Comprising about half of the U.S. population, aging and Millennial consumers have been a hot bed of nutraceutical opportunity for entrepreneurs and companies from different industries, such as food and beverages, supplements and pharmaceuticals.
Within the nutraceutical area, plenty of opportunities still exist, though companies need to be smart about where and how to participate.
In well-established supplement subcategories, such as bone and joint health, the market is competitive with recognized brands and “me-too” products. Consumer awareness of the importance of bone and joint health is growing, not only among the aging population, but also with the younger population who are focusing on prevention. To differentiate offerings, companies look for innovative product formats, exotic ingredient stories or strong science/efficacy.