasingly seeking out natural supplements maximize their health and stay youthful. Women have a strong inclination to seek out natural anti-aging and health-care options and vitamin and nutritional supplements. Vitamin and supplement industry trends show that products geared toward women, such as those that claim to promote “beauty from within,” relieve menopause symptoms, strengthen bones, or are formulated for pregnancy/prenatal supplementation are selling well. Additionally, products that meet women’s top health challenges (specifically diet, fatigue, and stress) are seeing, and will continue to see, success. Multi-benefit products are especially appealing in the health and wellness market, as we see with the success of bone-building calcium and B vitamins, which have energy and mood-boosting claims.
Millennials use supplements to stay healthy.
Raised by health-conscious Boomers, Millennials have been early adopters of vitamin and mineral supplementation. In fact, 55% of them believe that vitamin supplements will help them effectively manage their health issues, making this demographic an excellent target for marketers in the vitamin and supplement industry. Millennials prize their physical agility, self-reliance, and cognitive health but often have a hard time remembering to take their supplements regularly! Because they are so highly engaged with technology, health and wellness industry brands could develop apps, wearable devices, or social media programs that remind them to take their supplements.
Moms use vitamins to supplement kids’ diets.
About 44% of Americans aged 25-34 have children younger than 18 living in their households. Mintel reports that 67% of parents give their children younger than 12 vitamins to ensure they are receiving the recommended daily allowance of essential vitamins and nutrients. Health and wellness industry products that offer value pricing and easy-to-take formats (Gummies, liquid, chewable), as well as those that integrate their brands into a platform of healthy living will appeal to moms.
As all generations look for ways to embrace healthy aging, it’s essential for vitamin and supplement industry brands to send the right message to their target consumer when they are most receptive to hearing it. Women’s Marketing understands how to reach women at every life stage with a holistic approach to media. Contact Women's Marketing today to learn how their expertise can benefit your brand.
Sources: Natural Marketing Institute, Supplements/OTC/Rx Consumer and Market Trends Report, Nielsen Millennials Breaking the Myths, Mintel, Vitamins Minerals and Supplements US 2014