The Leading Role of Millennials in the Health Food Market
2018-08-21 17:08 Tuesday
Millennial consumers in China have begun paying closer attention to healthy life style regimens, putting health foods such as Jiangzhong porridge, Taitai Oral Liquid and Dongeejiao at the forefront of the market.
In the wake of rapid economic development, improved standard of living, and an aging population, China's health food market grew to reach230 billion RMB in 2017, with a projected 10% CAGR over the next 3 years. In 2020, the health food market is expected to exceed 300 billion RMB. In order to capture greater market share, health food enterprises have actively pursued young consumers.
A recent report reveals that 21.9% of young people in China consume health food on a regular basis, almost 50% occasionally consume health food , and only 3.9% completely forgo health food, demonstrating that young consumers offer great promise for the industry.
An Alibaba report notes that protein supplements are the favorite product category for consumers born after 1995; iron supplements, calcium supplements and endocrine regulators are most popular among adult consumers aged 29-50.
By-Health has asserted that seniors are not the only target demographic for dietary supplements, and that young consumers purchasing supplements online will assume a leading role in the future market. In light of this, By-Health has launched an online brand "YEP", with products ranging from collagen beverages and pressed candy to probiotic solid beverages. YEP's products are portable, convenient, and tasty, suiting young people's preferences.
In recent years, gelatin products have grown increasingly prominent, with an expanded market scope encompassing blood boosters, as well as nutritional and health care products.
Taking into account the shifting product demand and consumer demographics, health food brands would be well-advised to adjust their product portfolio to take advantage of an evolving market.