Millennials and nutraceutical market growth
New studies suggest that we have the millennials to thank for the market growth recently seen in the nutraceutical industry. While baby-boomers continue their health awareness, it seems that millennials are also following the example of the generation before. But what has sparked this increased interest in health, and why are millennials, in particular, taking the nutraceutical market to new heights?
In today’s technologically mediated world, everything is accessible from your very own pocket. Recent pushes in health awareness have been absorbed by the internet, and have become commonplace in the social media circles of millennials. From health and fitness bloggers and online personalities to targeted social marketing and product reviews, the internet presents fertile ground for nutraceuticals. Health products are accessible, promoted by peers and highly influential figures, and most importantly of all, surrounded by information.
The internet represents a revolution in knowledge. Combine this ease of information with the explosion in influencer marketing and social media marketing aimed at the millennial market and the underlying increase in health awareness, and you’ve got the perfect storm for market growth. The internet is the perfect self-representational tool, a feature that many have taken advantage of, and reaped the rewards of.
When individuals are able to present themselves as the idyllic aspiration, with a lifestyle to envy and seemingly endless achievements, that sense of holistic perfection is going to extend to physical health. It’s one of the reasons health and fitness blogs are so often combined with lifestyle or product blogs. With access to these influencers, the health awareness information they need to make an informed decision, and easy purchase and delivery options, it’s no wonder millennials are heading up the nutraceutical market.
So, how can you tap the millennial market?
The answer: with the products they are interested in. While nutraceuticals are certainly on the up in these markets, there’s reasonable evidence to suggest that pills are on the way down. Instead, drinkable nutraceutical powders or chewy gums are more popular. The main areas of health awareness for millennials seem to centre around brain and heart health, energy levels, and weight maintenance. Appeal to these needs to make the most of the millennial market boom.