The global nutritional supplement industry will represent an estimated US$113.6 billion in sales in 2020, with North America making up 30 percent of the market at $34 billion, according to Euromonitor International. The global supplement numbers are expected to increase at a five-year compound annual growth rate (CAGR) of 5.8 percent.
The key driver of this growth is the aging population. By 2050, the world’s population over 60 years of age will almost double from 12 percent to 22 percent. However, aging consumers have specific needs. Pill fatigue is a major issue for older consumers who may be taking up to 10 pills a day. Plus, some consumers have difficulty swallowing pills, making compliance difficult for those consumers. In addition, aging adults face physiological changes, such as poor blood circulation, which may affect the amount of time it takes for medicine to reach the liver and kidneys. Declining liver and kidney function can also affect the way medication is metabolized and eliminated from the body.
These consumers are proactively seeking solutions to live healthier, to maintain and/or improve their quality of life. This self-care trend among aging consumers has attracted growing interest among companies looking to address key category needs and provide safe, effective and fast-acting supplements to fulfill their needs. In addition, as the trend toward individual health management and healthy lifestyles grow, it will create a need for more preventive solutions and drive innovation for supplement brands; this will result in new users, increased usage and stronger growth for the market. These factors will drive new developments in dose forms resulting in better supplemental products to address healthy aging.
Hear Matt Oster preview the session by listening to SupplySide West Podcast 31: Opportunities in the Healthy Aging Category.
Learn more about growing aging population trends and innovative technologies that address specific needs of older consumers from Jeffrey E. Browne and Matt Oster during the Supporting Healthy Aging With Targeted Formulations, Product Forms workshop on Tuesday, Sept. 26 at 1:30 to 4:30 p.m. at SupplySide West in Las Vegas. The Workshop is underwritten by pTeroPure Pterostilbene, from ChromaDex.
Jeffrey E. Browne, Ph.D., the Director, Science and Technology of Catalent Pharma Solutions (catalent.com), has more than 35 years of experience in the pharmaceutical industry and held various positions in drug delivery research and development (R&D) and pharmaceutical manufacturing. Since joining Catalent Pharma Solutions (formerly RP Scherer) in 1994, he has worked in the softgel technology area in variety of positions, including his most recent role as director of science and technology. Browne received his bachelor’s degree in pharmacy and a doctorate in industrial and physical pharmacy from Purdue University.
As the head of consumer health at Euromonitor International (euromonitor.com), Matthew Oster oversees the research and analysis of the industry and leads a team of experts in 80 markets worldwide. Prior to this role, he was the head of institutional channels, where he analyzed the changing global healthcare landscape and its effects on the B2B marketplace for goods and services. Oster has worked in market research since 2011—including within the Euromonitor International Consumer Health system—and holds a master’s degree from the Johns Hopkins School of Advanced International Studies.