Don’t forget about us! Underexploited opportunities for food brands.

A recent GFK study in Belgium showed that 59% of all consumers are over 50 and responsible for 62% of total FMCG sales value, and they drive the value and volume growth. In the coming decades the population will age further making these older consumers even more important. Whilst this is a Belgian study, this trend is valid for many Western countries. But has this group become the key audience for food producers? New product launches are still aiming predominantly at Millennials or families with children. Product launches are supported on the latest social media channels, not exactly where the older generation is most active, and start-ups often focus on the newest and trendy product for the 18-35 year group.

A growing consumer group combined with a buying power which is often higher should make these senior citizens an interesting target group. Obviously, over 50 is too large a group to capture as one consumer.  The 50 – 75 bracket has different needs than a senior of 85+.

The food and drink industry is witnessing a significant shift in consumer demographics, with the ageing population representing a growing and influential market segment. As the global population continues to age, there is an increasing demand for products that cater to the unique needs and preferences of older consumers. Product development in this sector is not only essential but also an opportunity to enhance the well-being, satisfaction, and convenience of older adults.

Older consumers often face changes in their dietary requirements due to health conditions, reduced mobility, or altered taste perceptions. Nutritional needs may shift towards products that support bone health, heart health, cognitive function and digestion. Furthermore, many older adults have specific dietary restrictions due to medical conditions such as diabetes, hypertension or lactose intolerance. As a result, there is an increasing demand for food and drink products that are low in sodium, sugar or fat, and that are fortified with essential vitamins and minerals. Companies must innovate to create more user-friendly options, such as ready-to-eat meals, snack packs and liquid supplements.

But don’t only focus on the functional part of food and drink. This age group wants to enjoy life, to eat quality and tasty products and is prepared to pay for it. For retailers these products can offer healthy cash margins. And why not premium indulgence products? All year round, not only at Xmas.

Packaging and labelling will need to follow. Clear, easy-to-read labels with simple nutritional information and instructions can significantly enhance the shopping experience for older consumers.

The need for product development aimed at older consumers is not merely a matter of addressing health concerns.  It’s about improving their quality of life and ensuring they can continue to enjoy food and beverages without compromising their well-being. By investing in research and development, food and drink companies can better serve this growing demographic, create new market opportunities, and build a loyal customer base.

So, to food and drink producers and their NPD team: the development of flavourful, yet healthy options, is welcomed. The mature consumer such as the undersigned will thank you.  Happy New Year!

Philip Horemans

To get in touch with our Belgium team