Vitafoods Asia 2014: Updates on active ageing from Euromonitor

THE "silver tsunami" is upon us. There is still much to know about opportunities in active ageing as well as weight management in Asia. Euromonitor International research analyst, Kim Min Ji, will be speaking on trends, statistics and prospects in this sector, at the Vitafoods Asia Conference on 3-4 September 2014 in AsiaWorld-Expo, Hong Kong. Based in South Korea, Ms Kim has extensive knowledge on FMCG industries, including Consumer Health, Packaging Foods, Soft Drinks, Hot Drinks and Retailing. This interview with FoodPacific Manufacturing Journal is a foretaste of her talk at Vitafoods.

Kim Min Ji, research analyst at Euromonitor International

How would you describe the active ageing concept, which is relatively new, in Asia?

Across the world, populations are becoming older. Although the total life expectancy has increased, there is at least a seven-year gap between life expectancy and healthy life expectancy at birth. Healthy life expectancy represents the actual number of years that people live in ‘full health’. The concept of active ageing comes from the desire to close this gap. Today’s ageing consumers are willing to spend on products that reduce the signs of ageing and lengthen their healthy life expectancy.

The food and beverage industry supports the needs of seniors in terms of healthy products, especially in recent years. But is this enough and are there specific areas they should also be looking at?

The packaged food and beverage industry is focusing more on nutrition to address health concerns when introducing new products to target ageing consumers. In addition to nutritional requirements, aspects of taste, texture and eating enjoyment are equally important for the success of such healthy products. For example, convenient formats such as shakes, one-shot tonic/bottles, powders, or easy-to-chew packaged foods would have great opportunity.

How would you compare the focus on active ageing now compared to five years ago?

Traditionally, Asian consumers tend to rely on dietary supplement or herbal/traditional products to prevent ageing. However, the recent boom in active ageing has led to a variety of products in packaged food and beverage industry that target ageing consumers in Asia. In particular, fortified and functional food and beverage recorded strong growth, thanks to increasing interest in functional ingredients to boost the healthy life expectancy.

Asia has a growing ageing population. How does this impact on the region?

China has the largest population aged over 65 in the world with 150 million people in 2013. Meanwhile, Japan has the oldest population; the mean age of population in Japan was 45 as of 2013 and it is continually increasing. The demographic shift is raising the demand for ageing consumer-specific packaged food and beverage in Asia Pacific. Rising annual disposable income in the region is also driving affordability of such products.  

What key trends do you see in the next 20 years?

Fortified and functional foods and beverage represent an exciting opportunity for targeting ageing consumers in Asia. The market is expected to grow by CAGR 8% in constant value terms in the next five years, which is faster than vitamins and dietary supplements or herbal/traditional products. Manufacturers are likely to invest to develop new functional ingredients and be active to put health claims to attract the ageing demographic. Furthermore, they will try to expand the consumer base to the younger generation, emphasizing on increasing healthy life expectancy from a young age.

Related reports:

Vitafoods Asia 2014: Hub for business and learning in Asia

Vitafoods Asia 2014: Q&A with Alison Quesnel