How CPG Companies Can Address Anti-Aging Innovation with the Support of Lab Informatics
Millennials may have overtaken their parents as the largest buying demographic in the United States, but don’t count the Baby Boomer generation out just yet. We’d be remiss to focus all of our efforts on winning millennial buying dollars. The Baby Boomer and senior markets still command a significant share of the consumer-packaged goods market. In 2013, they spent more than $200 billion on CPG products.1 That’s over 50% of the market for a demographic that will make up one-quarter of the U.S. population in a couple decades.2
To no one’s surprise, however, the older generations have different buying interests than their younger counterparts. While millennials are characterized by adventurous tastes and experience seeking, Baby Boomers and seniors are more interested in health and wellness. And why wouldn’t they be? As we age, our bodies become more susceptible to pains and ailments. That includes chronic diseases.
However, it’s far more affordable to take preventative measures rather than to deal with treatment associated with age-related chronic diseases. Enter the growing emphasis on maintaining a healthy lifestyle. In addition to traditional healthcare products and prescription medications, older generations are looking for other goods to help them along their wellness journey. It’s a category ripe with opportunity for CPG companies.
The Push for More “Healthy for You” Products
While CPG foods such as light and fit yogurts are prime examples of these “healthy for you” products, Baby Boomers and seniors are looking for these traits in all areas. For example, haircare spending is on the rise, so companies need to keep the older generations in mind when developing new formulations. Think of the shampoos and conditioners created to address hair loss and maintain hair color!
Haircare isn’t the only cosmetic interest to seniors and Baby Boomers. I think it’s safe to say that skincare tops it, especially among older women. Proctor & Gamble has devoted over a decade of research toward skin anti-aging technology.3
The studies address the issue of skincare product efficacy on aging skin. Women often find that their favorite skincare products no longer work as well once they get older. Proctor & Gamble developed products that boost cell metabolism and collagen production, both of which aid skincare cream absorption. This type of new research is exactly what Baby Boomers and seniors are looking for.
CPG Companies Can Utilize Lab Informatics to Support Innovative Research
Proctor & Gamble spent over a decade researching and developing their new skincare serums. Years of working in a laboratory taught me that sometimes the research takes as long as it takes, but when it comes to R&D, time can be of the essence—especially when it comes to creating products targeting a burgeoning demographic or market interest.
Laboratory informatics allow research and development firms to analyze, manage and mine the scientific data from their research efficiently. Looking at P&G as an example, ten years of research generates a lot of data. Imagine how long it could take to pore over all that information. It makes me dizzy just thinking about it!
In addition to letting laboratories view their data in ways that are specific to their needs, a good informatics system improves experiment management and collaboration. It also integrates with existing laboratory instrumentation and applications. As a result, CPG companies can constantly innovate and maintain the pace required to meet and answer opportunities offered by a shifting market.
Is your CPG company interested in an informatics system that can manage experiments, analyze years of data and work with your current R&D laboratory infrastructure? Please contact us today to learn more about BIOVIA Experiment Knowledge Base.
- “Older Consumers Drive 50% of CPG Spending,” June 20, 2014, http://www.progressivegrocer.com/research-data/shopper-behavior/older-consumers-driving-50-cpg-spending ↩
- “Health and Wellness Products Drive Senior Spending,” July 1, 2014, http://seniorhousingnews.com/2014/07/01/health-and-wellness-products-drive-senior-spending/ ↩
- “The anti-aging ingredient that’s worth more than gold,” June 12, 2015, http://lifestyle.inquirer.net/196485/the-anti-aging-ingredient-thats-worth-more-than-gold/ ↩