Innovation and Population Ageing: Adapting to the Longevity Era

August 2021

The older consumer segment is growing rapidly globally, driving the need for genuine innovation to cater to older adults’ evolving and diverse demands. Older consumers are also becoming more important in the digital sphere, given their rising tech adoption. Recent innovation trends in industries such as education, e-commerce, home and tech, food and beauty and health have shown that innovating for older consumers could be one of the most compelling investments for future success.

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Key Findings

The longevity boom creates fertile ground for innovation


The global population aged 65+ will grow by 62.5% between 2021 and 2040 to reach 1.3 billion by 2040. As this is a large, growing and relatively affluent demographic, older consumers offer a great chance for businesses to innovate in order to cater to their special and diverse demands.

Innovation should focus on enabling older people to live happily, healthily and independently

Age-friendly innovations should bring value and support older consumers‘ evolving and preferred lifestyles. Older people now have demand for new solutions and new products/services that help them achieve holistic health and financial security, shop and travel independently, as well as continue learning and working. A rise in digital adoption among older generations will create more opportunities for new technologies.


Age-friendly innovation trends in home and tech


Innovation in the home and tech sector now focuses mainly on helping older people age in place and take care of their own health. There is room for technological innovations for medical consultations, shopping, delivery service and entertainment.


Age-friendly innovation trends in food and nutrition


In food and nutrition, innovation efforts for older consumers are gearing towards functional food and ingredients that prevent disease, help consumers stay fit and also treat age-related issues. “Food as medicine” would see growing opportunities among the older cohorts.


Age-friendly innovation trends in health and beauty


The health and beauty sector continues to provide older consumers with solutions to embrace ageing and achieve holistic health and wellness throughout their later life stages. Powerful ingredients, immunity-boosting vitamins and menopause-friendly solutions are among the latest product innovations for ageing consumers.

Introduction

Scope
Key findings
The world is getting older rapidly…
…with longevity becoming the new norm
Age-friendly innovation will see great opportunity

Population Ageing and Innovation Opportunities

Happy, healthy and independent ageing as a focus for innovation
Tech innovation to benefit from rising digital adoption among seniors
JD.Com : innovative solutions for older online customers
SilverNest : making home-sharing convenient for seniors
GetSetUp : interactive learning platform for older adults

Trends in Key Industries

Sectors leading innovations for ageing consumers
Home and Tech : d igital assistance for health and independence
Home and Tech: rising need for digital technology in senior homes
Apple watch and Alexa Care Hub: fall detection in multifunction devices
Food and Nutrition: healthy and functional food in focus
Food and Nutrition: preventing diseases with functional ingredients
Memore : food ingredients to support cognitive health
Beauty and Health: providing solutions for healthy ageing
Health and Beauty: healthy-boost ‘‘fix‘‘ and holistic approach to wellbeing
Academie : hormonal skin care with a lifestyle flavour

Conclusions

Areas with opportunities for age-friendly innovations
Innovating for older consumers: be adaptive and inclusive
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