Perennial: Functional beverage targets “underserved” 50+ demographic
The company is the new business venture of previous Beyond Meat co-Founder Brent Taylor
17 Apr 2019 --- The older adult demographic holds significant, yet untapped, marketing potential and is somewhat slighted by the industry. The 50+ demographic’s numbers and buying power are significant, but little innovation has been aimed at them, Sara Bonham, co-founder of Perennial tells NutritionInsight. The newly-established vegan brand has just launched its debut product, a beverage that targets 50+ consumers and promotes healthy aging, featuring fiber, vitamins and plant protein.
Every day 10,000 Americans turn 65. Globally, 8 percent of the population is over 65 and this is expected to grow to 13 percent (one billion) by 2030, according to the United Nations. This is the fastest growing consumer demographic, with spending power that will reach US$15 trillion worldwide by 2020. The 50+ market accounts for 39 percent of all online purchases and interacts heavily online for food and drink purchases.
“Only 1 percent of global innovation and 10 percent of marketing dollars are targeted at this age group, despite accounting for more than half of consumer spending and with a penchant for better for you brands that meld with their active lifestyles,” Bonham notes.
“Of those aged over 55, 74 percent cite healthy food and drink as a priority and are more inclined – when compared to millennials – to see all-natural product claims. Existing adult nutrition brands speak to a different subset within this demographic,” she further explains.
Targeting healthy aging
Perennial’s debut product is a clean, plant-based, nutrient-packed, non-dairy beverage that utilizes a proprietary combination of fiber, vitamins and plant protein “cassettes,” that targets healthy aging. The company says that the beverage is nutritionally equal to animal products, with the same complete protein
Founders Sara Bonham and Brent Taylorand nutrient levels as 2 percent dairy milk, as well as an emphasis on digestion, bone and brain health.
Perennial suggests that the ready-to-drink beverage performs best when consumed daily and is suitable as a post-workout recharge, as a snack or smoothie addition.
Additionally, the drink has no lactose, cholesterol, artificial colors, flavors or sweeteners and is gluten-free. It has a nutty vanilla taste and just 140 calories. It packs a lot of nutrient punch in its on-the-go 8oz. serving size. With 11 essential vitamins and minerals, 3 grams of prebiotic fiber to enhance calcium absorption and 32 mg of omega-3 DHA.
On-the-go, ready-to-drink beverages have seen a boom in NPD as they tap into the convenience-in-nutrition aspect that consumers are looking for. Consumers are seeking healthy, indulgent, yet convenient solutions that fit busy lifestyles. Snacking is a central focus of innovation across all food and beverage categories, with 10 percent average annual growth of global launches with a snacking claim over the past five years (CAGR, 2013-2017), according to Innova Market Insights data.
Founding the company and expansion plans
Bonham is a scientist and has broadened her expertise in manipulating plant inputs at IndieBio, the world’s largest biotech accelerator. There she perfected replicating the taste, texture and nutritional parity of dairy milk, an experience integral to Perennial’s preventative wellness formulation and digestibility.
She co-founded Perennial with former Beyond Meat co-Founder Brent Taylor, who left the Beyond Meat in 2016. Taylor recognized that the burgeoning 50+ market is interested in plant-based and better-for-you products, but food innovation and tech, in general, aren’t marketed to, nor designed for them specifically.
Taylor and Bonham both believe in the endless possibilities of plants for health and sensory innovation. Moreover, the two entrepreneurs think we could be aging better. Perennial has therefore been launched as a way to support those who don’t want to slow down like prior generations.
Currently the drinks are available via the company’s direct-to-consumer platform in the US. After that the company hopes to expand to retail as well.
“We plan to expand to Canada and Europe in the not too distant future, but first need to learn from US consumers to better understand their wants and needs,” Bonhma says.
“We see this as the first Perennial launch. With our deep expertise in plant-based nutrition, health science and sensory innovation, along with our ever-growing understanding of this demographic, opportunities exist for developing a range of products in the future that harness the power of plants for healthy aging,” she concludes.
Health and wellness are important for consumers across all age groups and life stages, united by a common goal of “aging well.” The nutrition industry is increasingly approaching the topic of aging in a broad manner, tapping into a range of market areas from bone and joint health to energy and alertness. Long gone is a negative “anti-aging” philosophy and celebrated is an approach touting “positive aging” or “aging well,” according to industry experts.
By Kristiana Lalou
