Growing Thai senior’s market ‘F&B goldmine'

The paper reveals how the food and drink industry can capture this growing market, with its spending power tipped to reach at least US$10 trillion (Bt344.7 trillion) by 2020.
It also found that consumers aged over 60 are set to represent a quarter of Thailand’s population by 2040. Alongside with China, the Kingdom will have the highest share of elderly people in East Asia – represents a significant opportunity for Thai “consumable” manufacturers, the company said.
Asia-Pacific is home to about 60 per cent of the world’s population aged over 60. By 2050, this is projected to double to nearly 1.3 billion. 
To outline how to cater to this lucrative group, Tetra Pak based its study on the insights from 27 countries, including Thailand. Focused on the world’s fastest-growing consumer segment, the study investigated senior consumer trends in food, packaging and shopping experiences to identify product opportunities for producers. 
Findings show that 59 per cent of those aged over 60 are willing to pay extra for products that are specially designed for the elderly, and 88 per cent equate product value with high quality.
“Thailand’s senior citizens represent a rapidly expanding yet less-documented demographic that creates a strong opportunity for manufacturers to respond to their needs. To illustrate this, in 2016 11 per cent of the Thai population were aged over 65, compared to 5 per cent in 1995,” said Ratanasiri Tilokskulchai, marketing director of Tetra Pak, Thailand. “With increased spending power, and greater emphasis on health, our research shows that Thai food and beverage companies who focus on creating products for this age group will be able to access a dynamically increasing loyal customer base.”
Packaging is also defined as an important factor for manufacturers, with 59 per cent of seniors stating that packaging plays a crucial role in their purchasing decisions. Tetra Pak’s white paper identifies five specific packaging requirements from this age group to increase greater brand loyalty and purchasing:
- Packaging needs to be easy to open and caps at a proper height to avoid hand slippage.
- Packages need to be lightweight and rounded – easier to hold than square shapes.
- They require a long shelf life to suit less shopping trips.
- Labelling text should be larger, clearer and brighter.
- Nutritional information and expiration date should be displayed prominently.
Tetra Pak’s research also indicates that this group spends 20 per cent of their income on food and beverages, which is 2 per cent higher than younger age groups. Furthermore, products such as fortified drinks are growing in popularity, as well as products that contain additional minerals and vitamins and reduced sugar, salt and fat.
“This study indicates that Thailand’s ageing population presents strong opportunities in the food and beverage sector. To service this increasing group of consumers, Tetra Pak can provide innovative end-to-end solutions for its customers, including product concepts and formulations specifically [designed] for this demographic and bringing the product to market. We utilise extensive market intelligence, such as this study, to offer complete solutions by working in partnership with customers to ensure they can tap into this distinct set of patrons to grow their business footprint,” said Ratanasiri.