In the collective mind, soft drinks are for young and dynamic people. Major brands have always focused on the youth market -10 to 24 year olds- but the beverage industry is changing. Pioneers identify huge opportunities in targeting the growing aging population.
The ageing population has become an attractive target
The ageing population is growing fast. Due to science progress and health consciousness, those aged 60 and over are expected to more than double by 2050. This target has high income, time and is eager to stay healthy. Retirement is the new golden age!
The marketplace is evolving
In the beverage market, manufacturers are launching more products with active ingredients to address health and vitality issues. Supermarket shelves are now carrying slightly carbonated mineral water, “super fruit” juices, whole green tea leaves with antioxidant properties and protein-enriched drinks to appeal to the older consumer.
More practical aspects are also considered such as more convenient packaging to lift and carry the products without difficulty. Bottles and cans are equipped with an easy grip and caps are redesigned to open easily. To better fit the elderly needs, some manufacturers offer home delivery too.
Lots of beverage companies are thinking of launching new products to benefit from this new target. This is still a growing niche market where product price is definitely not the competitive advantage to choose, so it is attractive for industries to position themselves into this market. Sales show good promise and margin will logically follow. Nevertheless, developing new products is always challenging. A PLM is the ideal solution to assist food & beverage industries in their NPD process optimization by:
- Reducing time to market when launching a new product
- Providing a formulation tool to help R&D teams in NPD. New formula can be based on existing ones using templates or can be created from scratch. This module calculates costs, weight, nutritional value and automatically generates specification documents, ingredients list and allergens statement
- Gathering all product documentation and data in a single repository to facilitate Quality team daily tasks. This module ensures compliance with regulations and attaches certification to products for easy browsing of all product specifications
- Assisting marketing and business departments in labeling