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Sales of nutritional products for elderly citizens may fare well

Minh Tam
Tuesday,  Aug 15,2017,21:38 (GMT+7)
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Sales of nutritional products for elderly citizens may fare well

Minh Tam

Nutritious products for children are more popular while little attention is given to products for elderly people - PHOTO: MINH TAM

HCMC – The number of people over 50 years old is forecast to account for around 22% of the nation’s population by 2020. This age group is regarded as a potential niche market for the local nutrition sector.

Market research firm Kantar Worldpanel Vietnam says in its report on the potential for the nutritional market released on August 14 that data of the General Statistics Office of Vietnam and the United States Census Bureau shows the number of residents over 50 years old in Vietnam is predicted to reach 22 million by 2020, a rise of four million over 2015.

The situation opens ample opportunity for local companies to produce food and beverages that can address the nutritional needs of customers in this age group.

Kantar Worldpanel says nutritious drinks for people aged 50 or higher account for about 18% of all non-alcoholic beverages for this age group. The figure is significantly lower than that for the age groups of 4-6 at 80.6%, 7-13 at 59.7% and 14-19 at 30.1%.

According to the report, manufacturers of products for children aged under 13 are faced with tough competition among brands and new product models, as the number of children in this age group is forecast to see a slight decrease by 0.4 million to 22.3 million by 2020 compared to 2015.

More importantly, there has been a gradual improvement in the intake of nutritious food among children. Households, especially those from rural areas, have shown more concerns over the health of their kids, thereby spending more money on dairy products and nutritional beverages for them.

Therefore, Kantar Worldpanel notes in its report that producers should pay special attention to the development of products which suit individual needs. In addition, they should notice a series of other issues.

Firstly, consumers suspect information on news, advertising, promotion and word-of-mouth channels. Hence, this inclines them to seek product information by themselves before purchasing.

Besides, consumers have strong reactions over food scandals in both urban and rural areas, as they update news more frequently.

Second, consumers are willing to pay more money on natural products that are good for their health.

Third, the demand for nutritional balance is to control height and weight. That kids in rural areas are provided with more dairy products will help increase their sales of pre-made powdered milk, barley water, and soft cakes.

Meanwhile, adults in urban areas give the priority over products with little or no sugar and fat like sugar-free yogurt and sugar-free milk.

Finally, consumers look for products which provide more nutrients such as milk with calcium supplement, and ginseng.

Kantar Worldpanel says the nutritional market which has grown by double-digit rates in the past five years is forecast to reach US$6 billion by 2020 from US$4.1 billion in 2016.

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