Statistical Proof That You Need to Jump on the Health-Food Bandwagon
It was easy to ignore at first – only people who yoga on their lunch break eat almonds, right? But as time’s gone on, its become clear that the upswing of health-focused living is more than just a fad. It’s a market shift.
Our Health & Wellness industry on Hubba covers a wide range of products that help consumers live their lives healthfully. Everything from vitamins and minerals to fitness equipment. But one of the industries’ most effected by the modern lifestyle change is Consumables. (That’s food… you know, that you eat).
The Health & Wellness Consumables industry is projected to steadily grow 6% a year from 2015-19.
Find below definitive proof why-health-products-rule-and-everything-else-drools. As told by a rampant consumer of vegan products (and incidentally, a writer for a product sharing company).
Experts attribute the industry swell to a couple demographic segments. The first won’t come as a surprise. Let’s all say it together: M-i-l-l-e-n-i-a-l-s.
“They are 10 times more aware than my generation,” says Dr. Frank Lipman, founder of Eleven Eleven Wellness Center in Manhattan, and are “much more interested in staying healthy and eating healthy.” I can assure you from personal experience, also, that it’s true. You should see the amount of organic bananas in our office kitchen (Looking at you, Cam).
When it comes to keeping their bodies’ in good shape, 77% said that diet products are not as healthy as they claim to be. “Consumers are somewhat skeptical about diet products, and instead of purchasing traditional diet-specific products they are turning to a well-balanced diet and products that support it.” (Marissa Gilbert, Health & Wellness Asnalyst at Mintel). Brands like Lean Cuisine and Weight Watchers have seen declining revenues, while whole and super foods are skyrocketing.
The other key demographic affecting the industry are older customers looking to food in order to remedy their body’s symptoms. Google Trends found that people are searching for ‘best foods for ______’ 10x more now than in 2005. For example, ‘Best foods for acid reflux’ searches shot up +921% in the last four years. (That’s a lot).
Functional food is any food product that serves a direct physiological remedy. So when people search ‘best foods for acid reflux’ (like apparently everybody and their grandmother does), they arrive at a slideshow of oatmeal, ginger, and bananas. Acid reflux à bananas = no more acid reflux. Functional food.
One product has been searched so much that Google cites it in their Food Trend analysis. Apparently, even an unsuspecting spice has the ability to go viral.
Turmeric was the most searched functional food last year, with a sudden +56% boom.
We were as confused as you, until we discovered these guys on our network and had our eyes opened to the diversity of the mighty spice.
“The functional food industry is growing steadily worldwide. Innovative products are being launched
continuously and competition is fierce” says a study conducted by Agriculture and Agri-Food Canada.
“The industry is resource-intensive, both in terms of financial resources and the time required for basic research, technology development, and commercialization, including obtaining product approvals and developing and resourcing marketing strategies (Hobbs, 2002).”
So why should you invest time and money to get yourself up to industry snuff?
Mass online retailers like Amazon are changing the game. In the market now, you’re either a commodity competing with your price, or a brand with a strong story, selling your ethos. With the latter, you’re much more likely to have repeat customers. If you have a hand in each part of your production process and know just what’s going into your food, ultimately, the more authentic your story. Think about it: customers are not only invested in your product then; they’re invested in you.
If they buy your story, they’ll buy your product.
If you’re still with the rest of us trying to understand what gluten really is, this next thing is going to blow your mind:
Remember when you used to go to a restaurant and there was a little leaf beside the vegetarian dishes? The days of ‘meat’ and ‘no meat’ are long past. As consumers get more familiar with their own dietary needs within the Health & Wellness spectrum, they’re searching online for products that directly cater to their diet. As a result, brands are steering away from categorizing their products in a broad manner, and mining more specific terms to slot their product into.
New product launches from 2014-15 show a significant increase in labels like Allergen Friendly, GMO-free and Vegan. Organic is also a category that’s had huge growth both in number of product’s touting the label, but also in sales (with an 11% increase in 2015).
Big brands like General Mills are already in on the secret – they changed some of their products to gluten-free and adjusted their advertising to cater to the market. This is a great opportunity for your brand to find and target people who need your product.
There’s a difference between a trend and a lifestyle. This is not a flash in the pan, Pogs or Furby’s sort of thing. This is the way the market’s migrating. Establish yourself as a leader in the market now, and you could be the next… turmeric.
While we’re at it, here are a few other articles to help you grow your Health & Wellness brand: