Elderly nutrition includes various food products designed to meet the special dietary needs of older consumers. Products such as powdered or ready-to-drink high protein beverages, puddings, snacks, soups, and more are fortified with essential nutrients like vitamins, minerals, fiber and antioxidants to support physical and cognitive health in aging populations. These items help address the nutritional deficiencies and health issues commonly faced by seniors and assist them in maintaining muscle strength, bone density, brain function and overall well-being.
The global elderly nutrition market is estimated to be valued at US$ 25215.77 Bn in 2023 and is expected to exhibit a CAGR of 6.7% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.
Market Dynamics:
The elderly nutrition market is expected to witness high growth owing to rising healthcare expenditure. As the geriatric population grows worldwide, there is increased spending on medical services and nutritional products designed for older consumers. According to data released by the World Health Organization, global healthcare expenditure is projected to rise to 10% of GDP by 2030, with significant portion going towards the treatment and support of aged individuals. Population aging creates a huge demand for nutrition products that can help seniors manage chronic diseases, keep bones and muscles strong, and prevent vitamin/mineral deficiencies that lead to other health issues. Additionally, growing awareness about nutrition and its benefits is raising acceptance of specialized elderly items. The quality of these fortified foods and beverages keeps improving based on latest research, further propelling market expansion over the forecast period.
SWOT Analysis
Strength: The elderly nutrition market caters to a large consumer base of aging population globally. Rising economic prosperity in developing nations has increased nutrition spending among the geriatric groups. Advanced formulations involving proteins, vitamins, minerals offer balanced and targeted nutrition.
Weakness: High costs of specialized elderly nutritional products limit widespread adoption. Lack of awareness about proper nutrition among low income elderly remains a challenge. Dependency on limited number of key players increases supply volatility risks.
Opportunity: Untapped rural markets in developing world present major growth avenue. Rising chronic diseases and functional decline among seniors boosts demand. New product innovation and customized solutions based on regional diets expand opportunities.
Threats: Stringent regulatory norms governing health claims delay new product approvals. Intense competition from private label offerings pressures pricing. Substitution threat from alternative nutritional sources like herbal/ayurvedic supplements.
Key Takeaways
The global elderly nutrition market is expected to witness high growth over the forecast period of 2023 to 2030 supported by rising health awareness and care needs of swelling senior populations worldwide. The global Elderly Nutrition Market is estimated to be valued at US$ 25215.77 Bn in 2023 and is expected to exhibit a CAGR of 6.7% over the forecast period 2023 to 2030.
Regional analysis comprises Elderly populations in Asia Pacific nations like China, India, Japan and South Korea are growing rapidly driving increased demand for senior-specific nutrition products in the region. Affordability of products is a key success factor for supplements and healthcare manufacturers are adopting low-cost strategies targeting value customers.
Key players related content comprises Otsuka Pharmaceuticals Co., Ltd., Baxter International Inc., Allergan, Danone, Abbott Laboratories, Pfizer, Inc., Mead Johnson & Company, LLC., Sanofi, Nestlé’s, GlaxoSmithKline, Fresenius Kabi AG, Ranbaxy, WOCKHARDT, The Kraft Heinz Company, and Sichuan Kelun Pharmaceutical Company Limited are the major players operating in the elderly nutrition market. The market is highly competitive with these players focusing on new product development and regional expansion strategies to gain market share.
