Nielsen outlines OTC market opportunity at CHPA conference
Pictured l. to r.: Matthew Poli, Emerson; Musab Balbale, Walmart.com; Andrew Mandzy, Nielsen
AMELIA ISLAND, Fla. — Nielsen last week highlighted the three factors that will drive continued growth across all sectors of the health and wellness environ here at the Consumer Healthcare Products Association Annual Executive Conference. Those three factors include the escalating cost associated with health care, the green factor and transparency, noted Andrew Mandzy, director of strategic insights for Health & Wellness Growth & Strategy at Nielsen, in a presentation before conference attendees.
"It’s not surprising that consumers are increasingly searching out more affordable options to manage their health, such as purchasing over-the-counter medications over those prescribed by a doctor or physician," Mandzy wrote in a blog published Friday. "OTC manufacturers and retailers have an opportunity to tap into how consumers are managing their health conditions and other ailments, as well as to understand the ways they are shopping for OTC medications."
The impact of escalating healthcare costs are readily apparent among baby boomer shoppers, Mandzy said. "This segment of shoppers, in particular, are increasingly turning to retail stores to shop for OTC medications, as well as functional foods and beverages to manage their health." Mandzy also highlighted consumers’ growing interest in products that are made sustainably.
And health and wellness claims across the total store are transforming the space. Claims like organic, GMO free, natural, gluten free and no artificial colors/flavors are growing the fastest in the store, both in dollar sales and in the number of products on the shelves making those claims. "Manufacturers seeking to reach today’s health-conscious consumer should take these claims into consideration when developing and marketing their products," he noted.
In February, Nielsen released a 15-page report titled “Capitalizing on Health & Wellness Trends.”