Approaching the Silver market in the right way
Date: November 5
An increase in life expectancy and a lower birth rate makes the proportion of the elderly population grow – introducing new opportunities for the Silver market.
The Market Analysis of Personalised Nutrition in the Silver Economy is a European report carried out by Agropolis International and INCluSilver. It focuses on how demographic changes in Europe have led to new market opportunities within the area of food and tech.
But what do you need to be aware of when approaching the Silver food and tech market?
Combining insights from all over Europe, the report reveals valuable insights into the true nature of the market.
INCluSIlver has extracted five interesting points from the report for you right here.
Five need-to-know facts about the Silver market
- The market is growing rapidly. The silver economy is estimated to grow from €3,7 trillion to €5,7 trillion from 2015 to 2025. This brings great opportunities for the development of personalised nutrition products for the elderly.
- The Silver market should definitely not be seen as a homogeneous entity. The report defines three segments: The young and active retirees, the older retirees living with at least one person and the older retirees living alone. All these segments have different levels of budgets, activity, awareness in relation to their diets, social intercourse and buying behaviour. These are all critical aspects that you will need to consider when developing and marketing a product for Silver consumers.
- Older adults do not want to be categorised or seen as old, as they do not consider themselves old. So, when you market your product you will have to consider how to reach your consumer in the right way.
- Networking and prescribers are among the key actors in the environment. For an SME, it might be difficult to distribute products directly to the consumers. Therefore, an SME’s network is crucial when entering the market. Also, authorities such as medical doctors and prescribers are trusted by the consumers, which means that a product recommended by e.g. a physician will have a better chance of penetrating the market quickly.
- Geography plays a major role in relation to the elderly buying power. E.g. bringing your product to market in Western Europe will differ immensely from marketing it in Southern Europe. Thus, depending on the country or region, the purchasing power or the number of actors and so on will differ.
Do you want to know more and get all the details?
Covering the agro-food, health, ICT, packaging, and creative industries sectors (part of five emerging industries comprised of Food, Personalised Medicine, Mobile Services, Mobility, and Creative)